northern virginia short sales: Who Told You A Short Sale Needs To Be Priced Under Market Value? - 05/12/11 05:16 PM
Sometimes a phone call makes you start to wonder where the rule book is and why you didn't get a copy. This time it was an agent calling to tell me that a short sale listing should be priced under market value. Now the listing does happen to be priced well below a comparable property in the same neighborhood but somehow that seemed to escape the agent.Of course the response question was to ask WHY? Who says a short sale should be priced below market value. Back in 2008 before lenders starting realizing how much money was walking out the door … (16 comments)
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northern virginia short sales: Why Would Anybody Ever Do a Loan Modification? - 11/21/10 11:59 AM
We see more and more loan modifications failing. Part of the reason in my opinion is they are "short" term solutions. More than once I've gotten a call from a homeowner in Northern Virginia who was given a preliminary loan modification and then when the time to came to convert it to a permanent new rate they were denied. What sense does that make?
Via Elizabeth Weintraub, Sacramento Short Sale Agent, Land Park, #00697006 Lyon RE (Lyon Real Estate #00697006):
Almost every short sale I handle in Sacramento is a rejected loan modification. So, it is rare to have … (3 comments)
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northern virginia short sales: Someone PLEASE Make Me Stop Cleaning This Northern Virginia Short Sale - 11/14/10 07:00 PM
I had to chuckle when I saw this post. It reminded me of of my warning to buyers "Whatever You Do Don't Open That Door". There is something that draws buyers to open a fridge even when their spidey senses tell them they shouldn't.Kudos to Chris Ann for going the extra mile to try and clean this mess up. Fortunately it sounds as if she was saved by an offer.
Via Chris Ann Cleland, GRI, SFR (Long & Foster REALTORS®, Gainesville, VA):
Northern Virginia Short Sale Listing Agents like myself see homes in all kinds of conditions. There are … (10 comments)
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northern virginia short sales: And Out Come the Wolves - 11/14/10 06:35 PM
Even though this post was written six months ago we are still encountering the same issues today. Recently I've heard of another home owner who is trying to pull a fast one on their mortgage company. Even more frightening is the number of agents who have gotten themselves involved in some of these scams. All you have to do is read the local FBI bulletins to know these aren't activities to take lightly.
Via Paul Slaybaugh, Scottsdale AZ Real Estate (Realty Executives):
What is it about the rain that brings the mischievous out to play? Real Estate sales is the … (1 comments)
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northern virginia short sales: Be Your Agent’s Ally. Short Sales Are Battles With The Banks…Don’t Leave Undiscovered Land Mines - 07/13/10 04:51 PM
Short sales take effort on both the part of the seller and the listing agent. On more than one occassion I've been called by a frantic homeowner in Northern Virginia asking for my help in listing their home for sale. This list is a good reminder that not only do you need to read your mail before the foreclosure notice arrives but also keep your home in reasonable condition to increase your chances of getting a good offer that the lender will accept.
Via Toni Dalrymple, Mountain House and Livermore (Keller Williams, Serving Livermore, Mountain House & Dublin):
A … (5 comments)
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northern virginia short sales: Mr Negotiator You Want The Buyer To Increase Their Offer-Then Show Me Your Numbers - 06/30/10 08:34 AM
Over the last few weeks negotiators on my Northern Virginia short sale listings have returned "counter-offers" requesting price increases from the buyers. In both cases the price increases to get the lender to their "MNP" (mortgage net proceeds) exceeds the market value for the homes.Despite sending them comps and contract addendums from the buyers rejecting their higher price demands the negotiators are emphatic. Show us more green. We aren't talking a few dollars here we are talking between $40-50,000 more. I realize that lenders need to mitigate their losses and the best way to do that is to say that a … (12 comments)
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northern virginia short sales: Don't look back! The IRS could be on your heels. - 05/09/10 06:01 PM
Northern Virginia homeowners take heed. You may be in for a surprise if you used the equity in your home for something more than a new kitchen.
Via Lake Livingston Real Estate by Deb Brooks:
So you gave up to Foreclosure? The IRS may be on your heels!If you are one of the thousands of homeowners that felt relief by allowing their homes tobecome foreclosed on your relief may be short lived. Many of us became wrapped up in theability to use our homesteads as ATM machines and the banks were fine with it. Now, after the money is spent … (0 comments)
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northern virginia short sales: Should We Consider Permitting for Short Sale and REO Sales? - 12/24/09 11:48 AM
Renee brings up an interesting point. There are many agents who are presenting themselves as short sale "experts" who have not developed any systems to handle the complexities and tracking of a short sale.Though I don't think the associations or the lenders will go to a permit system but an approval process within an individual brokerage could be implemented. In our area the associations have gotten together and compiled a short sale guide which should be required reading for all agents.
Via Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - … (4 comments)
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northern virginia short sales: A New Home for the Holidays-A Short Sale Miracle - 12/23/09 08:19 PM
Okay okay I know short sales are closing every day. However this short sale had a bit of a surprise. You see this home had not ONE, not TWO but THREE liens on the property. In fact the third lien, a line of credit with a significant balance on it was not discovered until the first two lien holders had already agreed to the short sale. So of course anyone who works with short sales knows this discovery could easily derail the deal.
However today, my clients are moving into their new home. The story of how we got from the … (9 comments)
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northern virginia short sales: Short Sales-Guidance for Northern Virginia Agents is Now Available - 12/08/09 05:56 PM
I am not a short sale expert. I don't play on one TV and I don't want a hundred short sale listings to manage. However I do list short sales and I do represent buyers who have contracts pending on short sales. I've experienced the same frustrations as thousands of other agents across the country and wondered when our associations would provide more guidelines for agents to follow.Recently five associations in the Northern Virginia area put together a Regional Short Sale Field Guide to provide guidelines for agents who are working with short sales and clarify those pesky questions about when is a … (4 comments)
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northern virginia short sales: Short Sale Train Wreck Coming to Northern Virginia Soon - 11/02/09 04:11 PM
Short sales in the Northern Virginia market aren't new. They were around in previous down markets with a different twist. Sellers actually had to come to the money with the table to close the deal or sign a promissory note to cover the difference. Sellers sucked it up and did it in order to move on.
Today the amount of money that most sellers are upside down keeps that from being a realistic scenario. However there is a train wreck coming and it isn't about the number of short sales or a tsunami of foreclosures but instead the way real estate … (10 comments)
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northern virginia short sales: The Tale of the Short-Short Sale - 04/29/08 10:36 AM
The debate will continue to rage among agents and industry experts as to whether short-sale listings should be allowed in the MLS or have additional disclaimers attached to them to warn buyers about the issues related to them.
Dealing with short sales does require a different type of agent and a different type of buyer. Both need patience and perseverance to work through the issues that come with dealing with the banks, lenders and settlement companies. Sometimes the process can resemble a dog chasing its tale. Going round and round until you are finally exhausted and you either give up or … (6 comments)
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northern virginia short sales: Do You Know the Status of Your Short Sale Listings? - 03/26/08 02:50 PM
Following up on my post An Optimists View of Short Sales today was the day to start making calls to agents to check on the status of offers I presented for my clients at the end of the weekend. What is interesting in making the follow-up calls it discover how many agents have no idea what is going on with the offers they have received. Excuse me what do you mean you don't know the status of the offer I presented?
How are agents taking on multiple short sale listings without having a system in place to track the status of … (9 comments)
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