short sales: Now We're Just Messing With Your Head
- 10/30/13 06:17 AM
Thanks Wells Fargo. Do you have a quota on creating panic attacks and you haven't reached it for October?
This morning an email arrived letting me know my short sale listing had been "DECLINED" and we could not resubmit. Heart start beating fast and silent swearing commences.
You see yesterday I received approval on the HUD-1 for the closing on this property on November 1st. That's right not only do we have full approval for the sale but we also have an approved final HUD-1. A panic email to the assigned negotiator to ask what is going on.
This is why lenders get such … (9 comments)
|
short sales: Do You Know What Distressed Property Owners Need?
- 07/30/10 06:12 PM
When we get a call from a distressed homeowner the first thing we need to do is listen.To many times we want to jump in and solve the problem. We can't solve any of the issues that may have gotten them into a difficult financial situation. We can however make sure we understand what the impact is going to be on their lives and work towards a solution that works for them.
So,
Do You Know What Distressed Property Owners Need?
We are talking pre-foreclosure, heading toward a short sale, heading toward a possible REAL foreclosure. Knocking that … (4 comments)
|
short sales: Northern Virginia Buyers-Updated Addendum Spells Out Your Rights
- 01/05/10 12:01 AM
Everytime a Northern Virginia buyer sees these remarks in the MLS:
“Must use seller selected settlement company” “Seller to determine settlement company” “Short sale being professionally negotiated by XYX settlement company and buyer must use for settlement” They ask why can't I use my own settlement company?The answer is you can!
Now an update to our Virginia Jurisdictional Addendum spells out a Virginia buyer’s right to choose even more clearly than before:
“The Provisions of the Consumer Real Estate Settlement Protection Act (CRESPA) may not be varied by agreement and rights conferred by this chapter may not be waived. The seller … (17 comments)
|
short sales: Should We Consider Permitting for Short Sale and REO Sales?
- 12/24/09 03:48 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.
I read Katerina Gasset's (very valid) rant: Don't Represent Buyers In A Short Sale If You Don't Have A … (4 comments)
|
short sales: A New Home for the Holidays-A Short Sale Miracle
- 12/23/09 12:19 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)
|
short sales: Short Sales-Guidance for Northern Virginia Agents is Now Available
- 12/08/09 09:56 AM
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)
|
short sales: Welcome to "Flopping"-The Latest Short Sale Flipping Game
- 11/21/09 11:31 PM
The FBI, Fannie Mae and fraud experts agree, the new short sale flipping scheme popping up around the country is on the rise and will cost banks millions of dollars.
The premise is quite simple. Make a low offer on a short sale and convince the bank that the offer is "market value". Close the deal and within 24 hours sell the property to a second buyer at a profit. The second buyer has no clue that the home is under contract for far less than what they are offering and of course the lender has no idea that the value of the … (18 comments)
|
short sales: Short Sale Train Wreck Coming to Northern Virginia Soon
- 11/02/09 08:11 AM
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)
|
short sales: Northern Virginia Short Sale Contracts: Who is the Seller?
- 10/03/09 04:55 AM
In a market where short sales are what most buyers seem to gravitate to agents need to know the contract inside and out. As Chris Ann points out we can't make up definitions of who the seller is and what constitutes a ratified contract. These types of disputes don't serve our buyers well and educating ourselves about the short sale process will save a lot of headaches.
Northern Virginia Short Sale Contracts: Who is the Seller?
Northern Virginia short sale contracts can certainly be confusing, but one thing is clear: The sellers are the invididuals listed on the Deed. This … (2 comments)
|
short sales: Bashing Short Sale Agents-Will it Ever Stop?
- 09/23/09 04:58 AM
Everyday there is another post on Active Rain bashing short sales. Agents suggest they can’t trust the information in the MLS and malign the integrity of the agents who list them. First of all let’s be honest. Short sales are not going to go away anytime in the near future. With a large number of ARMS’s ready to reset in 2010 and owners who could be looking at 5 years or more before they are in a positive position, we are facing a long road with short sales.We can all say with some confidence that in our eyes the lenders systems for processing short sales … (5 comments)
|
short sales: Short Sales-How Many Years Are in Front of Us?
- 08/05/09 08:46 AM
It is a question that has been rattling around in my head for awhile. Often we hear officials (lenders, economists, etc) speak as if they think the short sale phenomena will run its course in the near future. Yet when you look at the number of homes sold in the last 5 years and calculate the number of homeowners who cashed out their home equity for the finer things in life, do you really think that short sales will go away anytime soon?Though these homeowners are paying their mortgages and sitting tight what happens in 2 years, 3 years or even 5 … (8 comments)
|
short sales: What’s dominating the Northern Virginia Market?
- 07/09/09 09:32 AM
More and more we hear buyer's (and agents) complaining that all they can find for sale in Northern Virginia are short sales and foreclosures. But is that really true? For most of the first half of 2009 anyone searching through the Northern Virginia MLS quickly found short sales dominated the listing categories. In Prince William County which many in our area used to refer to as foreclosure ground zero the number of foreclosure properties listed in the MLS has dropped dramatically. Yet when you search the MLS you find that the majority of properties listed for sale are regular sales. So what … (14 comments)
|
short sales: Short Sales-Pricing Them to Sell isn’t Rocket Science
- 03/28/09 12:43 AM
Over the last few days I've had a number of calls from agents on my Belmont Bay short sale listing Some of them have asked the important questions about the short sale package but most of them have skipped past it and asked "so what will the bank take?"
In fact pricing a short sale listing is the same as pricing any other listing. You can list it low, you can list it high or you can list it in line with the other comps in the area. If you list it low sure you can generate multiple offers, which on a short sale … (13 comments)
|
short sales: Short Sales-Welcome the New Straw Buyer
- 02/21/09 01:05 AM
Every jaw in the room dropped as the story unfolded. The story was about a local agent who created "straw buyers" for their short sales to help move the approval process along. Instead of waiting for a real offer to appear they would write up an offer and send it to the bank so that the BPO would be completed and the file processed to a negotiator. Once the file had approval the "buyer" would withdraw their offer and the agent could now advertise their listing as an approved short sale.
Thinking this must be just a crazy invention by one agent … (32 comments)
|
short sales: A Short Sale Pet Peeve
- 06/04/08 08:40 AM
For those of you who read my optimistic take on short sales I wanted you to know that I do have issues with short sales. I'm not insane or wearing rose colored glasses when it comes to some of the problems that occur with a short sale.There is one thing that bugs me when I'm sending an offer to the lender. Having to submit a HUD-1 with each offer, especially when the offers all within a few dollars of each other. It makes sense to want an initial HUD-1 that shows the lender, based on the established value, what the "estimated net" … (15 comments)
|
short sales: Short Sale Bashing 101-Get Over It!
- 06/02/08 09:03 AM
When I read the Mike Novell's post titled NAR Should Ban Short Sales I finally came unglued. Sorry Mike it isn't you but it is generalization that all short sales are bad sales.
When the market was hot agents were frustrated with having to make multiple offers until they finally broke through the barrier and landed a deal. Now agents are frustrated because they make offers on short sales and expect immediate results.
NAR has no right to determine whether a property owner who is in financial trouble can list their home for sale. It is an owners right to try … (38 comments)
|
short sales: The Tale of the Short-Short Sale
- 04/29/08 03:36 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)
|
short sales: The Odd Couple-Real Estate Agents and Asset Managers
- 04/21/08 12:15 AM
Just as Felix and Oscar had to learn to live together despite their different styles so do real estate agents and asset managers. Thrown together by a real estate market in turmoil agents and asset managers seem to have total different work styles and yet here we are both trying to service customers and trying to sell houses.Many agents are used to working long hours and often during busy times 7 days a week. When we list either a short sale or foreclosure we quickly learn that asset managers don't work the same hours we do. In fact asset managers don't … (7 comments)
|
short sales: Do You Know the Status of Your Short Sale Listings?
- 03/26/08 07:50 AM
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)
|
short sales: An Optimists View of Northern Virginia Short Sales
- 03/24/08 12:50 PM
Yes Virginia short sales do get to closing. Is it the easiest route to homeownership? No the easiest way is to find an owner who is aware of the current market conditions in Northern Virginia and prices their home to reflect the market. Can a short sale work for buyers who are looking for a good deal and have patience to work through the process? Absolutely!
As an agent who has worked both sides of short sales there are some tips that I've learned along the way. For buyers who are considering making an offer on a short sale you need … (17 comments)
|
Thanks Wells Fargo. Do you have a quota on creating panic attacks and you haven't reached it for October?
;)
;)
;)
