RE/MAX First

Local CDPE-designated agent, Rick Giese of RE/MAX Advisors, has developed a website report providing information regarding the truth about a mortgage trend called “strategic default,” where homeowners walk away from their mortgages.

Most mortgages are sold after they are made. We estimate that around 75-80% of all mortgages were sold before the housing crisis.

Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell you. “I had a short sale with a large national lender. The loan was owned by Fannie Mae, not the lender.

The number one reason people short sale is to salvage their credit. After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.

There are two things you must understand if you are doing short sales. They are BPOs and HUD-1s. A BPO is what the short sale lender uses to determine the value of the property.

It always amazes me when I hear the stories of agents who talk about horrible short sales are. "Don't waste your time on a short sale", they tell homeowners. "Not True... if you have been trained and have experience with Short Sales"

According to the Philadelphia Inquirer [1], Patrick Rodgers of West Philadelphia was able to "file a foreclosure action against Wells Fargo

Rick Giese of RE/MAX Advisors, has developed a website report providing information regarding the availability of lender and government programs to avoid foreclosure, including the Home Affordable Foreclosure Alternative Program, or "HAFA."

If you have been reading about short sales, then you have probably heard the term "BPO" and wondered what it meant.

It really gets on my nerves that people who don’t know what they are doing can ruin it for everyone else. If you are thinking about short selling your home, make sure you hire a competent, experienced short sale agent.