short sales: Can a bank tell a home owner they have to hire an agent to sell their home?
- 12/17/11 07:49 AM
I got a call a couple days ago from a seller that wants me to list their home, but really they don’t! You see they are in a short sale situation, not by much, but enough. They wanted to limit the damage to their taxes by selling the home themselves, saving the commission and getting a smaller 1099 at the end of the year.
What was the problem? The bank told them that they weren’t going to allow them to do a short sale unless they used a real estate agent. They were very upset by that and they … (24 comments)
short sales: Todd, what is it like in a day of a short sale agent?
- 11/26/11 08:44 AM
Well after many questions from clients on what it is like to be a short sale agent in this current market of banks being… well, being banks! So, I figured what a better way than to show a picture of a typical short sale agent after a 2 hour phone call with the short sale department at any bank. … (18 comments)
short sales: Are you a vulture or a savvy investor?
- 08/19/11 09:38 AM
You have all seen them, the day the notice of default list comes out, and there is someone on the home owner’s door step with a cash offer. Most of the time the owners don’t fall for these peoples lies, but from time to time the owners waste months and months to find out the banks aren’t going to accept or even entertain these offers. (This then leaves the owners with days to find an agent and a new buyer to avoid foreclosure) But, then there are the times the banks do accept these offers for whatever reason. So, at … (8 comments)
short sales: Another home left abandoned in Beaverton, Oregon
- 07/25/11 07:11 PM
Another home left abandoned in Beaverton, Oregon. Unlike a lot of the short sales and foreclosures that litter our market as shadow inventory, this one served its purpose. Hopefully another couple can move in next year and raise a family together until they are ready to move on as well. … (9 comments)
short sales: Are foreclosed homes easier to buy the short sales in Beaverton, Oregon?
- 02/15/11 04:45 AM
When I get the call and I do on a daily basis with the question in Beaverton, Oregon, “Are foreclosed homes easier to buy than short sales?” I have to say, it really depends on who holds the foreclosure as each bank is different, just as it is with each seller. You see, I’ve had REO properties that have sold in 7 days for cash before because the bank was willing to work with the buyer, utilities were turned on right away for the inspection, the listing agent did what they needed to do right away, everything went smoothly.
… (4 comments)
short sales: Can you be blackmailed by a client? If I live through this I will be amazed!
- 01/24/11 05:06 PM
Today with after two failed short sales thanks the buyers walking days before approvals, we got a third buyer and just hours before the foreclosure my team got the foreclosure postponed. But, when I call the seller, she said “What’s in it for us? We have already gotten you the bank statements and the paystubs twice!”
That is when she made me a deal that I have to say I have regretfully accepted or at least I will regret soon! You see my client is a personal trainer and I’m not exactly fighting weight anymore! She said “Fine, I’ll get … (20 comments)
short sales: I want to buy the house I’m renting, Is this possible?
- 12/30/10 12:00 AM
I got this email the other day and I said “Possibly” as it really isn’t a yes or no question without finding out some other facts about the property first. The first is, “Have you been pre-approved for a loan by a mortgage broker?” This is a very important step because if you can’t get pre-approved, then there is no reason to even ask the other questions or even approach the owner of the property.
OK, you now have a pre-approval, the next question we need to find out is the seller even willing to sell? Some people consider … (18 comments)
Recently I changed companies to Knipe Realty NW and it so far has been a great fit for me and my team is slowing being built out. But, after two days of dealing with some less than intelligent phone systems and negotiators at some major banks, I realized that for two days straight I hadn’t been able to show one home or made one listing appointment. That is when I realized I needed to make a change in my team and add a short sale negotiator. Now, this new team member already works with a pretty great guy up … (10 comments)
short sales: What happens If Buyer A goes 50 mph from Beaverton and Bank B goes 1,000 mph from Washington DC?
- 09/28/10 07:09 AM
What happens when a buyer going 50 mph toward a short sale in Beaverton, OR, while a Bank backed by the politicians in Washington DC is going 1,000 mph toward the house, what happens when the market comes crashing down around us? Every day we hear of the talk in Washington DC and how their policies are supposed to help the housing market. Last week we even heard that the recession ended in June 2009! To me, that was right up there with the dumbest statements ever to come out of Washington.
So, how are we supposed to fix … (17 comments)
short sales: Can a bank go after a seller for fraud if the intent wasn’t to defraud the bank?
- 07/06/10 02:29 AM
I had a client that was in the middle of a short sale when the bank started investigating them hard for mortgage fraud. Now when they filled out the loan documents, and signed at closing, all the information was true and they didn’t see any changes on the horizon. Fast forward to today when they have lawyers contacting them daily and are threatening them with jail time for mortgage fraud if they don’t bring their account current and continue with this short sale. Now, what is happening with this couple is probably happening with thousands of others across our country and the banks are … (79 comments)
short sales: Todd, please come list my home. I would love to, but you don’t own it!
- 06/29/10 09:40 AM
I do lots of preparation when I list a home, but when someone calls me saying they are in trouble and behind on their payments, I always ask what is the date of the foreclosure. Usually I get the answer of they haven’t given us a date yet or not for another 4 or 5 months, we just got the first notice. Well, yesterday I got a call that gave me the first answer, they haven’t given us a date yet and we haven’t received a foreclosure letter in a month or two. Great, this is one I can save… Or so I … (16 comments)
short sales: Tigard and Beaverton Short sales and short sale success mean having to make sacrifices… How far you willing to stretch to have success?
- 04/28/10 05:21 AM
Beaverton and Tigard, Oregon short sales are tough on buyers, sellers and the agents, they are not easy to navigate, but when you complete the transaction, everyone is happy! But, what does it take to be successful at short sales? Personally, I think it takes time, patience, and alot of cooperation from all parties involved. But, again, my question is, “Are you willing to make that leap to make the sale?” Here on the west coast, sometimes we are at a disadvantage because we are dealing with an east coast bank that may close at 5pm their time, so we have to … (5 comments)
short sales: Mr. President, stop throwing money at the housing industry, that isn’t the problem
- 03/08/10 04:42 AM
This morning I read a report that the President says the problem with the housing industry is short sales and he wants to fix it. I thought GREAT, ABOUT TIME! But then I read the article and quickly I realized that our President has no clue about what is going on with the housing industry. As with most politicians he thinks if we throw money at a problem, he thinks it will go away. You see, the President says the problem with short sales is that the sellers don’t want to move out and that he is willing to offer $1500 to … (132 comments)
short sales: I’m working to get my short sales sold, are you?
- 03/04/10 12:37 PM
Many agents I’ve talked to lately only take short sales toget buyers leads and I think this is a very wrong way to approach short sales.When you go in with an attitude that it won’t close, guess what, it won’t. I’m so sure that my short sales are going to close that even my vendors onmy short sales are willing to wait on payments on certain fixes.
I know my sellers can’t pay and I know my homes need to sell if I want to make money, so sometimes I take money out of my own pocket to do things like staging … (8 comments)
short sales: Thank you Warren, but don’t we have to fix our economy first?
- 03/01/10 07:43 AM
Warren Buffet says the housing market will start to recover by 2011. That is when he predicts demand will catch up with supply, but I have a question. Warren, don’t we have to fix the economy first? Over the past year we have watched the deficit explode to a record high, unemployment has skyrocketed to over 10% in most areas, and then lending has all but become impossible to obtain. So, how is the housing market going to improve if more and more foreclosures are coming on to the market, unemployment has no sign of slowing, and the deficit continues to … (14 comments)
short sales: When the banks take forever on offers who really loses? This time it will be the bank!
- 12/14/09 08:02 AM
I've had this home listed for over a year now, we have had 8 really good offers and one that was even cash and wanted to close in 5 days,but the bank decided they wanted to think about it. Everyone of those buyers walked, but not this last one, he stuck it out for over 4 months. But, the bank once again took their sweet time. This home had a renter that really made it difficult to show and I would say we lost at least 100 showings because of the renter not letting agents in. But, this buyer stuck it out … (15 comments)
short sales: Are you buying because of the $8,000 credit? Looking at short sales, you need to give the bank a timeline and be prepared to walk if they can’t meet it.
- 09/18/09 03:05 PM
Are you buying because of the $8,000 credit? Looking at short sales, you need to give the bank a timeline and be prepared to walk if they can’t meet it. I tell every one of my buyers that are looking at short sales, that it may not be worth it and neither is the $8,000 tax credit. But, if you are looking at short sales, give the bank a firm timeline and be prepared to walk away if they aren’t willing to meet it. You see, many buyers are willing to pay more for a home than it is worth just to get the … (20 comments)
short sales: Good morning Oregon investors! Are you looking for positive cash flow property? Join me today for a webinar from 2:30-3:30 pst.
- 09/15/09 04:07 AM
Yes it is true, there are certainly a few positive cash flow properties available just waiting for a new owner. The properties right now could already be rental properties or single family homes and the market has made them perfect for a rental property. Today I’m going to focus onat least 3 properties that the price and market rents make these homes perfect rentals. Then, during the call I will teach you how to take any potential investment property and use my website to analyze it to see if it is a good investment property or not. I do suggest if you … (9 comments)
short sales: Behind on your payments? Don’t fall victim to scams, ask a licensed professional for help!
- 08/27/09 05:20 AM
If you are behind on your payments, you may be looking for any help you can find. But, don’t fall victim to scams, ask a licensed professional for help! You see, every day people are looking for new ways to scam home owners who are in trouble and today I heard of yet another and this one just makes me mad. What these scammers do is wait for the notice of default list to come out and then approach the homeowners who are in trouble and promise them help getting out from under their mortgage without having to pay them a dime! They … (6 comments)
short sales: I don’t like government involvement, so maybe this idea will get the banks attention
- 06/30/09 11:19 PM
On August 1st, 2008, I took a listing on a short sale that I thought would sell quickly. It had one heck of a view, the bank was only going to be shorted about $15,000, and at the time, my client was even willing to sign a promissory note for that amount. Great news! We had an offer in within 3 days. This was the one for this client and the offer was a full price plus closing costs. The bank was going to make out great, this was a slam dunk… or so I thought. It's eighty days later and the … (37 comments)
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