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short sales: A message to Senator McCain: Short Sales don't have a chance under current policies - 01/07/09 02:04 AM
I'm fed up with the ignorant companies that just don't understand that a short sale has no chance competing against an REO!
On top of that, failed short sale attempts commonly become lower priced REO's/Foreclosures/Bank owned properties.
I sent a letter to my Senator requesting an inquiry on servicing companies practices. Here's what I sent. If you feel it's in line, please send a similiar message to your representative:
Senator McCain,
I respectfully request that an inquiry commence regarding the unwillingness of mortgage companies to mitigate losses experienced by mortgagors. There is a rapid decline in home values occurring specifically … (8 comments)
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short sales: Did Congress cut off the nose to spite the face? - 08/20/08 01:43 AM
I'll keep this one short and sweet:
What will cause more damage to home values: Termites or Congress?
How many of today's short sales and foreclosures are FHA? Not many! - During the boom years, you couldn't do an FHA loan because the loan limits were lower than what homes were selling for. On top of that prices were rising so why would a seller give up a 3% donation, especially when others didn't need it due to the readily available 100% financing programs?
Now that we can agree that our market woes were not caused by FHA loans going into default...
It leads … (9 comments)
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short sales: Loss Mitigation Training Facility Finally Exposed!!!! - 08/14/08 01:52 AM
L.M.'s
Loss Mitigation - Could it be a special elite club that only those with extreme skill in indifference are even invited to apply?
Is it an experiment for the wealthy shareholders to play around with? Paying the most indifferent of employees money in order to have them be the best at being indifferent, what a concept!
I spied on their headquarters Bank Indifference Training Center Headquarters and went through their files. Lo and behold, I came across a stack of resumes...
I stared in disbelief at the similarity of the information on each employee's resume:
Sheila Nevacallyou
602-555-1212
Objective: … (13 comments)
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short sales: With the demise of down payment assistance programs should we stop now? - 07/29/08 03:28 PM
Could using the October 1st deadline for down payment assistance as a reason for buyers to get out into the market possibly be viewed as predatory?
Are we going to be leading sheep to the slaughter?
With the evaporation of the Alt-A lending programs last year, we've seen a continual decline in home values. Starting October 1st, with the absence of DPA's, can we expect home prices to rise or fall? Aren't DPA FHA loans supporting much of the market from rapid decline?
Yesterday, I had a discussion with one of my buyers. He has his down payment saved up … (17 comments)
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short sales: Is buying a short sale better in Arizona? - 07/28/08 07:15 PM
With the recent news regarding the upcoming elimination of Down Payment Assistance, I would think so.
Everyone would agree that short sales take time. Couple that with incompetent parties (either side) and you have a recipie for a three month or more process. The end result: frustrated buyers.
Today, one of my buyers told me that he wants to stay away from short sales. I told him that he will now be entering the pool of buyers that are also frustrated with waiting PLUS...
Many of these buyers will be using down payment assistance programs and artificially bidding up the … (5 comments)
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short sales: Short sales - It pays to be nice! - 07/23/08 04:54 PM
In working on numerous short sale offers, one thing is for certain: It pays to be nice!
I made the mistake of being rude in my calm, cool and collected way with a loss mitigation person. I didn't raise my voice, I didn't attack her or her company, I simply asked, "Does your company even care whether or not they lose money by taking too long to decide on a transaction?"
Big mistake! Our file has become "LOST!"
I met a guy that works for one of the banks that has an office in our area. He is a supervisor for … (8 comments)
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short sales: The Problems You Get With Short Sales (Benefits You Get will be posted soon) - 03/08/08 03:16 AM
The can kill a street's, subdivision's, community's, town's, city's, county's, state's property values pretty quickly.
If your not selling short in an area, you lose and the short seller wins. If you built up a lot of equity or put down a large downpayment that has kept you from having to go short, the price you think you're setting "below market comparables" will be the low-water mark that any new short-seller next to you will use when setting their price. Your time on market will be until the quality short sale properties sell out or force prices to where you now … (6 comments)
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Mark Organek - Las Sendas Homes for Sale REALTOR
Mesa,
AZ
More about me…
Solutions Real Estate
Address: 2353 E. Baseline Rd., Gilbert, AZ, 85234
Office Phone: (480) 838-6513
Cell Phone: (602) 790-0607
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