Skip to main content
#
WeichertForeclosureHelp.com
Baldwin Foreclosure and Short Sale Information
How To Stop The Foreclosure Process
Effects Of Foreclosure
Loan Modification Can Help
Understanding HAFA
Homeowners We Help Avoid Foreclosure
Avoid Foreclosure In Baldwin
AVOID FORECLOSURE IN HEMPSTEAD
Avoid Foreclosure In Elmont
Avoid Forclosure In Freeport
Avoid Foreclosure In Baldwin Harbor
Avoid Foreclosure In Lynbrook
Avoid Foreclosure In Oceanside
Avoid Foreclosure In Rockville Centre
Avoid Foreclosure In Roosevelt
Avoid Foreclosure In S Hempstead
Avoid Foreclosure In Uniondale
Avoid Foreclosure In Valley Stream
Avoid Foreclosure In West Hempstead
Avoid Foreclosure
What Is A Short Sale?
Short Sale vs. Foreclosure
Qualifying Process for a Short Sale
Buying A Short Sale Home
What Is My Property Worth
Learn About Short Sales
Frequently Asked Questions
Glossary Of Terms
Mortgage Debt Relief Act
FAQ
What The First Step In The Short Sale Process
Qualifying for a Short Sale and Avoiding Foreclosure
Home Evaluation
Calculate Your Home Value Now
Short Sale Initial Consultation
What Is The Value Of My Home Today?
Getting Started
Our Blog
 What Is A SFR - Short Sales and Foreclosure Resource?
Important Website Information
Now Hiring Short Sales Specialist
What's The Value of My Home
Weichert Realtors Quality Homes
Weichert Realtors Quality Homes  (516) 867-3508
Real Estate Market Update 
Friday, January 13 2012

More people are using short sales in Baldwin, Hempstead, Freeport, Uniondale, Roosevelt, Valley Stream and other long Island town to sell their homes instead of foreclosure.

Experts Advocate Stabilizing Neighborhoods with Short Sales

 

“Foreclosures are going to go up before they go down,” according to Craig Nickerson, president of the National Community Stabilization Trust.

Nickerson says estimates put foreclosure tallies at 850,000 this year, as high as 1.5 million in 2013, and then back to the levels we’re at today by 2015.

With all these distressed properties potentially making their way to an already stressed marketplace, Nickerson, along with a panel of industry professionals at the inaugural MPact Conference advocated for bulk short sales.

The panel discussion centered around neighborhood stabilization initiatives and HUD’s $7 billion program created to facilitate the rehabilitation of properties in communities challenged with high levels of foreclosures and property vacancies – aptly named the Neighborhood Stabilization Program (NSP).

“Foreclosure prevention by itself is not going to [be the] cure” for the housing crisis, Hala Farid, deputy director of Citigroup’s Office of Homeownership Preservation, told those attending the standing-room-only session.

Farid says Citi is devising a procedure where NSP program participants will have access to escalated points of contact to expedite the short sale process in support of neighborhood stabilization efforts.

Francis Martinez Myers, president of Employee Transfer Corporation (ETC) and ETCREO Management, said the industry is “on the cusp” of utilizing short sales as a viable means of stabilization, “but it’s not without its challenges,” she added.

“Lenders have to be aggressive about offering pre-approved listing prices for short sale properties,” according to Myers. She says having pre-approvals in hand would help facilitate transactions for bulk short sales.

Myers described the size and magnitude of this crisis as unprecedented. “I feel like we are in a five-alarm fire and we are still negotiating over which kind of garden hose we’re going to use … If we’re not careful and not aggressive, it’s going to be very difficult to get through this,” she said.

“Holistically we’re not doing enough fast enough,” according to Myers. Just “selling one house at a time, means 10 years from now we’ll still be here having this conversation,” Myers said.

She spoke of the advantages of tailoring services that are geared toward investors and nonprofit groups to facilitate bulk purchases of short sale properties.

Myers says her organization is working on a pilot initiative which aggregates available short sales in the market, pools together properties meeting investors’ and nonprofits’ qualifications, and lines them up for inspection.

Tyler Smith, VP of Wells Fargo’s REO disposition team, noted that managing investor participation with communities’ neighborhood stabilization efforts “can sometimes be a conflict of interest.”

According to Jerome Devadoss, manager of alternative dispositions for Fannie Mae’s REO sales operation, it’s important to engage community-minded investors to work alongside local nonprofits toward neighborhood stabilization, whether it’s through short sales or any other loss mitigation strategy.

Jim O’Donnell, manager of the West Coast REO Revitalization Program at Chase, says his company is exploring ways to facilitate short sales to nonprofit organizations. Chase is looking to make short sales and distressed portfolios part of its “First Look” program.

Short sales are increasingly making their way into the conversation as a practicable solution to support neighborhood stabilization.

Eric Will, senior REO sales director for Freddie Mac’s HomeSteps division, said “knowledge around this [short sale] space is growing. We know it needs to be done.”

Posted by: Carrie Bay AT 06:08 am   |  Permalink   |  0 Comments  |  Email
Comments:

Post comment
Name
 *
Email Address

Message
(max 750 characters)
*
* Required Fields
Note: All comments are subject to approval. Your comment will not appear until it has been approved.

Share This Page
Email
Twitter
Facebook
Digg
LinkedIn
Delicious
StumbleUpon
Add to favorites
Reddit
MySpace
Translate
Site Mailing List 

Brought to you by:


Weichert Realtors Quality Homes
1860 Grand Ave
Baldwin, NY 11510
(516) 867-3508

Email

SFR      

DISCLAIMER - TERMS OF USE - PRIVACY POLICY - CONTACT POLICY - IMPORTANT NOTICE 

DMCA NOTICE  Copyright© 2009- Pro Step Marketing, All Rights Reserved.

Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.
 

Site Powered By
    prostepmarketing.com
    Online web site design