First Team debuts short sale TV commercial
There are signs of a housing recovery in Orange County and other Southland markets. Sales are inching up, MLS inventory is down and while overall distressed sales are dropping, there is a rising share of short sales in the market place. According to figures recently published in The Orange County Register, distressed homes currently sell 3.6-times faster than non-distressed homes and 62-percent of distressed listings are short sales.
Handling a short sale expeditiously has until recently been a challenge and one that only the most experienced of real estate agents have been able to handle with any level of success. Patience and expertise has been the name of the game for both buyers anxious to buy a property listed as a short sale and also those wishing to short sell their home. But help has arrived; since June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, has required both agencies to give short-sale buyers a final decision within 60 days. Additionally, Fannie and Freddie must also respond to initial requests for a short sale within 30 days of receiving the buyer’s submission.
Beginning Aug. 8, First Team will debut a TV commercial aimed at informing consumers how associates at First Team can help with short sales. According to First Team CEO and Founder Cameron Merage, there are a lot of positive reasons to consider a short sale, but there is also the potential for a lot of frustration and disappointment if a knowledgeable and specifically trained agent is not used to facilitate the transaction.
In a short sale, a lender agrees to accept less than the balance on a mortgage. For many owners of a distressed property, a short sale is the preferred alternative to a foreclosure situation.
“A short sale impacts a credit score for up to two years, while a foreclosure could take as long as five to seven years to clear a credit report. Short sellers may qualify for a home loan in only two years, and they may have the possibility of relocation expenses,” Cameron said. “After a foreclosure, an FHA loan is not available for at least three years. There’s a lot to a transaction involving a short sale, and the savvy consumer would be wise to seek expert help.”
First Team – long since acknowledged as an industry innovator and as a brokerage that steps out of the pack – is once again rising above the competition. While most brokerages are dialing down their marketing and advertising, First Team is the only Orange County-based real estate brokerage to expand their advertising to reach and educate consumers via TV commercials.
“We want to reach consumers to let them know that First Team agents are superbly trained,” Cameron said. “There are a lot of uninformed consumers when it comes to the details surrounding a short sale transaction – they need to have access to agents who can handle all the intricacies of even the most challenging transactions.” First Team dominates the Orange County Buyer Market with over $4 billion in transaction volume, and First Team agents have sold over two-and-a-half more homes in Orange County as the nearest competitor.
Cameron is a strong advocate for education of both First Team agents and consumers.
“I believe in education-based selling – we inform the buyer or seller of all aspects of the sale as well as the current market during the process,” he said.
To find a short sale expert in your neighborhood, contact (855) 798-1507 or visit www.shortsaledestination.com.
To watch the commercial, click here!