kemper.qxd:MOBILITY
12/14/09
1:54 PM
Page 4
60 to 90 days or less. In addition, most servicers cannot suspend foreclosure proceedings from continuing in the event the sale falls through. • Work with your servicer to establish a proper listing price strategy prior to listing the home for sale. • Be prepared for counteroffers as this is normal in the negotiation process. • If possible, select a listing agent who is experienced in distressed homesales. • Real estate agent commissions may be capped at 5 percent or less to have all parties contribute to the short sale. • Require that any potential buyer making an offer on the property get prequalified through your mortgage servicer or another reputable lender,
even if they furnish a pre-approval letter. This will help you avoid wasting valuable listing time on the “preapproved” buyers who actually do not qualify for a mortgage. • And, most important, stay involved with the servicer throughout the process. Do not allow thirdparties to control the transaction without your approval. More than two-thirds of all home purchases in 2009 were made on “distressed properties,” of which 14 percent were classified short sales, according to “Distressed Property Sales Surge to Two-thirds of Market, New IMF-sponsored Study Finds,” from the July 1, 2009 issue of Inside Mortgage Finance Newsletter. This ratio surely will grow as major mortgage investors such as Fannie
YOU'RE CREATIVE, STRATEGIC, AND PROFESSIONAL. You’re a global workforce mobility professional! Worldwide ERC® membership tells others that you’re informed, connected, and committed to excellence.
Mae and Freddie Mac, which control more than 70 percent of the mortgage market, create standardized short sale processes. Until then, borrowers and real estate professionals should work closely with mortgage servicers and lenders to navigate the ever-changing short sale process. The points of this article solely represent the view and opinions of the author and are not necessarily the views and opinions of Champion Mortgage, a division of Nationstar Mortgage LLC, or members of its management. Joe Anderson is the executive vice president of production for Champion Mortgage, Lewisville, TX, the retail origination and relocation mortgage division of Nationstar Mortgage LLC. He can be reached at +1 469 549 3334 or e-mail joe.anderson@nationstarmail.com.
GLOBAL MOBILITY AND RELOCATION SERVICE COMPANY MEMBERSHIP
ACT NOWïIt’s easy!
Join Today! Online: www.WorldwideERC.org E-mail: membership@ WorldwideERC.org Make sure you can be found in the 2010 Worldwide ERC® Roster of Members and Resource Guide for the Relocation Marketplace and the online Global Workforce Services Directory ®. In print and online, it’s your gateway to workforce mobility and relocation business. First listing is FREE with membership!
82 MOBILITY/JANUARY 2010
Call: +1 703 842 3400