Last Thursday we had the opportunity to hear some very interesting information from C.J. Snyder of Wells Fargo. Filtering through the details I was struck with one very profound development. I’ll get to that in a moment. For the past year and a half, we have seen an avalanche of REO properties come on the market. It seems to have made more sense to deal with REO’s since we knew that lenders were anxious to sell these homes to clear them from their books. From the outside, lenders seemed reluctant to address the borrowers requests. It has been a frustrating and often unproductive exercise for sellers and us trying to get a short sale approved in a reasonable and timely manner. As such, REO’s became a preferable avenue for buyers to pursue while those sellers’s, who hoped to accomplish a short sale transaction, allowed their homes to go to foreclosure.
This brings me to the most interesting point I heard at the session last week. The thing that came through loud and clear to me last week was that, at least Wells Fargo, is making a major and strategic effort to reduce the number of foreclosed properties by working with troubled sellers to accomplish a short sale. For many reasons, this makes sense for the lenders. I don’t have the time today to go into those reasons but believe me; lenders don’t want to acquire more homes in foreclosure than they already have. So my question to you is this, are you familiar with the procedures and documents required to submit a short sale offer? Have you worked with your seller to start the process if it appears that a short sale will be their best option to assist with their dilemma and credit future? Do you know how to start the process? If you answer any of these questions with a question of your own, take time to review the edited presentation on our training site. Contact your manager about how to get more information on the process. This is one more way that we will continue to prosper and assist our buyers achieve their dream of homeownership while helping our sellers avoid a more damaging and stressful foreclosure.
That’s it for today; let me know how I can be of help to you.