short sales: Short Sale Basics - Palm Harbor Florida Real Estate News - 05/25/12 01:35 PM
Short Sale Basics - Palm Harbor Florida Real Estate News
In our current market clients are always asking about short sales so here is an abbreviated short sale 101:
First of all, it is generally anything BUT short. Short sales can easily take over one year before they actually make it to the closing table, so if you don't have that kind of time don't consider a short sale!
Who sets the asking price? The listing agent and the seller. Often the listing agent will suggest that the price is set rather low to encourage offers. The entire process doesn't REALLY … (0 comments)
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short sales: "BANK APPROVED SHORT SALE"??? WHAT DOES THAT MEAN??? A RANT! - 05/15/11 12:35 PM
And speaking of short sales and dealing with banks, Lenn wrote a wonderful rant today about the problems of so-called 'bank approved' short sales. While they DO indeed exist, this animal is much rarer than the average client realizes! Just because the listing agent put it into the MLS as a bank approved short sale does NOT mean that is REALLY what it is!!!!!
While I do deal with short sales all the time, if I was a Listing Agent that did NOTHING BUT SHORT SALES, I think I would have an ulcer and I just like myself way too much … (8 comments)
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short sales: DANGER, DANGER WILL ROBINSON - THE BANKS ARE GETTING INTO REAL ESTATE THROUGH THE BACK DOOR - SHORT SALES!! - 05/14/11 08:58 AM
Are you, or anyone you know, in danger of foreclosure?? If so, please read the blog post written by Lenn concerning letters being sent out by mortgage companies that recommend doing a short sale BUT also provide you with a list of Real Estate Brokers that WORK EXCLUSIVELY WITH BANKS AND ARE NOT THE PEOPLE YOU SHOULD BE LISTING YOUR HOME WITH!!!!!!!!!!!!
Read on......................
Via Lenn Harley, Real Estate Broker, Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate):
DANGER, DANGER WILL ROBINSON ! BANKS ARE GETTING INTO REAL ESTATE THROUGH THE BACK DOOR - SHORT SALES … (4 comments)
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short sales: Short Sale Or Deed In Lieu Of Foreclosure ??? - 05/05/11 08:36 PM
I received a phone call today from the friend of a friend. We had a long discussion on his current situation and the fact that he is considering a short sale. He gave me a lot of information about what is going on in his life and the fact that on May 18th he will be three months behind on his mortgage payment.
I agreed to send him some information and run some comps on his home. We are going to get together once I have comps and discuss everything in person before I make the initial phone call to the … (6 comments)
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short sales: REBAC Short Sales & Foreclosure Course - SFR Certification - 04/27/11 07:31 PM
Today I attended the REBAC Short Sale & Foreclosure Course at GTAR (Greater Tampa Association of Realtors) in Tampa. This class is part of the SFR Certification and was taught by Jean Dorazio. We were there from 8:30 this morning until 5pm and this is just the first part of obtaining the SFR Certification. It was a day well spent!
One distrubing thing I learned is that the AVERAGE time for a short sale here in the Sunshine State is 668 days!!!! That just about knocked my socks off!!! When I learned that the short sale process in Georgia is … (4 comments)
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short sales: Short Sales Take TIME - Don't Get In The Water If You Don't Want To Swim!!! - 09/23/10 02:41 PM
Short sales take time - LOTS OF TIME - so don't get into the water if you don't want to swim!!! You are going to have to swim for a L-O-N-G time and you will have to be patient! You are going to have to rely on your Realtor and have open lines of communication with your Realtor. When your Realtor sends you a paper to sign, it is IMPERATIVE that you read it, sign it and get it back to your Realtor within a 24 hour period.
Short sales are PRE-FORECLOSURES and there can be two different lenders involved! If … (2 comments)
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short sales: Florida's New Law Stating That Renter's Pay HOA Fees - 07/20/10 08:09 AM
Florida has passed a new law that went into effect on July 1, 2010. This new law states that if the homeowner is not paying the HOA fees to the association, the association can require the renter to pay these fees directly and send the balance of the monthly rent check to the landlord. The renter should keep copies of the notice from the HOA demanding payment as well as copies of the canceled checks. If the landlord demands full payment, the renter should provide the landlord with copies of the paperwork.
Naturally this gets complicated if the landlord wants to … (4 comments)
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short sales: SHORT SALES PRIMER - LAWYER DISCUSSION OF THE SHORT SALE EVOLUTION - 07/06/10 12:44 PM
Here is another post worthy of hearing what the expert has to say!
Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. - Bd Certified Real Estate Attorney):
Short Sale Primer For Brokers, Sellers and Buyers
Since I wrote the Short Sale Primer (2009) and Back To Basics (2008) articles, the short sale methodology used by lenders has morphed several times and most recently even the United States Government has gotten involved by creating "Regulations" through the Home Affordable Foreclosure Alternatives (HAFA) Program. The passage of time requires that the original article and its revision, which was very popular (thank … (2 comments)
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short sales: Another Example Of A Short Sale Nightmare - 06/22/10 04:39 PM
Here is another example of a short sale nightmare that is currently an on-going situation. I have a buyer who has put in an offer on a short sale and it looks as if the bank may take our offer (according to the feedback I am getting from the listing agent who is talking to the mitigation person). While we are waiting for the final word from the bank we have another situation taking place:
There is a tenant involved in this. The tenant has decided he likes it there! The seller has filed paperwork for eviction but unfortunately missed the … (2 comments)
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short sales: Why Do Some Banks Make Life So Difficult?? Another short sale :-( - 05/26/10 01:40 PM
Why indeed do some banks have to make life so difficult?? I was visiting friends in Largo yesterday and mentioned that the house across the street is STILL on the market. I was informed that the bank had actually RAISED the price in the last 6 months.
Curious about the listing that was sitting there for so long and is a short sale, I did some research when I got home. It is true, the bank raised the price from $79,000 for this 2 bedroom 2 bath home that needs some work done on it up to $95,000.!!!! The home is … (2 comments)
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short sales: Listing Price On Short Sales vs Selling Price - 05/13/10 01:24 PM
Once again I received a call on a short sale this morning. A waterfront home in Tarpon Springs that is in the MLS for $199,900. My buyer is ready to fly into town this weekend to look at it and make an offer since that is a fantastic price for a waterfront home (canal front leading to the Gulf of Mexico).
After calling the listing agent I had to report back to my client that the bank is actually looking for something closer to 299k and that they already have multiple offers and are continuing to collect until the bank … (12 comments)
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short sales: This One Will Be A 'Quick" Short Sale.......right.......................... - 04/08/10 07:43 PM
'This one will be a quick short sale" were the words from the listing agent when I called to get more information for my client. Right.................so I ask what he thinks 'short' means in this case and he says 90 days.....well, for a short sale 90 days is indeed relatively quick!!!
BUT then I ask what bank we are dealing with and the dreaded response was Bank of America!!!! Now I am figuring this one will NEVER close! I have had way too many negative dealings with this bank from both sides of the table over the years!
Is … (8 comments)
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short sales: Another Day Another Short Sale - 01/07/10 04:07 PM
Yesterday was indeed a day to remember. I have some clients I have been working with for a couple of months. They had submitted an offer on a short sale home that is really lovely with a beautiful fenced yard that I think would be perfect for them. Naturally, we are playing the waiting game for.......Bank of America.
Well, we have continued to look since you never know if their offer will be accepted or how long it will take. So we found another home.............not a short sale. Perfect little home, great price - submitted our full price offer. It is … (8 comments)
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short sales: Another Client DONE With Short Sales! - 03/26/09 10:53 AM
Well, I have another client that is DONE with short sales!!! We have written contracts on three homes and after months of waiting on each one, she has not gotten any of them! She offered listing price, offered over listing price -
SO I am GLAD to report that we are now ONLY looking at either bank owned or 'regular' listings! As she told me this morning, 'we want to find a home and move into it, not play games with banks that don't want to sell the places'!!! I know how she feels, I am sick of short sales too!!!!!
… (4 comments)
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short sales: Short Sale Delays - 12/23/08 10:24 AM
Short sale delays....I could write a book about this one!!! But let's make it nice and brief since it has a happy ending!
We as realtors all know that a short sale can take MONTHS before there is a meeting of minds and the lender agrees to the price. Once that is done things have to be closed within a specific timeframe. Well, one of our short sales has been a typical short sale....problem after problem, delay upon delay.
Last week it looked as though the lender holding the current mortgage would not extend the closing date beyond the 16th of … (2 comments)
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short sales: One Step Closer On That Short Sale ! - 11/14/08 12:40 AM
Well, it looks like we are one step closer on that short sale! Seems the appraisal came back under our offer! That is a good thing. So we are one step closer to closing this deal. That makes me happy since the couple involved REALLY need to get out from under this upside down situation. Like so many homeowners, when the market shifted they ended up with a home that lost over $200,000. in value and a mortgage that was refinanced just two years ago! Ouch!!!
They are really great folks and we are doing our best to help them out … (4 comments)
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short sales: WHAT DO YOU MEAN THE BANK RAISED THE PRICE????? - 09/04/07 03:35 PM
You have to love dealing with this crazy market right now..... Short sales, pre-foreclosures, foreclosures..... everybody out to get the deal of a lifetime..... or at least trying to get that deal!!!
I had a gentleman in from New Jersey last week who was/is looking for a home. We spent 2 FULL days out looking and found some really horrible homes out there on the short sale and pre-foreclosure list! I am always amazed when somebody strips the bathroom fixtures and light fixtures out of a home before the bank gets it!
Anyway, we found a really beautiful home that was … (2 comments)
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