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Indymac Bank was it a short sale?

By
Real Estate Agent with eXp realty, MFA,Hermosa Beach,Redondo Beach,South Bay 01377782

 

Short sales have been a hard long road for the Realtor. We were innocent, novices trying to roller skate on ice. The lenders may have it worse but who is really for sure. No money to lend and no way to buy homes!

something has to happen....and it just did for Indymac. 

Imagine a game board that keeps changing the rules with every throw of the dice.

Be the Buyer and need to buy to get in the game

Be the seller and have to sell your home.

Be the Bank...and you just got sold. The Feds took it over rather than spend anymore green stuff they'll spend enough trying to get the arms around yet another wild card! Its likely out of the league..is homeland security an oxymoron?

Be the Federal Government. Is it a grey -haired- big tummy old santa? 

A short tale of a short sale!

You don't know you are dreaming

You are walking down a path to see a house. It has a pink gross curtain hanging halfway over a window.

The expectation is doubtful that the place will be habitable. The blue box is opened by the Realtor as it hangs off the doorknob. Inside it has new carpet and a kitchen peeking around the corner of the living room. It is actually really nice. Its new in this old house. I open the door. The concrete is broken and so is the glass on a window of the garage. The yard has been neglected its kind of sad and overgrown. Back inside the house the rooms are nice. All the shades are drawn. you open them up and the room is newly painted now the room with the pink curtain. Its so silly who would do this. You see a deal right away and want to rescue the home. It is a short sale and there are 3 offers. The bank and the selling agent is clueless you can see right away. The pink curtain is a sign...maybe just stay away. You wake up and find yourself not asleep at all...just wondering if you should go down that road and fight a battle you may not win. Its easier to just buy one that the normal people are selling you think and you say. However you know you could do so much there. It might just be worth it the work and the care. So you write that offer and prove that you care.

Then you wake up and find out the agent is trying to hold all the cards and play their own inside game. Like attracts like and the battle is on.

We step out of the melee and find the waiting game. Sound familiar? Redondo Beach has a few short sales, so does Hollywood Riviera and they are selling. location location its everything and always was.

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Comments (3)

Brian Solinsky
Keller Williams Realty - Puyallup, WA
CDPE, CNE, ABR

Vicious cycle is in motion, but there will come a day we see the other side.

Jul 11, 2008 06:43 PM
Linda Scanlan
A Fan of AR - Burleson, TX

Lynne, short sales just exhaust me. I guess I don't have the patience! I think it's pretty scary when the big dogs get into trouble like this.

Jul 11, 2008 10:50 PM
The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

LOL, a good post.  My wife and I are in the beginning of a short sale and I am not optimistic about it.  One of the bank's steps is to require counseling of the husband and wife... yeah, right, with all the drama the are going through (ugly divorce) I really see both of them showing up for a class !

I have had some success on the listing side but I would be very wary on the buy side - a lot of risk for the deal to go through.

Jul 12, 2008 12:46 AM