short sales: Foreclosure Round Two. Have we learned nothing from the past debacle? - 02/25/12 05:29 AM
In Coweta County Georgia, we are starting to see some houses listed as short sales and REO and HUD sales for the SECOND time in the last few years.
How did this happen? Did we learn nothing from the past? Have year after year of buyer incentives and continued low down payments completely eroded the fundamental concept of ownership?
True ownership involves skin in the game. It is too easy to just walk away and there are fewer and fewer consequences with each passing month. And yet the clamoring continues for easing mortgage qualification requirements.
Leverage has toppled the market. The … (18 comments)
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short sales: My plan for addressing the current housing crisis. It won’t make me popular but please consider my very humble opinion! - 10/27/11 08:17 AM
Someone needs to say it. It will not be popular. It is an extreme position.
We need to ban short sales on federally backed loans. There, I’ve said it. In my opinion, the biggest negative force applied against housing stability is the short-sale option. It offers an “easy way out” for both the borrower and the lender.
As a result, there are probably a lot more distressed property sales that continue to suck prices into the vortex of the downward spiral.
One cannot overlook the fact that short-sales hurt those that paid cash, made large down-payments, or did not buy more … (37 comments)
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short sales: Old listings don’t die. They just fade away! - 09/16/11 08:30 AM
In today’s real estate market, there are only two kinds of sellers. Those that have the ability to sell at market price and those that do NOT.
Every seller wants to sell, but many are burdened by mortgages far in excess of the value of the property, or they refuse to accept the realities of the marketplace and their expectations are unrealistic.
There is however one inescapable truth: Unless the seller has the ABILTY to accept a market price the property will not sell. So the seller has two options:
They may either accept the fact that the property will not … (45 comments)
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short sales: Who is a lender really helping by agreeing to a short sale? Here's a hint: it's not the buyer or the seller. - 09/06/09 06:58 AM
There is a lot of talk about lenders and short sales, and about how the process of negotiating a short sale can be a long and tenuous undertaking. It is a stressful time for everyone that is involved in the transaction.
I hear agents complain all of the time about frustrated buyers backing out of their contracts after months of negotiations. They blame the buyers for not appreciating the complexities of getting a lender to agree to possibly lose money on a loan.
Yet lender can take months to arrive at what would seem to be a very simple decision. And … (94 comments)
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short sales: I'm an auctioneer, but I don't recommend auction for most buyers! - 03/06/08 07:55 PM
Let me tell you first and foremost, I an a licensed real estate auctioneer and broker. I get calls every day from buyers wanting to get a good deal at an auction. We conduct voluntary auctions on a regular basis, but here's the reality of most cases:
You can probably get a better deal on a short-sale than you can at an auction!
I hate to say it, but it's true. We are bound to clear title on properties that we auction, and that means paying off mortgages and liens. In a short-sale however, the bank will actually take less than what is … (8 comments)
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short sales: More Real Estate Auction Tips - 03/02/08 07:34 AM
As a real estate auctioneer, it is imperative that I secure the highest bid possible. The seller of the property is my client, and my business depends solely on my ability to get buyers to the auction, and to entice them to bid on the properties we are offering. It sounds easy, but its not.
With so many foreclosures, short-sales and REO properties being offered, auctions don't fire up the enthusiasm as much as we would like. But if you find yourself at an auction, here are some tips:
1) If an auction is advertised as "Absolute," the property will … (6 comments)
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short sales: Coweta County GA could be anytown USA! - 03/01/08 02:11 PM
The economy is on everyone's mind these days, and residents of Coweta County GA, a bedroom community near Atlanta, are no exception. The county seat, Newnan, could be like any other small town in the United States. We have our quaint downtown square, which is still alive and robust, with nice little shops and eateries, and we have our "strip" section, with Wal-Mart, Best Buy, the chain restaurants and and all of the other "this could be anywhere" stores.
What isn't so readily apparent, is that the economy of Coweta County is hurting, because one of its major industries is suffering. … (1 comments)
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