Short Sales, Short Sales, and more Short Sales

My next few blogs, I will concentrate on everything related to short sales from what a short sale is to its benefits and reason behind it. Short sales are here to stay…at least a while longer. If you have any questions please do let me know and add some comments. Till then, I am going to eat, breath, sleep, and live with everything related to short sales. So check back often to learn everything you need about short sales.

Ray Singhal earns the prestigious CDPE Designation

Ray Singhal with Coldwell Banker Burnet (651) 398 - 6261 Ray@TheSinghalTeam.com has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
Hundreds of homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.
“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales. It is so rewarding to be able to help sellers save their homes from foreclosure.”
Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.
The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.
“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.
Ray Singhal with Coldwell Banker Burnet (651) 398 - 6261 Ray@TheSinghalTeam.com

If its working...why stop?

For first time home buyer's the $8000 tax credit will end on November 30. The tax credit, many believe is what is driving home sales and helping to stabilize home prices. If this is one of the driving factors, why stop the credit on November 30. Let the credit continue onto next year, we have just only begun seeing the real positive changes in the market this summer.

The National Associations of Realtors is fighting for this continuation of the tax credit and many other items at this very moment in Congress. Some of the items NAR hopes to improve and what Congress to address:
• The lack of liquidity in the jumbo mortgage market;
• Tight credit in the commercial real estate market;
• The Home Valuation Code of Conduct’s unintended side effects that are hindering sales;
• Increased funding to help FHA upgrade their technology and for Congress to ensure that funding be included in the final version of the FY2010 appropriation for HUD;
• Administration incentives and uniform procedures for speeding short sales under a new Foreclosure Alternative Program; and
• The potential for significant spikes in interest rates or disruptions to the flow of mortgage capital as the Federal Reserve unwinds the mortgage-backed securities purchase program to ensure that this does not happen.

If Congress listens and addresses those issues for 2010, look for a great change.