shortsales: 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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shortsales: When is a trivia question not so trivial? When it is linked to a short sale, that’s when! - 05/11/10 07:52 AM
Here’s an interesting trivia question: What is the only word in the English Language to have five consecutive vowels in it?
Give up? The answer is “queueing.” As a noun, a queue is a line. We stand and wait patiently in a queue at an amusement park or a fast food restaurant. "Queueing up” simply means get in line and wait.
So you can imagine my dismay yesterday when I called to inquire about the progress of a short sale offer I had submitted and I was told that it was “in the queue.”
That’s a very polite way of saying … (23 comments)
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shortsales: 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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shortsales: 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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shortsales: 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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shortsales: 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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