short sales: Short Sale Closing Predictor. Using the Listing Agent's Sold History - 12/19/09 10:59 PM
I'm really excited about this new feature for FranklyMLS.com . Normally I leave all the feature upgrades to franklymls.blogspot.com, but this one graduated to the main blog.
I've written a lot about Virginia short sales (don't miss the older "SS 101" post) and a year and a half ago came up with the 1st MLS search that would scrub short sales (see post) and put a * next to their price (it would look at both the remarks and checkboxes). But that wasn't enough. I also gave some guidance on a "Top 10" questions to ask a listing agent, as they … (11 comments)
|
short sales: Virginia Short Sales are CLOSING! How to Find Good ones! - 02/12/09 02:38 AM
I hate to do this, but ActiveRain blows when it comes to copying and pasting a blogger blog into Activerain (any tips? I blew an hour trying). So here is a lamo link to my Newest (LONG) short sale post on the latest trends. Don't miss this one! NEWSFLASH! MANY Short Sales are NOW CLOSING! But still BEWARE! And even though you don't get points, I would appreciate your comments over on the other blog. Frank … (0 comments)
|
short sales: Anybody Offering on "Under Contract" Short Sales? - 02/06/09 10:46 AM
So Short Sales are starting to close in the DC area. For example in Arlington, last year only 3 had closed in a year (out of hundreds of attempts). Now not only have 3 or 4 closed in my building alone, but many more in Arlington.
If the agent knows what they are doing (ala, have closed a short before) the closure rate is betwen 70-80% now (no hard numbers, just my 2 cents).
Also these short sales are selling for FAR less than bank owned properties. The bank tends to accept a 15-20% reduction off market price.
So changing times, … (22 comments)
|
short sales: Scrubbing for Short Sales. FranklyMLS.com Adds an Asterisk. - 06/15/08 12:16 PM
In a long list of "1sts", FranklyMLS.com is now the 1st Virginia/DC/MD MLS search engine that scrubs for Short Sales! (maybe the 1st in the nation). Also see my quote today in the Wash Post, and my other articles defining Short Sales.
On the FranklyMLS.com spreadsheet results page, try a search for Alexandria, if you see an asterisk next to the price, that means it is "probably a short sale" (if you see a yellow highlighted home, that is a reviewed home by a buyer agent, with extra photos.)
How do we know if it is a Short … (11 comments)
|
short sales: Virginia Commissions Offered to Buyer Agents. MRIS RULES - 05/09/08 02:44 PM
I just attended the NVAR (Northern Virginia Association of Realtors) Hispanic Forum event, which included Michelle Yam from MRIS's Compliance department.
It was a great way to clarify the rules on how to advertise cooperating commissions on our local MLS.
Here are the rules for MRIS as I understand it (as of today, it might change at NAR's mide year event).
1) "You can NOT put "50/50%" as the commission amount."
It isn't the buyer's fault or the buyer's agent's fault if the listing agent makes a mistake and accidentally wipes out everyone's commissions. Also as Michelle put it "If you … (15 comments)
|
short sales: Questions to ask Short Sale Listing Agent BEFORE showing - 05/01/08 01:37 PM
I wrote extensively before about Short Sales and how only 5% close in my area.
Well, I think it might be a little too harsh to completely ban them, especially if a client is looking further south where the stats might not be AS bad.
So I have come up with a questionnaire to ask the listing agent BEFORE showing a short sale.
What are your thoughts?
*************
Hello I have a possible buyer looking for a home in your area.Our company policy is to ask for more information from the listing agent, before showing any Short Sales. Can you please … (9 comments)
|
short sales: Virginia Short Sales are FAKE. Only 5% Close. - 02/20/08 02:38 AM
Update: This posting is oldy but a goodie(2/2008), More short sales are closing now, but this article still explains the process. Newer Short Sale postings here.
Most Short Sales are what I call "FAKE listings." Only 1 in 20 sells. In Arlington only 3 have sold out of 65 attempts.
I briefly went over Short Sales when I defined all SOL Homes including REOs, Bank Owned Etc. But Short Sales need more attention, as they are very tricky and misleading.
A Short Sale is a listing for sale that requires "Third Party Approval." That means that 1, or 2!!, banks are … (43 comments)
|
short sales: Pitfalls of Mortgage Cancellation Tax Relief Act, H.R. 3648 - 12/05/07 11:50 AM
Update blog post over at My Quote in Washington Post Elaborated: Do you all know about the Mortgage Cancellation Tax Relief Act, H.R. 3648? You can see NAR's approval of such a bill here.
This bill was enacted to help homeowners that sell their homes via a Short Sale from getting a 1099 tax bill for the loan forgiveness.
For example:
A home is bought for $400,000 in 2005.The loan amount is currently $390,000Home can't sell for break evenTHe home is listed as a short sale for $340,000If the banks approve this price, they lose $50,000The bank is required to 1099 the owner … (19 comments)
|
|
|
|
;)
;)
;)
