I wanted to share this free list of REO asset managers and there website information that I got.  I signed up with just about every one of them.  Now in less than three months I have plenty of BPO's and two REO listings, one of which is already in contract.  Just do what ever you can to get started and be patient.  Good luck.

New Listing - 654 David Circle, Placerville  ATTRACTIVE TOWNHOME w/great curb appeal in the Heart of Placerville. Spacious kitchen opens to dining area & family rm. Bright family room w/freestanding fireplace. 1-car attached garage. Back patio leads to BEAUTIFULLY landscaped common area.

Call 1-800-449-4667 and enter recording #1031 for more details and the current price of this outstanding home.

www.654DavidCircle.com

Let's start with an easy one;

Peter and Paul were twin brothers.  One of them (we don't know which) always lies.  The other always tells the truth.  I ask one of them;

Is Paul the one that lies?

Yes, he answers.

Did I speak to Peter or Paul?

Hit the "Comment" key if you think you know the answer.  What the heck you have a 50/50 chance.

Let's talk about "Short Sales", which in no way indicates anything whatsoever with the length of time involved with the transaction.  I am ready to pull my hair out, what little I have left, with these "Short Sales".  How long does it take a bank to review and respond to an offer.  I have buyers that have been waiting now for over 60 days just to hear back that there offer is accepted, rejected or countered.  Seriously, how long does it take?  I know that the lenders have a great deal of these to contend with but should it really take two months only to still hear nothing.

Here are some details, my buyers offered $600,000 ALL CASH on a "Short Sale".  The asking price was $649,000.  The seller had some interest but their previous offer had fallen out.  The Listing Agent told me that it was because the previous buyers got tired of waiting for the bank to respond.  That was a "Red Flag" right there.  Now here we are with a great offer and what happens, we are now waiting, 2 months and still nothing.  Do the banks really want to sell or are they just kidding us?

Now don't get me wrong, I DO NOT fault the listing agents.  As a matter of fact, on my last "Short Sale" listing the buyers, which were brought in by another agent, had to wait for three months to here back from the lender, then another two months to close.  I submitted three offers to the bank and when we finally got word from the bank all but one offer had dropped out.  Luckily for my Sellers, one offer stayed in the game and closed on the home.  I would call the bank at least twice a week for updates.  They would tell me that they are working on it and that someone would call me back.  Never happened.   

Will the bank ever pick up the pace on these transactions???? I could have closed many more transactions if the process moved a little quicker.  I am sure that I am not the only agent out there that has these sentaments regarding "Short Sales".  Please correct me if I'm wrong about that.  In this time of fewer transactions and more stringent loan qualifications, you would think that the bank would want to move as many properties as possible in order to put cash back into their vaults, so they can lend to other borrowers. 

Do you have a real estate question??  Feel free to ask any real estate question that you may have.  I will respond to that question.