If you can’t make either of the earlier webinar opportunities on Tuesday, April 20, I’ll be giving a “wrap up” webinar hosted by Cory Boatright at 4PM Pacific (7PM Eastern). We’ll cover the various developments and thoughts that have been presented throughout the day.
Register at https://www2.gotomeeting.com/register/615006378
Cory’s comments are found at http://shortsalefundamentals.com/blog/2010/04/19/freddie-mac-short-sale-illegal/
I know, it’s still regular business hours for Californian’s but this is all happening at a quick pace, so do your best to make it.
Ron,
I’m so glad that I thought somewhere along the same line you just point out on your post. As a member of Fix A Flip, one of the member raised concern and ask our opinion of this Freddie Mac article. I went to the article a quickly read through it. Like you point out, this contradicts the Freddie Mac’s October 2009 New Short Sale Flipping Policy. I also pointed out that article seemed to be more targeted towards some of the Agents that are processing Short Sales without working together with an investor buyer. I also pointed out that the practice mentioned in the article was similar to what had taken place on the two Connecticut Agents. I reminded the member that Fix A Flip teaches about Disclosure-Disclosure-Disclosure and that it couldn’t be emphasize more because this is brought up on every webinar, modules, video replays, teleconference calls. The contract we use is complete transparency and that he had nothing to worry about as long as he follow the teachings and the Option Contract Resale Clause. That on itself is NOT fraud and therefore he had nothing to worry about.
I am glad to learn you, Jeff Watson and probably Chris McLaughlin are doing an emergency webinar in order to ease the panic this article has caused. Because I am sure the truth intention of that article was to slow down the volume of short sales being done. Lender’s investors such as Freddie Mac might not appreciate the amount of losses they may have to take. But the truth is that Short Sales is about the only avenue today to slow down foreclosures and put families back in those type of properties rather than becoming empty bank owned properties in all neighborhoods. That will certainly continue to depreciate the value of all other properties.
Thanks again and I look forward to this webinar tomorrow (Tuesday).
Freddie,
Your comments are right on.
Ron