These pending foreclosures could be potential short sales. A short sale offers homeowners an alternative to foreclosure, bankruptcy or just walking away from their homes if they can not make the payments. A short sale means selling the home for less than what is owed on the mortgage.
Vienna, VA (PRWEB) April 6, 2009
Matt Martin Real Estate Management of Vienna, Virginia, will perform short sales processing and negotiations for Keller Williams® Realty International, the third largest real estate franchise in the United States.
"We will provide support as a preferred vendor for the 73,000 Keller Williams® sales associates, offering loss-mitigation negotiation with lien holders for the clients of Keller William's agents," says Matt Martin, founder and president of Matt Martin Real Estate Management (MMREM). As a result of this arrangement, Martin expects his firm to process an additional 3,000 to 5,000 short sales a month.
Martin's team of professionals has been working in loss mitigation for 20 years, with a 92 percent success rate. Members of the team have completed more than 10,000 short sales. The average amount forgiven on loans last year was $141,000.
"Since early March, the institutional mortgage investors have restarted their foreclosures, which were under a moratorium since late last year," says Martin. "These pending foreclosures could be potential short sales. A short sale offers homeowners an alternative to foreclosure, bankruptcy or just walking away from their homes if they can not make the payments. A short sale means selling the home for less than what is owed on the mortgage."
The number of foreclosure notices in February 2009 increased six percent from January 2009 and nearly 30 percent from February 2008. RealtyTrac®, the leading online marketplace for foreclosure properties, reported that 290,631 homes across the country received a foreclosure-related filing in February. That figure represents one in every 440 U.S. housing units.
MMREM assists both institutional and government clients in the disposition of their Real Estate Owned (REO) inventories. In 2008, MMREM assisted in the sale of over 6,000 properties.
Sales of distressed homes (which include foreclosures and short sales) accounted for 45 percent of the total home sales nationally in the fourth quarter of 2008, according to Jed Smith, managing director of quantitative research at the National Association of Realtors (NAR). Foreclosures represented 30 percent and short sales were 15 percent. Sales of distressed homes continued to represent 45 percent of home sales in February 2009, according to the NAR.
About Matt Martin Real Estate Management
Matt Martin Real Estate Management of Vienna, Virginia was founded in 2005 and specializes in consumer and lender workouts, short sales and disposition of both residential and commercial property which is in the possession of a lender as the result of foreclosure. To learn more about the MMREM short sale program, visit http://www.mmrem.com or call 703-766-5777.