The National Association of Realtors and the United States Department of Treasury came together to put on an event on April 23 that offered aid to homeowners who are struggling to keep their homes and avoid foreclosure and to help Realtors to better assist clients in the process of a short sale transaction.Home owners at the event had the opportunity to meet directly with loan servicers for assistance with difficult short sale transactions that they may be going through. Owners left the event with knowledge, insights and information on short sales.
“As the nation’s leading advocate for homeownership, Realtors are working hard on behalf of homeowners who are unable keep their home and considering a short sale as an option to help them avoid foreclosure,” said NAR President Moe Veissi, broker-owner of Veissi & Associates Inc. in Miami. “These events offer a tremendous opportunity for Realtors and homeowners to gather the tools and information they need to achieve the best possible outcome for their family.”
“From day one, the administration has been focused on utilizing every tool possible to stabilize the housing market. For many homeowners, a short sale is the best way to avoid foreclosure and get back on track to financial stability,” said Treasury Homeownership Preservation Chief Darius Kingsley. “We will continue our outreach efforts to make sure that homeowners across the country have every opportunity to understand the right options for their family.”
Realtors who attended the event were able to attend work shops where they learned helpful information and tips on how to navigate short sale transactions, negotiate short sale offers and expedite slow-moving transactions. They also heard from loan servicers and lenders.
“This event is well-timed,” said Veissi. “Just last week, the Federal Housing Finance Agency issued new guidelines to help streamline the short sales process, requiring Fannie Mae and Freddie Mac loan servicers to acknowledge receipt of short sale purchase offers within three business days; respond to short sale requests within 30 days (with a possible 30-day extension); and make a final decision within 60 days of receiving purchase offers.”
This event was just one in a series of community events and workshops taking place throughout the year across the nation to give real estate professionals and homeowners the opportunity to learn more about the short sales as a foreclosure prevention strategy.