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San Jose Short Sales - Lender Resistance

By
Real Estate Broker/Owner with KD Realty - 408.972.1822 CA DRE#01366594

San Jose Short Sales - Lender Resistance

More and more lenders seem to be doing everything unimaginable to ensure a property is foreclosed versus a cooperating with a successful San Jose short sale.

Recent short sale prevention tactics San Jose Real Estate agent, Kathleen Daniels has experienced on San Jose Short Sales are:

  • Insanely high counter offers based upon BPO valuations
  • Loans being service released to another servicer in the middle of negotiating an offer
  • Negotiators closing out files in the middle of negotiating an offer and refusing to discuss “why”

The New York Times posted an article on October 24, 2010 entitled: Short Sales Resisted as Foreclosures Are Revived wherein they profiled a homeowner who lost her high-paying job and drained her retirement savings. The homeowner made the decision to short sale as a foreclosure alternative because it damaged her credit rating less than a foreclosure.

The homeowner owed $206,000. A buyer was willing to pay $200,000. GMAC rejected the offer and indicated it would foreclose in seven days. According to the homeowner’s broker, the bank estimates it will make $19,000 less on a foreclosure than on a short sale. GMAC declined to be interviewed regarding the file.

Despite how challenging many big banks are to deal with San Jose Real Estate agent, Kathleen Daniels specializes in San Jose short sales.

hour glassIf you, or someone you know, are having difficulty making your mortgage payments, don’t wait until you’re out of time … get the help you need now!

 

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Probate Real Estate Services
San Jose Real Estate Website

    

DRE#01366594

I specialize in probate real estate.
As a Certified Probate
Real Estate Specialist
my focus is on helping Executors and Administrators
avoid headaches
before they start.

“From the moment we met Kathleen, we were impressed with her professionalism, knowledge, patience, respect, humor, attention to detail, and compassion.  She's the Whole Package ~ excellent agent and wonderful human being!  In a potentially stressful experience, we have felt in good hands all along.  We are so grateful and recommend her without hesitation!”

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Comments (10)

Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI Real Adventures

Lol, no doubt they seem to try to make this far more difficult than it needs to be.  Must be no incentive for them cause they many times don't seem to care at all. 

Oct 29, 2010 08:51 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Livonia, I will never understand why they drag everyone through the process. They really don’t care about the homeowners or the agents who work shorts sales for 4-5-6 months and do not make a dime. In fact, we spend money on them. The process is shameful. Thanks for your comment.

Oct 29, 2010 10:42 AM
Cece Blase
Paragon Real Estate Group - San Francisco, CA

So weird. . . and frustrating. . . and exemplary of bank bureaucracy. . .

Oct 29, 2010 12:56 PM
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

Sometimes it seems as if there is not logic to the decisions. However, enough of them do close that it seems worthwhile to try.

Oct 29, 2010 04:54 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

CeCe, Indeed. I was talking with a coach the other day … the bottom line is we have no control. All we can do is fight to the bitter end. It would be nice if there were laws to protect the agents … if the lender does not approve the short sale we get paid for our efforts. Thanks for your comment.

Marcy, I completely agree. I purpose and commitment to help homeowners is strong enough to keep me motivated and to continue to fight the battles when they arise. Short sales are not getting any easier. When I started doing them over 2 years ago I thought things would get better. Thanks for your comment.

Oct 30, 2010 03:50 AM
Peggy Hughes/pha logistix, inc.
pha logistix inc - San Francisco, CA
SF NYC LA

Very weird that the bank would reject such a generous offer - so close to what was owed.  What ever happened to common sense?

BTW, Kathleen, congrats on being a co-winner on this month's 2 Truth's & a Lie!!

Oct 30, 2010 06:58 AM
The Villages Realty
The Villages Realty - San Jose, CA
"Our Performance Will Move You!"

Nice post Kathleen.  Your posts are informative and appreciated.    

Nov 16, 2016 09:46 PM
Eagle Ridge Realty
Eagle Ridge Realty - Gilroy, CA
"Our Performance Will Move You!"

Kathleen, excellent post.  Always informative and we know you are the agent one should use when buying their San Jose home.  

Nov 16, 2016 10:09 PM
Eagle Ridge Realty
Eagle Ridge Realty - Gilroy, CA
"Our Performance Will Move You!"

Love the posts that are about local listings and statistics.  Good job.

Oct 07, 2017 08:26 AM
Nancy Frimann
Eagle Ridge Realty/Signature Homes & Estates - Gilroy, CA

Hoping some business comes to you.  Great localized post.

Aug 29, 2018 12:02 PM