Well, I have seen some pretty snazzy-looking blogs with names such as Tuesday Townhouses for Sale, so I just HAD to come up with something equally as interesting. Hence--SUNDAY SHENANIGANS.
So, I was on the phone with an agent today, speaking about Pre-Foreclosures and Short Sales. We were commiserating about the many short sales in our market and the UN-timeliness of them and how they take up a lot of time and typically don't close. Also, "short sales" are misnamed; it's an oxymoron. Short sales are actually LONG sales--they take a LONG time to sell b/c you have to get the Buyer and the Seller on the same page, THEN try to wrangle the first lienholder in line, THEN, if there's a second, wrangle THAT lienholder in line or, at least , get them to sign off that they understand they'll not even get paid a penny... Yep, it's a mess.
I'm NOT a short sale specialist but: A Pre-Foreclosure is when an owner is a little bit behind in his/her mortgage and is just looking to sell the property to get out from under it. That Seller may have some or a lot of equity but the point is--they are in trouble and want out. A short sale is when the owner/Seller is looking to sell the property and owes the bank MORE than what they can sell it for; hence, a shortage or "short" sale. If the owner/Seller has a good enough "hardship" such as loss of job or death in the family, that Seller may qualify to sell the property "short" and the bank may accept less than what it's owed and let the owner sell it; but maybe not.
Well, me and this agent today came up with a great SOLUTION to the whole mortgage mess:
Are you ready? Here it is:
Have all the displaced, looking-for-work loan officers and real estate agents who haven't had a sale in a while apply for and get jobs with the lenders as Workout Specialists! It's brilliant.
The Benefits of this Solution are:
1. LOs and agents can get hourly jobs and pay their bills
2. Listing agents and Sellers can get timely calls-back for their deals
3. More than 2% of the short sales in our market will actually close
4. Everyone is happy
**Hopefully, you realize that this is a tongue-in-cheek solution. I have a lot of friends and colleagues in the business that are having a difficult time financially, so I feel the need for some humor at times. But the situation IS what it IS; short sales are here to stay for a while.
Maybe I should name this Sassy Sundays?!
Seriously, though; If you are in a Short Sale Situation, please consult an attorney as to your best course of action. Then consult another one. Then consult another one. If you were getting a consultation as to a physical, cancerous tumor, you would have more than one opinion, right?
Comments (4)Subscribe to CommentsComment