Are Short Sales Working in Kansas City? It depends how you look at the data . . . Now the Government will be Reviewing Short Sales

Are Short Sales Working in Kansas City? It depends how you look at the data . . . With the increase of real estate foreclosure filings in many of the counties in Kansas City, a quick guess is "NO". 


Looking at the fact that a real estate foreclosure is a failed short sale, there must be something wrong with the process with so many foreclosures, right?


My real estate team and I have participated in many short sales. We have also attended many short sale seminars and webinars so we can stay on top of the latest information. If you listen to the media and unsuccessful short sale specialist, the short sale process isn't working.


I'm not exactly sure how most professionals handle short sales because if it wasn't my experience and the ability to appeal to an escalation officer, some of my short sales would not have closed.


During one of my latest short sale and foreclosure seminars at my real estate board office, a fellow colleague, who is recognized as being a real pro and leader in short sales and foreclosures, made a stunning comment. He said that he gets less than 10% of his short sales to go through. In fact he said his 11 last short sales have been denied. 


I think most people agree that the short sale process needs an overhaul so it should be no surprise that the government is getting involved in the short sale process. I have consulted with a few government agencies on working with possible solutions.


How is the government getting involved, you maybe asking?


The federal government has started a foreclosure review process. The reviews are intended to bring an end to one of the most painful chapters of recent American history.


I say this is awesome! Maybe I will not have anymore short sales that will take nearly 3 years to complete like the one I have on a Kansas city mansion that is closing this Friday.


This past week, the Office of the Comptroller of the Currency (OCC) mailed out its first batch of letters informing consumers that they are entitled to a review of their real estate foreclosure. The reviews will scrutinize the actions taken by mortgage service's and their affiliates in 2009 to 2010.


This means that the servicers, lenders, and PMI companies can't just not do their job and put the blame on another party. The process will not uncover isolated events. It will be looking for consistent problems. 

The investigations were ordered after federal banking regulators found substantial problems with mortgage servicing and foreclosure processes across the country.


Homeowners who had their primary home foreclosed on since 2009 will be entitled to have their foreclosure process reviewed by 1 of 8 different government approved consulting firms.

Consumers will have until April 30 to request individual reviews. The reviews themselves could take months to complete. There will only apply to foreclosure actions against primary homes.

Foreclosed homeowners may visit www.IndependentForeclosureReview.com for more information about the review and claim process. Assistance with the form and answers to questions about the process are available at 1-888-952-9105, Monday through Friday from 8 a.m. to 10 p.m. (ET) and Saturday from 8 a.m. to 5 p.m. (ET).

Requests for review must be received by April 30, 2012.

RE/MAX sells more homes than any other real estate company.
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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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