Short Sale Blog

Check out these results:

An agent from Lake Stevens purchased the Snohomish County Pre-Foreclosure List last week. On Saturday, she mailed letters to 30 people from the list letting them know she could help them. On Monday, she called to tell me she already had two homeowners call her! And that's just the first day they could get the mail! You can safely bet that she'll get a couple more phone calls from homeowners in need of relief. All for about $15 in postage. If you are looking for immediate listings TODAY, that is the best return on investment you are going to find.

I am excited to announce that the King County Pre-Foreclosure List is also now available. Both of the lists are updated every day with new homeowner names, addresses, assessed values, and phone numbers (when available).

The agent from Lake Stevens attended my Short Sale Webinar a couple of weeks ago. She told me she was inspired by what she learned and how she could help local homeowners relieve their burdens. She took action, and positive results are already happening.

If you want to get in on this, attend this Thursday's webinar and learn exactly how we are helping hundreds of local homeowners. Here is the link to the Webinar page: http://www.SeattleShortSales.com/webinars/

We are closing three short sales this week alone. And, as always, no fee to any agents. The Seattle Short Sale system works. Together, let's help every distressed homeowner in the Puget Sound settle their accounts with their lenders, and get moving in a positive direction, as fast as possible.

The Federal Housing Administration (FHA) is currently on Capitol Hill defending the notion that it is soon to collapse under the weight of bad loans. The FHA commissioner, David H. Stevens, proclaims that they won't need a bailout and that they are adequately managing risks.

The most telling statistic of their impending collapse is that of the loans they backed in 2008, a full 20% are in default. It is not surprising that the default rate is so high. The biggest draw is that a buyer can purchase a home with only 3.5% down, and have all their closing costs covered by the seller, or in many cases, the foreclosing lender.

It is hard to imagine that in good conscience the federal government would knowingly subject 20% of their clients to the pain of default and foreclosure. However, it appears they do know, and they have a reason why they are doing it.

Barney Frank, the chairman of the House Financial Services Committee, said in an interview that the defaults were worth it. “I don’t think it’s a bad thing that the bad loans occurred,” he said. “It was an effort to keep prices from falling too fast. That’s a policy.”

The policy is to stabilize the banks, via propping up the housing market with another round of unqualified buyers. In other words, they are propping up a deflating bubble with another artificial bubble. When will the madness end?