short sale: Now is the time to be in Real Estate!!!!
- 05/12/08 09:13 AM
Many people feel that this is the worst market in decades and that many Realtors are dropping like flies. How can I say that this is a good time to be in Real Estate? The answer to that is two-fold. First, although sales are off, now is an excellent time to create business relationships with people, such as networking and touching base with your sphere of influence. With the bottom at the end of the tunnel and some light appearing just ahead, it would be good to have customers for when they feel the market has turned. Next, now is the … (13 comments)
short sale: Have we hit the Bottom?
- 05/06/08 02:48 AM
In my part of the country, many professionals are speculating that we are a year or so off on hitting the bottom. Every time it seems that things are starting to get better, another wave of foreclosures hit the market extending the inventory from 11 months to 15 or more. In Stockton, national figures assume that 1 in 30 homes are bank owned. That is just under 4 times the national average. There were almost 1000 homes put up for auction last month in Modesto, alone. With almost every home being listed in some state of foreclosure or being a short … (8 comments)
short sale: The difference between Bank Owned and Short Sale Listings
- 03/13/08 08:18 AM
Living in the Central Valley of California, and working primarily in Modesto, the majority of the homes that are for sale are either foreclosures or short sales. Every one in real estate understands what a short sale is, but many consumers are confusing bank owned homes with short sales. A bank owned home is one that the bank has taken back from the owner. It has generally gone through the entire foreclosure process or has been given back to the bank through a deed-in-lieu of foreclosure (where the owner gives back the title to stop a foreclosure). The bank usually will have a short … (1 comments)
short sale: Consumers: Are you considering a short sale?
- 03/12/08 09:16 AM
Many people are in the situation where their home is actually worth quite a bit less than what they purchased it for. When they bought the home, they were told that refinancing it would be no problem and that they did not have to worry about the bubble bursting in that particular market. This type of thinking is what is causing the foreclosure crisis throughout the Central Valley of California and other parts of the nation. Now that the President has passed a law eliminating the taxation of short sales as income, a short sale is a very viable option if … (4 comments)
short sale: Your offer is not accepted until the bank accepts the short sale
- 03/07/08 03:50 AM
This is just a word of advice to consumers out there regarding short sales. Many people are encountering the following situation. You make an offer and the agent issues a counter-offer, which generally means that your offer has been accepted and that the escrow process has started. However, don't be quick to make that assumption when dealing with short sales. In the short sale process the bank is the one that decides whether or not to accept the offer. If another offer comes in prior to the bank accepting yours, then the bank can and will accept whichever offer is larger. … (1 comments)
short sale: You got the House!!! Oh Sorry You Didn't!!!
- 03/06/08 03:55 AM
I have encountered a situation recently that really has me concerned and would appreciate your input on this. I made a bid on a short sale property in Manteca and a week later received a counteroffer from the agent stating that the hot tub wasn't staying and that the property was a short sale. We signed the counteroffer and no boxes were checked that multiple counteroffers had been made. I had a concern about the fact that the stove was removed a few days later and called the agent. I received a call back stating that we did not get the property, even though the counteroffer mentioned … (17 comments)
short sale: Short Sales! Friend or Foe?
- 11/26/07 07:42 AM
Almost every realtor here knows about short sales and the long time process that some of the banks can take to respond to any offer. Most consumers may not be willing to wait the time period necessary to get a response, and some short sales are listed too late to get a response prior to being auctioned. What do we do? The answer is inform. Many times in a short sale situation, the house is selling for a substantial reduction in price than it originally did. If buyers know that they are getting a $500,000 house for $350,000 if they wait … (5 comments)
short sale: The delay with REO's
- 11/19/07 07:27 AM
I ran into an unusual situation about a month ago, with an REO property. In my area there have been a lot of scams, with people ripping off mortgage companies and couples buying homes. After spending about an hour of research, I found that it was indeed a legitimate property and the realtor was confirmed to be the listing agent. Which relieved my clients. However, they are frustrated as to the delay with the investor getting back to them on the property. I know companies are swamped, but if you are the selling agent, do the other agent a favor and don't … (5 comments)
short sale: Get your short sale done quicker.
- 11/09/07 07:44 AM
In many markets across the United States, the term short sale is getting to be very well-known among agents, loan officers and banks. It can be the kiss of death with a sale, since it takes longer to do, usually. I am including some helpful hints for consumers and agents to help speed up the process. By the way, the reason many homes are going to auction is because consumers wait until the last moment to do the items below. 1. If your listing is going to be a short sale. Have the homeowner immediately send the permission and hardship letter … (4 comments)
Many people feel that this is the worst market in decades and that many Realtors are dropping like flies. How can I say that this is a good time to be in Real Estate? The answer to that is two-fold.
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