RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Industry Opinions Weigh In on Extended Forecast for Short Sales

Home Marketing
August 16, 2011
Reading Time: 1 min read

Short sales will remain strong for the next several years as foreclosure inventories timelines grow even longer, according to the chief operating officer of Equator, a software platform for default servicers.

“Short sales will be very prominent over the next 2-3 years as foreclosure inventories increase and remain somewhat stagnant. The elongated foreclosure timelines coupled with improved processes and technology will lead to more short sales closing,” says John Vella, COO of Equator.

Equator reports some 775,000 real estate agents handling an average of 250,000 transactions per day access its platform.

Last week LPS reported the median foreclosure timeline now is 587 days. In May, CoreLogic predicted the number of short sales will increase 25 percent next year after tripling over the past two years.

New federal regulations that took effect April 10 are expected to add to the interest in short sales by removing barriers involving second liens. Prior to this change, secondary lien holders were unlikely to receive any portion of the proceeds of the sale. This likelihood was increased if the property was in a state of negative equity. The secondary lien holder could block the approval of the short sale by refusing signoff on zero pay-off.

Due to the change in the laws regulating short sales there are now incentives for secondary lien holders to approve the sales. There is also an incentive for the seller to pursue this option. Secondary lien holders will receive a portion of the sale proceeds; an amount of at least $3,000. They will also receive an additional $1,000 from the federal government and sellers will receive an incentive of $3,000 for relocation expenses.

For more information visit www.realestateeconomywatch.com.

ShareTweetShare
Susanne Dwyer

Susanne Dwyer

Related Posts

Embracing Sustainability: The Top Eco-Friendly Home Improvements
Consumer

Embracing Sustainability: The Top Eco-Friendly Home Improvements

September 21, 2023
The Future of Real Estate: Why Virtual Staging by AI is Transforming the Home Staging Industry
Industry News

The Future of Real Estate: Why Virtual Staging by AI is Transforming the Home Staging Industry

September 21, 2023
Foreclosure Activity Rises in August
Industry News

Foreclosure Activity Rises in August

September 21, 2023
Strong to the Core: Attracting and Empowering Great People Drives NextHome’s Continued Growth
Best Practices

Strong to the Core: Attracting and Empowering Great People Drives NextHome’s Continued Growth

September 21, 2023
Berkshire Hathaway HomeServices Expands in Italy
Brokers

Berkshire Hathaway HomeServices Expands in Italy

September 21, 2023
Existing-Home Sales Decreased 0.7% in August
Industry News

Existing-Home Sales Decreased 0.7% in August

September 21, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Do You Know How to Create a Comparative Market Analysis?

Become a pricing master with the Center for REALTOR® Development’s one-day certification course, “Pricing Strategies: Mastering the CMA.” Register today for the upcoming live virtual edition. Learn more.

Business Tip of the Day provided by

Recent Posts

  • Embracing Sustainability: The Top Eco-Friendly Home Improvements
  • The Future of Real Estate: Why Virtual Staging by AI is Transforming the Home Staging Industry
  • Foreclosure Activity Rises in August

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X