Coldwell Banker launches new short sale program

Coldwell Banker Residential Brokerage recently announced the launch of a new program called “Short Sale Trusted Advisor” that will help streamline the short sale process.
It is the first program of its kind to be developed by a residential brokerage firm in California.
Kathy Mehringer, director of risk management for Coldwell Banker Residential Brokerage, said the program is in response to the “unprecedented challenges some homeowners face in today’s market.”
The new initiative streamlines short sale transactions for lenders and educates the public, company managers and agents about the short sale process. Mehringer has already conducted training sessions for more than 3,500 Coldwell Banker sales associates throughout California and Arizona.
A short sale is a 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 agents, as well as a nine-page short sale package that is presented to the lender for approval. The package has already been distributed to agents throughout California and Arizona for their immediate implementation.
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.