-
Quick Tour
Connect. Share. Learn.Welcome to ActiveRain, the #1 social community for real estate professionals.- Explore the world's largest storehouse of real estate knowledge
- Access free training on ActiveRain University
- Share the experience of life in the real estate industry
- Grow your business through real estate blogging
- Blogs
-
Resources
Product Reviews Curious as to what others in your profession think about a certain product or tool? AR's community takes the time to leave honest and transparent reviews of their experiences so you can be a bit wiser about your purchase.
- Broken down by categories and subcategories for easy finds
- Get an unfiltered look at what real users are saying
- Leave a review yourself for others to benefit from
- Add new products as you use them and gain points for doing so
|
;)
;)
;)
Find DC real estate agents and Washington real estate on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2013 ActiveRain Corp. All Rights Reserved
12 Comments on What has your Experience been with Short Sales?
I have had good ones as listing agents, too much work for what it's worth. But recently had a deal where buyers put in offer 4.5 months ago at full price $165,000 agent then lowered to $139,000 had too much activity and back to $165,000 after the months of waiting bank came back at $230,000 which is appraisal which still not sure where that number came from and wont budge.
Lisa--
Haven't seen anything in that price range in short sale territory... The last one I did was just over the percentage the bank could approve in house. It was just before the holidays and they had the FNMA answer in less than a week. The main process with the bank took less than a month, so it went pretty quickly overall.
In one word: YUCKY.
Good luck with getting the bank to approve it, in the past I have always received a 2% comission!
God bless you. My banks are periodically arbitrary and capricious when it comes to accepting or rejecting offers. They are so strange with their schedules I can't even speculate (LMAO). Wishing you the very best with your project. ;-)
Every bank and every property that I have done seems to be different. Even within the same bank the process was different each time.... Smaller banks have seemed to have a little more give than the big banks or where there are individual investor groups holding the note. And then there's the banks who sit on something for 3 months and who knows where it'll end up because they've gone up and down with the price so many times - I think they use the magic eight ball sometimes to get their number and answer. ... Good luck and get your patience hate on it.
I had one last year that started in October at 5% below the asking price...last July, the buyer said forget it.
I hear that Countrywide is swamped and it's a 60 -90 day wait for an answer, unless it's a full priced offer, cash, and has a substantial Escrow deposit. This is just what I was told by a seller's agent doing a Countrywide short sale. I have not had this experience myself.
Short sales are a pain in the you know what. Countrywide told me after I submitted an offer, for me not call them for 90 days after they received it because it will take that long for them to assign it. Lots of hard work, but if you are up for it, go for it. My lowest commission received is 2.5% on a short sale.
Hi Lise,
Our property values in Columbus, OH are about 10% of yours (or less) and it may make a difference in the price reduction you can get. When you say "market value" - is that YOUR evaluation or the bank's? As you know, these can be two totally different pairs of shoes ...
If the lender is NOT Fannie Mae or Freddie Mac, there seems to be a lot more flexibility on the bank's side. I have gotten offers approved at 50% of the bank's value, however, that value was below $100,000. Not too much of a loss if you see it in the big picture.
I am curious to know the outcome of yours - keep us in the loop :)
In my expereince the amount of the loss is not a factor. The bank is concerned (or should be) with the current market value and if you have multiple bids at that price you know that you are right there. Most lenders pay 5% commission, but I have had some cut it down to 4.5%. It is also not uncommon in a transaction where an agent represents both buyer and seller for the lender to only pay 2.5%-3%.
Painful. Countrywide took 7 months to respond to an offer. They did however accept the offer in full with no payback for the deficiency and paid 6% commission.
I think sometimes it depends on the bank and the agent handling the issue. I've submitted 2 short sales offers. The first one the agent never got back to me and then the listing just went away and then the second one we got a response (a rejection) within 2 weeks. Its not a fun process though. Good luck with yours.