BREAKING NEWS: States AG Settlement.
It appears the whole robo-signer, foreclosure fraud mess is finally coming to an end?
?.or is it.
This much lauded settlement will have virtually no impact on the housing market let alone the overall economy. What this suit will result in is MORE foreclosures. (not less) Why? Because in many parts of the US the foreclosure process has been slowed (or completely stopped) as the banks worked through this litigation.
Remember all of those stories of owners living payment free?.well, their free rides are coming to an end. As an agent, its crucial that you let these folks know that if they don?t short sale their home with you they may leave themselves with no other option than a foreclosure.
Also, its important that you understand the scope of the problem still ahead for housing:
Raw numbers for you:
* 4,000,000 have already lost their homes
* 6,000,000 are currently in default. (Agents, thats 6,000,000 potential short sale listings for you. Perspective, in the US in a healthy housing market there are roughly 5,000,000 home sales per year!)
* 11,000,000 owners are UNDERWATER. What will happen to these owners? MAYBE their homes will increase in value over the next 10 or so years to the point where they are even with what they owe. More likely, they will have to short sale or lose their homes to foreclosure.
WARNING: Short Sales?love em or hate em?they are here to stay! Go beyond the basic ?expert? short sale designation.?Watch the FREE 2012 Agent Short Sale Secrets video and download the FREE Short Sale training guide.NOTICE: Free book guaranteed for the first 100 agents only
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