The industry is getting ramped up for the “HAFA” short sale rules and are going digital. April 05, 2010 is coming at us very quickly “HAFA” and all demands the new rules are going create will be hard to accommodate all at one time. Bank of America seems to have a jump on the HAFA by utilizing a system supported at www.Equator.com. This is a digital information platform that will allow the Bank, Realtor and home seller to all look at the progress of the transaction at the same time. (of course we at Short Sale Nurse are already using the system)
This should allow the banks to move more quickly through the work load. Speaking of workload there does not seem to be any movement to the problem easing. In fact some experts are saying that the shadow inventory and defaulting property program is growing. The experts are saying that the real numbers may never come out of the data shadow.
Here is the logic of the experts. Foreclosures can be tracked by public records but “short sales” can be hidden on bank balance sheets. The distressed short sale will show in public records just like any other sale. Maybe this is a good thing. perception of our market needs to change. The cloud over our economy is one of attitude, if we think nothing is getting better it will do just that , not get better.
The street market trend I am hearing from my clients is that they are just considering walking away even when they can afford their payments because they have no equity and can not see things coming back. There it is again the “see” word, its one of perception.
Nothing is going to be the end all, cure-all but “HAFA” in my opinion will bring some logic to the market. It makes more sence to short sell than foreclosure. I know my clients would all like one more view of a loan modification or some other work out plan. Go to www.hafa.us to read the 10 most important client questions answered straight from text of the Treasury Department program.
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