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Is The Short Sale System Broken?

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

This Week's Discussions

DiscussionsRepliesLatest Activity
Eddie Kearns

Is it me, or is it the short sale system???

I have been working short sale homes now for about 3 years, ranging in price ranges from 1 mil, down to 30k. During those 3 years, I've wor…

Started by Eddie Kearns

18 8 hours ago
Reply by Sheyenne Schultz
Sue Irwin

Speed of approval, B of A vs Wells Fargo

Hello Superstars, Are you finding that Wells Fargo (now on Equator) is still generally faster than B or A for approvals? I have a first and…

Started by Sue Irwin

8 8 hours ago
Reply by Sheyenne Schultz
jerrold stallworth

Under what conditions would a short sale on investment property be approved?

Hi all, this is my first post on this forum. Please forgive me for posting such an elementary question  but here it goes: I'm a relativel…

Started by jerrold stallworth

2 9 hours ago
Reply by Sheyenne Schultz
Jeffrey Burnham

How to find who's delinquent on their mortgage

Just curious if anyone has any idea on how to find out who's delinquent on their mortgage. (Prior to an NOD being filed.)   This seems like…

Started by Jeffrey Burnham

1 9 hours ago
Reply by EDWARD ( Augie ) AUGSBERGER
Anthony Costa

Valid reason for short sale?

Hello,   My fiance and I both own a home.  We can afford both mortgages right now, but would like to sell her condo so we can consolidate b…

Started by Anthony Costa

9 14 hours ago
Reply by Joseph Alfe
Clayton Bonjean

Short Sale - No Real Hardship?

I have a friend/client that would like to do a short sale. However, this client has strong income. He can certainly afford all of his month…

Started by Clayton Bonjean

7 14 hours ago
Reply by Joseph Alfe
Carolyn Lien

HELP! I need to get 2 judgments released to close a short sale.

Hi Everyone, I could really use some help.  I have a client that has 2 judgments that need to be released so that her short sale can be com…

Started by Carolyn Lien

13 16 hours ago
Reply by Joann Torvik
Vince Huntington

US Bank -- a few questions about Retention Options letter and HUD-1

Hello Short Sale Superstars, (Guys, I am new to this site, so please excuse me if I am doing something wrong, BUT I need your help!) We are…

Started by Vince Huntington

2 16 hours ago
Reply by Vince Huntington
Jeffrey Burnham

$25B Settlement by top 5 Banks

Anyone have a feel for how/ when the settlement will be implemented? How/when  will those foreclosed upon already receive their pitances?

Started by Jeffrey Burnham

2 16 hours ago
Reply by Jeffrey Burnham
Bryant Tutas

Mortgage Insurance Selling Their Claim Recovery Rights To A Debt Collector

I just saw this posted on the CDPE forums. “Account is a claim-transferred from Radian to Franklin Credit Management collection. The claim…

Started by you

4 18 hours ago
Reply by Michael Schneider

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Comments(7)

Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

BB:  Good forum with interesting answers. You bet the SS system is broken! Who, what or how is the real question. I have a SS attorney in my area that has tried to write congress & others with suggestions to no avail. He's a guest blogger that I have & I help him get the word out. Some day, someone will start listening.

Feb 23, 2012 08:54 PM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

BB, At this point I'd be happy to get ANY kind of an update from the listing agent on our purchase offer besides "I'll check on it" and then nothing back.  I'd swear that's his standard line and he doesn't even inquire at all.  Mrs. Buyer is about to punt the whole deal if some information doesn't start to flow.  We know it's supposed to be slow, but this experience doesn't help the buyers stay mellow either.  I was already skeptical of the price of the listing vs. owed amount being feasible.  Bill

Feb 23, 2012 09:41 PM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

Thanks, as usual, for providing the summary. It does seem the subject of legitimate reasons for short sale does generate a lot of discussion.

Feb 23, 2012 10:09 PM
Mike Morrison
Will & Will Real Estate Brokers, The Woodlands, Texas - Houston, TX

Did it ever work?

Feb 23, 2012 10:41 PM
Bryan Robertson
Los Altos, CA

Wow, long list of articles on short sales!  I think the SS system is completely broken, with the exception of HAFA approved short sales.  However, in order to get the system under control, someone needs to tell loans in 2nd, 3rd, etc position that they have limits on what they'll get and they have to respond within a short length of time to get approval.  Until that's done, what's the motivation for them to fix the system?

Feb 23, 2012 11:09 PM
Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Great post! The short sale system is hit or miss proposition! it all depend on how many loans involve in the transaction!

Thanks for sharing,

Adam

Feb 28, 2012 12:46 PM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

I very rarely work short sales and when I do, it is as a buyer's agent. I took a short sale listing once and was able to get the mortgage company to reduce the payments and extend the loan, so the family got to stay in their home.....they were thrilled!

Feb 29, 2012 09:20 PM