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Silver Lining in the Foreclosure Meltdown?`

By
Real Estate Broker/Owner with Total Care Realty NCRE# 257455

Silver Lining in the Foreclosure Meltdown?

Now don't get me wrong I do not want the banks to grind to a stop.  I really do not want the economic slow down to slow down even more.  This has the potential to put us behind on any kind of recovery for our markets.  MERS definitely needs to stay after school and be punished for the "robo signing" off on non vetted paperwork. 

Shame on MERS  

Now for the Silver Lining; The short sales on any homes that had sale dates set now just got a second wind.  Take for example I had a short sale listing for a home financed with Bank of America.  The homeowner had let the listing expire since the sale date had been set and even though we had another two months he decided to throw in the towel.  Well tonight I got a call from the very same homeowner that had actually been contacted by someone about his home.  He started thinking and called me.  Even though the listing use to be with my former brokerage he kept my cell number and called me.  I explained the fact that I had opened my own firm and that he had a choice of what to do.  Now first I asked him to find out about his file.  He called the bank to find out the status and sure enough everything was postponed and on hold.  There was not clear date as to when the freeze would be lifted and even then it would be months before they could set another sale date.

                                                              Silver lining

So needless to say I have another short sale listing.  I am emailing the paperwork out tonight to get signed and will have it back within a day.  

So while I would rather everything continue forward in order to clear out all of this inventory I will adjust to take advantage of any change in the market. 

 

 

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The Author:

As the Broker-in-Charge, owner and founder of Total Care Realty, LLC, Larry is focused on quality of service. He believes in being on the cutting edge of any product or process that will help market the client’s property or help them find the perfect home. Larry has been consistently recognized as going above and beyond for his clients; he was described as a ‘personal concierge Realtor®’ early on in his Real Estate career. Drawing on his past experience of owning restaurants and working with new technology, innovation is his focus. Larry often says, “we are not afraid to take advantage of new technology as soon as it is available instead of waiting for a corporate office to tell us what we are allowed to do”. This is a benefit of being an independent Real Estate company. As a graduate of The Citadel, instilled in him is the importance of discipline, loyalty, focus, and determination. Marrying those ethics and ideals with the hard driving focus it took to own and manage restaurants for almost twenty years, has given Larry a passion to make sureclient satisfaction is the number one priority. “As your Personal Concierge Realtor® it is our job to help take care of every need of our clients.” Larry Story — Total Care Realty, LLC — 336-327-1841 also at  http://totalcarerealty.net

Copyright© 2010 By Larry Story, All Rights Reserved…

 

 

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Jane Pacheco
Pacheco Realty & Financial Services - Fremont, CA

You go with the flow, where the opportunities are. Good luck with another listing!

 

Jane Pacheco

Oct 13, 2010 03:27 PM
Larry Story ALC
Total Care Realty - Greensboro, NC
Beneath it all is the Land, Covering all of NC

Jane,

Yes we all change in order to succeed.  We must do as you say go with the flow. 

Oct 13, 2010 03:58 PM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Larry- I believe that the banks right now before the end of the year are going to be easier to deal with on our short sales. Well, all except Aurora who mildly put is the worst servicer in the entire world, on the entire planet! 

I think too, there will be some fortunate homeowners who will get a nice mortgage write down as restitution for MERS errors. We know one lady who the judge told the mortgage company who tried to foreclose that they could never ever try to foreclose on her again and that she no longer had to make any payments. Perhaps a few more homeowners will be fortunate this way before this is all ironed out. Katerina

Oct 13, 2010 05:30 PM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Larry, congratulations on getting your listing back!!  Maybe there is a silver lining in all this.  Interesting that the foreclosure was postponed and no clue when the freeze would be lifted.  I heard somewhere it would be lifted Nov 1.  But if what you say is correct that does give us all some more time.  Yahoo!

Oct 13, 2010 07:22 PM
Mario Gattavara
Coldwell Banker Lifestyle Properties - Oroville, CA
(Lake Oroville Area)

Turn the bad into a good I always say!

Just imagine what halting foreclosures will do for our non REO sellers.

Lack of foreclosure inventory means a possible short term buyers market... maybe... ???

Outbidding one another to obtain what is left of the nicely priced properties.

Only time will tell.

Good luck & success to you Larry!

Oct 13, 2010 07:24 PM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

This situation will give homeowners another shot as short sales. Congrats on the new short sale listing! Your seller is a smart man :)

Oct 13, 2010 11:59 PM
Paul Francis
Francis Group Real Estate - Las Vegas, NV
Las Vegas Real Estate Agent - Summerlin Homes

Larry,


I think you are confused with the difference between a foreclosure sale and the foreclosure process...

Oct 14, 2010 12:40 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Larry, sounds like this could be an opportunity for the banks to start moving short sales. Good luck with your listing.

Oct 14, 2010 01:40 AM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

That is one listing. .but the ramifications of this will be much severe for non short sale passive Realtors. . 

Oct 14, 2010 01:49 AM
Georgia Elite Realty
Georgia Elite Realty - Kennesaw, GA

Do you think the banks will be easier to deal with now that they are freezing the foreclosures? Will they want to sell them before they forclose and get stuck in the mess? Where do you see the market going from this?

Oct 14, 2010 03:31 AM
Larry Story ALC
Total Care Realty - Greensboro, NC
Beneath it all is the Land, Covering all of NC

Nestor & Katarina,

Wow that is a judgement if I ever heard one.  Yes you will think that they might listen.  Though I believe it will still take time for them to ramp up and get "trained" people doing the work.

 

Pamela,

Yes the call caught me off guard but always welcome business new or old. 


Mario,

Now that is what I call being really optimistic although I don't think anyone here would fight that. 

 

Jackie,

Actually he has reformed and obviously become smarter.  I am just glad he had not given up. 

Oct 14, 2010 05:03 AM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

As a short sale agent who spent many hours working on the postponement of foreclosures, I am thrilled that I can now devote my time to other parts of the transaction.

Oct 14, 2010 05:04 AM
Larry Story ALC
Total Care Realty - Greensboro, NC
Beneath it all is the Land, Covering all of NC

Paul,

Nope, no confusion here.  This could possibly affect foreclosure sales also.  If a foreclosure comes up as questionable they could freeze any activity on it and not even let it be sold. 

 

Michael,

Yes it is an opportunity. It is just up to us to make the most of it.  

 

Fernando,

Yes the ramifications for any market change doom the passive agents.  Those either not willing to or able to change with the market are doomed. 

 

Georgia,

Yes I believe in Santa Claus and yes the banks should open their eyes.  The banks that have frozen the foreclosures now do not have that revenue stream.  So better to dump what the can to get money coming in I say. 

Oct 14, 2010 05:08 AM
Larry Story ALC
Total Care Realty - Greensboro, NC
Beneath it all is the Land, Covering all of NC

Melissa, 

Yes we actually get some breathing room now.  Also I believe maybe they will be more willing and push to speed up the process in that this is one way to unload the homes they are not getting the mortgage payments on.  

Oct 14, 2010 05:10 AM
Margaret C. Taylor
Century 21 New Millennium MD - Mechanicsville, MD
St Marys/Calvert/Charles MD Real Estate Agent

I wondered about the impact on Short Sales.  However it may be a lot of 'bad' for some good.  Margaret C.

Oct 14, 2010 06:11 AM
Kymberly Caldwell-Muniz
(909) 973-0410 - Fontana, CA
TCR Group Keller Williams Realty Rancho Cucamonga

Larry, congratulations on the new listing. This may be the beginning of a new and hopefully better way of the banks handling short sales. Thanks for sharing

Oct 14, 2010 06:11 AM
Larry Story ALC
Total Care Realty - Greensboro, NC
Beneath it all is the Land, Covering all of NC

Margaret,

I can say so far it is positive for short sales in the immediate future.  Now long term is a whole other ball game. 

 

Kymberly,

Thank you and yes we do hope banks will take notice and fix the mess they helped to create.

Oct 14, 2010 06:20 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Larry, I just stopped by to say I LOVE the Sister Angelica smiling face you included here. COOL!!!

Oct 14, 2010 07:59 AM
Mike Morrison
Will & Will Real Estate Brokers, The Woodlands, Texas - Houston, TX

Larry, are you talking about the same BoA that is going to self insure title from now on ? Seriously, good luck at closing. 

Oct 14, 2010 01:08 PM
Larry Story ALC
Total Care Realty - Greensboro, NC
Beneath it all is the Land, Covering all of NC

Gary,

Doesn't she just make you quiver

 

Mike,

Yes but that is on the buys side.  

Oct 14, 2010 01:23 PM