You need to see this breaking news story, it is unbelievable (if anything in finance is unbelievable anymore).

  • We are all waiting for the treasury to start buying up bad mortgages...
  • Banks are waiting for the government to start buying bad securities before they approve short sales...
  • Homeowners who are in trouble are somehow going to benefit form the $700 Billion bailout...

It looks like NONE OF THE ABOVE are going to happen.  Today Secretary of the Treasury Henry Paulson has reversed the original objective of the TARP (Troubled Asset Relief Program).  They may have to change the name!  They are no longer going to use this fund to purchase bad securities, they are going to use it to make investments in companies that need capital infusions (like AIG).

Here is what it means:

  1. Short sales are not going anywhere - banks are going to have to clean up their own messes so expect to see them go through the roof.
  2. There is no bailout for a bad mortgage, either a non-sale solution, short sale or foreclosure will be the only way out.  
  3. There is very little chance that we as taxpayers will ever see any kind of a return on these investments (not that we ever would have) unless Paulson has somehting extraordinary up his sleeve.


UNDERSTANDING SHORT SALES JUST BECAME MORE IMPORTANT THAN EVER!

If your in a distressed situation give me a call @ 443-414-3338 I understand short-sales inside and out!

Ron Howard, Sales Associate with RE/MAX Sails

General Designations

GRI - Graduate Realtor Institute

ABR - Accredited Buyer Representative

AHS - Accredited Home-Staging Specialist

New Construction & Luxury Home Designations

ALHS - Accredited Luxury Home Specialist

CNHS - Certified New Home Specialist

RCC - Residential Construction Certified

Distressed Property Designations

CDPE - Certified Distressed Property Expert

CSP - Certified Short-Sale Professional

CFS - Certified Foreclosure Specialist