Coldwell Banker launches short sale program in California and ArizonaMortgagePress.comColdwell Banker Residential Brokerage, short sales, Short Sale Trusted Advisor, Kathy Mehringer, loss mitigation
Coldwell Banker Residential Brokerage has announced the launch
of a new program called, "Short Sale Trusted Advisor," which helps
streamline the short sale process. It is the first program of its
kind to be developed by a residential brokerage firm in California
"In response to the unprecedented challenges some homeowners
face in today's market, we have created a new initiative that
streamlines the short sale transaction for lenders and educates the
public, our managers and sales associates about the short sale
process," said Kathy Mehringer, director of risk management,
Southern California at Coldwell Banker Residential Brokerage, who
has conducted training sessions for more than 3,500 Coldwell Banker
sales associates throughout California and Arizona. "For over 100
years, Coldwell Banker has been dedicated to helping our clients
preserve the dream of homeownership. We want to continue that
tradition with the Short Sale Trusted Advisor program. Ultimately,
we want to be part of the solution."
A short sale is a sales transaction in which the seller's lender
agrees to accept a payoff of less than the balance due on the loan.
The advantage of a short sale for the bank is that it can result in
a smaller financial loss than foreclosing. For the homeowner, the
advantage is avoiding foreclosure.
The Short Sale Trusted Advisor program includes a half-day
training and education seminar for managers and sales associates,
as well as a nine-page short sale package that is presented to the
lender for approval. The package has already been distributed to
sales associates throughout California and Arizona for their
"When loss mitigation specialists receive a short sale package
from a Coldwell Banker sales associate, they know it will include
all of the required documents they need to move forward with a
proper financial analysis of the proposal," said Mehringer. "It
increases the chances of a successful and swift transaction."
When the amount of the loan and other costs of the sale exceed
the current market value of the property, there are a number of
options struggling homeowners may consider, including loan
modification, deed in lieu of foreclosure, foreclosure, bankruptcy
and short sale. Any homeowner considering a short sale should
consult with legal and tax advisors. A complete list of non-profit
counselors is available at www.hud.gov.
For more information, visit www.camoves.com or www.azmoves.com.