Do you counter back on a short sale offer before you turn it to the bank?  I got an offer on a house that I have listed as a short sale the other day - Not a very strong offer, so my client and I are thinking about countering on the offer before we submit it to the bank. 

Has anybody had any success with this or is it even necessary to do, since the bank will more than likely do this?  Looking to see if anybody has done this with any success. 

Thanks in Advance 

 

Vincent McKamy - Realtor

Coldwell Banker Elite

Serving Fredericksburg, Stafford, Spotsylvania Virginia and the surrounding areas

www.TheGPSRealtyTeam.com

540-455-2739

Vincent McKamy - Realtor Coldwell Banker Elite Serving Fredericksburg, Stafford, Spotsylvania Virginia, and the surrounding areas www.TheGPSRealtyTeam.com 540-455-2739

Vincent McKamy - Realtor Coldwell Banker Elite Serving Fredericksburg Stafford Spotsylvania Virginia and the surrounding areas www.TheGPSRealtyTeam.com 540-455-2739

Vincent McKamy - Realtor Coldwell Banker Elite Serving Fredericksburg, Stafford, Spotsylvania Virginia, and the surrounding area www.TheGPSRealtyTeam.com 540-455-2739

WHEN DO YOU PLACE A SHORT SALE UNDER CONTRACT IN THE MLS???? 

I'm throwing this out there this morning to see how agents throughout the A/R community will answer.  I know I have talked to my broker about this many time and he is set firmly in his mind set.  Yet everytime I see one of these things it makes me gring. 

I have even thrown this question out at Realtor functions and received multiple answers - so I'm looking forward to all the responses here on A/R

Thanks in Advance

 

Vincent McKamy - Realtor

Coldwell Banker Elite

Serving Fredericksburg, Stafford, Spotsylvania Virginia, and the surrounding areas

www.TheGPSRealtyTeam.com

540-455-2739 

 

 

Today was one crazy day, Well let me start at the beginning - Wednesday, I spent the day working the phones talking to the Loss Mitigation department in regards to a house that I have listed as a short sale.  After hours on the phone I thought I had found the right person that would allow me to reduce the price of this house so that we could get in under contract. 

Well this weekend went as planned and today got two offers on the house.  Yes.  Well I call my client in today for us to look over the contract and sign the best one (for the bank).  Well when she arrived, one of the first sentences out of her mouth was that the bank had called her and told her that the house had been foreclosed on. 

Well, needless to say I jumped on the phone and away I went again.  Well after getting into the loss mitigation department again, I find out the house was foreclosed on on Thursday and that the bank was no longer handling the file and had been turned over to Fannie Mae.  I tried to talk to them about these two contracts and they just referred me to Fannie Mae.

Well I get on the phone with Fannie Mae - I have never dealt with these people directly and the first person that I talk to stated that there was no way to save the deal due to the fact that it is going to take them 30+ days to clear the title and to start the process.  Again I tell them that I have a buyer for this house and that if they would accept the contract we could save them a lot of paper work.  Strangely enough she told me that they would have to come back in 30+ days and submit the offer again. 

I hung up the phone with this crazy feeling - DON'T THEY HAVE ENOUGH WORK.  Here I have a read, willing, and able buyer and they are letting them go.  I'm thinking here I am going to help and lighten the work load yet you refused to help yourself. 

I'm starting to think that the banks deserve all that they get and I hope we put a lot of them out of business. 

GOOD LUCK

 

Vincent McKamy - Realtor

Coldwell Banker Elite

Serving Fredericksburg, Stafford, Spotsylvania Virginia, and the surrounding area

www.TheGPSRealtyTeam.com

540-455-2739  

 

Time Frames for a short sale - Is there any set time tables out there on when to do them?  I have heard a lot of different things here on A/R.

Too Early - Can you start a short sale, even before you have missed a payments?  I mean why would the bank want to help you out before they even see any risk at all?  I mean I wouldn't tell a client to stop making payments on their house so that we could start the short sale - But I don't want to waste my time starting one if I know the bank isn't going to allow it.

Too Late:  This basically falls under the idea of wasting your time - You don't want to start a sale when you know that the bank is coming in tomorrow to take it away from you.  This doesn't help anybody. 

So the secret to a Short good short sale is timing.  If anybody has this secret figured out - a response would be highly appreciated.

Thanks

 

Vincent McKamy - Realtor

Coldwell Banker Elite

Serving Fredericksburg, Stafford, Spotsylvania Virginia, and the surrounding areas

www.TheGPSRealtyTeam.com

540-455-2739  

On Friday, I reduced the price on one of my listings by $50,000 - Today, I received two offers on this house.  Could we have made - Yes a couple of months ago had we priced it right.

I tell every one of my clients, when we sit down to do the pricing - DO NOT OVERPRICE THE HOUSE.  If we overprice the house now we will be chasing the market the rest of the time.  As you can see we have been chasing it down with this house. 

Friday - we made a drastic move to try and catch the market - Today we have two contracts. 

DON'T LET YOUR CLIENTS CHASE THE MARKET.  PRICE IT RIGHT NOW.

 

Vincent McKamy - Realtor

Coldwell Banker Elite

Serving Fredericksburg, Stafford, Spotsylvania Virginia, and the surrounding areas

www.TheGPSRealtyTeam.com

540-455-2739 

 

 

Vincent McKamy - Realtor Coldwell Banker Elite Serving Fredericksburg, Stafford, Spotsylvania Virginia, and the surrounding areas www.TheGPSRealtyTeam.com 540-455-2739

Every time I turn around I see a listing that is just not up to par.  It looks like it was put into the system by my 9 year old daughter.  Even she would have colored a picture of the house and put it in there.

I generally see this with listing agents that have made a connection with a Asset Manager or a bank, and generally have multiple listings and might even be working with multiple companies.  

  So you get the listing - Now what?  Do you sit back and wait for it to sell, or do you treat it like any other listing by any other client.

NO picture or just one - I even saw where an agent had actually put the pictures in that he had taken while doing the BPO - Pictures that show all the flaws in the house. 

Bare minimum of information on/in the MLS - no sqft, lot size, or taxes.

Write -up that just have where to send contracts and maybe there contact info.  (by the way you can never talk to them - Those numbers go to a voice machine that is full) 

Every time I see these it makes me laugh - DO THEY TREAT ALL THEIR CLIENTS LIKE THIS?  If you where selling your home and your agent did these things would you fire them, or would you give him your friends listing also?  I see blogs everyday people asking how do they get into the REO business and I try to respond to all these with a simple statement - DO IT BETTER THAN THE OTHER GUY AND DO IT FASTER. 

This was done to make people think.

Good Luck  

 

Vincent McKamy - Realtor

Coldwell Banker Elite

Serving Fredericksburg, Stafford, Spotsylvania Virginia, and the surrounding areas.

http://www.thegpsrealtyteam.com/

540-455-2739