Read Larry Connors' blog – Short Term Trading Strategies
On Thursday, July 31, 2008, Freddie Mac primed the pump for short sales throughout the country. Freddie Mac has doubled the financial incentive to $2,200 for banks to successfully complete a short sale. By doubling the financial incentive to banks, Freddie sends a strong signal that their most preferred workout solution is a short sale. They are offering $500 for a repayment plan and $800 for a loan modification. Co-founder of BGS3 Kenn Lewis states, "You are going to see a huge surge in short sale completions for homeowners who fail to qualify to keep their home. To date, banks have been limited in their ability to provide the resources to expedite short sales. They now have the financial breathing room to speed the process up."
BGS3 will be spending several hundred thousand dollars or more over the next couple months to ensure they have the right processes in place to deliver for their representatives in the field and distressed homeowners. Co-founder and President of BGS3, Jeremy Bowman states, "To date we've been opposed to raising additional capital; however, given how fast things are changing and the increased demand and incentive for short sales on all fronts, we've changed our policy. We're seeking to raise an additional 5-10 million dollars."
BGS3 has certified real estate professionals in almost every major market in America who are trained and ready to help homeowners facilitate their short sale. Jonathan Bowman, Vice President of Operations for BGS3 states, "The biggest obstacle to date with a short sale transaction has been the bank's inability to facilitate a quick resolution. Now with their financial incentive doubled for a short sale resolution, you are probably going to see much quicker response times. We now need more real estate professionals who are ready to step up to the plate and become part of the solution. BGS3 will help navigate them through the rest."
SOURCE: BGS3
BGS3 Cindy Thompson, Administrative Director Direct, 1.502.301.8865 Office, 1.800.915.1988 cindyt@bgs3.com www.bgs3.com www.program3648.org
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