short sales: Designed to Fail
- 04/18/12 12:30 PM
Designed to Fail Today a comment came across on Short Sale Superstars. An agent was complaining about a short sale that hadn't had any activity for three months. Attempts to escalate had failed. She was asking for numbers in the top offices to get some help. How many times have I read the same comment in one form or another. How many times have I lived it! So what happens when nothing has been done for a month, or when it gets kicked back a few notches? Updated financials Updated BPO Updated HUD More money demanded by the bank All because … (12 comments)
short sales: What's Not Distressed About A Short Sale?
- 02/27/10 03:08 PM
Lenn Harley posted a timely, informative blog - The Latest Word From Lenders About Short Sales - Or Was It? In an effort to normalize the market, the big banks and secondary market are attempting to re-categorizing short sales from distressed properties to regular sales. They expect short sales to be sold at market value and promise propose faster processing and higher commissions in exchange. Here is one of their "new rules:" 3. The lenders are looking for "market offers" and expect the short sale listings to be competitive with regular home owner listings. What's wrong with this picture? … (8 comments)
short sales: Community Service for Realtors - Working Short Sales
- 09/26/09 03:56 PM
Bryant Tutas wrote a post on why he worked short sales. His testimonials alone make his case. It inspired me to write about how I feel about short sales. Here's my comment: Bryant, I think of short sales as a type of community service. Yes we're being paid, but often our commission has been reduced, and it is at least three times (maybe 10!) as arduous to get a short sale to closing than a normal sale. The more homes we can save from being abandoned, the better off our neighborhoods, local government, state government and economy will be. People are … (7 comments)
short sales: IT'S A BUYER'S MARKET...FULL OF LANDMINES
- 07/01/09 04:28 PM
It's a buyers market, right? Buyers have more houses to choose from than ever before. Buying a house should be a snap, shouldn't it? Look out for the landmines along the way...
NOTE TO SELLER...BRING MONEY TO THE TABLE OR SHORT SALE? Sellers who bought within the last few years are stressed to the max when time comes to sell. They are upside down. Buyers may encounter a Seller influx as to what to do - bring money to the table or short sale? The Seller may be priced just high enough to avoid the short sale. The … (25 comments)
short sales: Banks Can and Do Change Their Minds
- 05/16/09 05:10 PM
The inspiration for this post came from Broker Bryant's comment to Neal Bloom's Post on "How Can A House Go Up $30,000 in 5 Weeks? "Hey Neal, good to see you. These short sales are crazy aren't they? All we can do is keep working them and do the best we can. By the way, now you know why there is no such thing as an "approved" short sale. The banks can and do change their minds." One of the reasons banks do change their minds is that these loans may be sold AGAIN during the negotiation, so you think you … (13 comments)
short sales: Do You Qualify for a Short Sale?
- 04/24/09 11:29 PM
The original concept of a short sale is when a home sells for less than the mortgage(s) on it. The homeowner may or may not sign a promissory note or bring money to closing. Many homeowners in Orange Park and Fleming Island have not one, but two or three mortgages, including a home equity line of credit. You may be considering a short sale, but the question is - Do You Qualify for a Short Sale? Not every Clay County homeowner does insofar as no financial penalty. Here's the thing: The rules for short sales keep changing If a home … (93 comments)
short sales: WHAT IS A SHORT SALE AND WHAT DOES IT MEAN TO SELLERS AND BUYERS?
- 01/06/09 09:46 AM
What is a short sale? This is a question asked often on listing appointments and when working with Buyers. While anyone in the Real Estate/Finance industries understands, we find about 4 out of 5 people don't know what a short sale is.
Short Sale - When a person owes more on their house than it can be sold for, they are going to sell it "short" of what the mortgage is. This is a Short Sale. For example, they paid $340,000 and owe $330,000. Values have declined 15+% in our area in the last two years. The house … (3 comments)
Designed to Fail Today a comment came across on Short Sale Superstars. An agent was complaining about a short sale that hadn't had any activity for three months. Attempts to escalate had failed. She was asking for numbers in the top offices to get some help. How many times have I read the same comment in one form or another. How many times have I lived it! So what happens when nothing has been done for a month, or when it gets kicked back a few notches? Updated financials Updated BPO Updated HUD More money demanded by the bank All because … (12 comments)
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