Home Sales Remedy, a program being kicked off by Keller Williams Realty's Dallas City Center, will help homeowners whose mortgage is "upside down," meaning their home sale will not cover their obligations to their lender, said Keller Williams Realtor Steve Shatsky. Shatsky developed the program to successfully handle these types of transactions, known as short sales.
"Foreclosures are painful for everyone involved," Shatsky said. "Short sales give homeowners in a bind an alternative to help them get out of a home they can no longer afford before they get too far down the path (to foreclosure)."
In a short sale, the lender agrees to take a loss and let the homeowner sell the home at slightly below its market value. Lenders agree to it because they avoid the time-consuming and expensive foreclosure process. Homeowners benefit because they're released from their mortgage without a foreclosure stain on their credit, Shatsky said.
Few real estate professionals knew much about short sales when Shatsky started specializing in them four years ago, he said. But the process has become a more commonly used option as foreclosure rates climb.
Short sales involve a much different process than traditional home sales because the lender is involved at the outset, and the lender requires more information from the seller, Shatsky said.
About 43,000 Dallas-Fort Worth region home foreclosure postings have been recorded for 2007, 10% more than this time last year, according to the most recent statistics from Foreclosure Listing Service. The number of homes posted for foreclosure in December is 14% higher than it was in December of last year, the Addison-based firm reports.
Call for entries
The deadline is fast approaching for the Dallas Business Journal's annual Best Real Estate Deals competition. All entries must be made online by midnight Dec. 14. (Late entries will be accepted only for deals that close in December. For late-entry nomination forms, e-mail Christine Perez at cperez@bizjournals.com.)
Now in its 16th year, DBJ's Best Deals competition has become the "Oscars" of the Dallas commercial real estate industry. Categories include office, industrial, retail/hospitality, mixed-use, residential and land, along with best headquarters/corporate campus move, best deal announced, best commercial property sale, best medical and best community impact. In the office, industrial and retail/hospitality categories, there are separate divisions for both new developments and deals that went into existing space.
To enter your deals and projects, visit www.dallasbusinessjournal.com, and click on the nomination form in the center of the page under "Events & Networking." All submissions will be considered for the top award -- Best Real Estate Deal of 2007.
Winners will be announced at a black tie awards gala Feb. 28 at the Hilton Anatole in Dallas and will appear in a special publication Feb. 29.
Up the ladder
* CB Richard Ellis' Darrell Gage has been promoted to director of asset services in the Dallas-Fort Worth Metroplex. Gage assumed the role after holding the position of senior property manager for Campbell Center.
* The Valuation Services Group of Cushman & Wakefield of Texas Inc. has promoted three appraisers in the Dallas office. Jerry Fulwiler and Jeff Coulston have been elevated to senior director, while Ben Langford has earned the associate director title.
Cushman & Wakefield's Valuation Services Group includes 23 appraisers in Texas. The group services office, retail, industrial, multifamily and hospitality properties throughout the Southwest.
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source: bizjournals.com
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