short sales: I never thought this would happen to me…
- 03/18/13 09:13 PM
I hear the phrase in ther title of this post more often these days as more and more people who have been just barely hanging on by their fingernails finally get out of denial and call me about a possible short sale. These are not people who did anything wrong. They did not borrow frivolously, nor live extravagantly beyond their means. They are just regular people whose circumstances have changed; some through the loss of a loved one, some through the loss of a long-time job.
Most of these people were so sure that this would never happen to them that … (26 comments)
short sales: Chase going in the wrong direction...
- 01/18/13 05:54 AM
“What do we live for, if not to make the world less difficult for each other?” (George Eliot), from the Jack’s Winning Words blog. When I read this I immediately thought of the recent email that I got from our friends at Chase Bank explaining that they have decided to discontinue a policy that they were operating under last year which was that they would suspend their foreclosure process on a property, if there was a short sale in progress. That certainly made life a little bit easier for us in the real estate businesses who deal with short sales. … (2 comments)
short sales: Looking for a valid hardship in short sales
- 10/23/12 10:31 PM
I own and operate a web site called MIShort Sales.net which one can get to using .net or .com at the end. It is an informational site that explains the short sale process and hopefully answers a bunch of common questions. It has lots of links to very good articles on various topics, such as the impact on your credit of a short sale and comparisons of the consequences of a short sale vs. a foreclosure vs. a bankruptcy. It also gives the reader a good idea of the timeline and processes that one must expect to go through in order … (2 comments)
short sales: So you think you want to short sell…
- 09/25/12 10:05 PM
Because so few homeowners really understand what’s involved in the short sale process, many contact me to see if I’ll help them with it. Quite a few never get past that initial contact, once we’ve had time to chat about their situation. A short sale is not just something that you decide that you want to do, because you no longer want to pay for an underwater property, but that’s what a lot of people think. It’s not designed to help the guy who just retired unload his home so that he can move to the home in Florida that he just … (1 comments)
short sales: Short Sales still a fact of the current market…
- 09/21/12 10:09 PM
I had another short sale closing this week and have had more inquiries about short sales lately. Short sales are still a significant part of the current market, although, like foreclosures, they have declined as a percentage of total sales.
Just about the only thing that most people know about short sales is that the sale of the house is done for less than is owed to the bank. In other words, it’s a sale of a house that is “under water”. There are lots of misconceptions about short sales and some mis-information out there about them, too. … (0 comments)
short sales: New Short Sales Readings...
- 08/10/12 10:13 PM
Distressed sales – foreclosures and short sales – still make up about 40% of the local southeastern Michigan real estate market sales (higher in a few of the markets that I track and lower in others). Of that 40% the majority in this area are still foreclosures, with short sales tending to be prevalent in the lower end of mid-range of the market – the $100K to $300K segment – right now.
Short Sales occur when a homeowner sells his/her home for less than what is owed to the bank on the mortgage balance. Bringing money to closing is one … (0 comments)
short sales: Beware the Short Sale Affidavit/Addendum
- 09/13/11 04:41 AM
I'll admit up front that this is a long post; however, the topic is too important to serve up a Reader's Digest version. We are all dealing more and more with short sales and with the various documents that the lenders have developed to go along with those transactions. The most prevalent are the Affidavits and Addendum that the banks send out as part of their approval of the deal. There are cautions that all REALTORS® need to be aware of and they are well covered in this article from the September Michigan REALTOR® magazine.
Greg McClelland is the legal counsel for the … (4 comments)
short sales: If short sales were...
- 08/18/11 01:32 AM
Jeff Foxworthy does a comedy routine with the theme “You might be a redneck if…” He does line after humorous line about things that could indicate that you’re a redneck. I thought that we could do the same thing here about short sales. The theme I chose is, “If shorts sales were …” and you can add the rest.
To start things off, I’ve come up with a few myself.
If short sales were a novel they’d be written by Joseph Heller.
If short sales were a play they’d be written by Samuel Beckett.
If short … (2 comments)
short sales: “Ignorance is innocence - stupidity comes with experience”
- 08/01/11 10:57 PM
What a great quote to follow up yesterday’s post about short sales. As I look back on things, I think I can claim innocent ignorance in my first couple of short sale experiences. Now that I’ve had a few short sales, I must now admit to the stupidity that comes with experience. That’s one reason that I sought out a partner for the negotiation portion of the short sale business. The more that I experience what goes on in short sales, the more stupid the whole process appears to me.
The main speaker at the recent ConEd class that … (7 comments)
short sales: Short Sales for as far as one can see...
- 08/01/11 12:53 AM
I took a ConEd class last week that was put on by the owner of a company that does short sales negotiations. He had lots of interesting statistics and stories about short sales, both the horror stories and the good ones. The thing that I took away more than anything else is that this issue will be with us for many years to come. I guess that was pretty obvious because of how far home values have fallen (at least in this area). Locally we are at about 1995 home value levels, which is about 40% lower than the 2006 peak values. So almost … (43 comments)
short sales: When convenitinal wisdom is wrong...
- 01/08/11 12:19 AM
A recent blog post here on Active Rain by Linda Humphrey of Martland (click here for the full post) provided some good insights into why a sellers thought that the second mortgage holder should be glad to get whatever is offered to them may not be correct - Unbeknownst to the homeowner, his second lien holder bought insurance against his default. They will now collect on that insurance. Depending on the terms, that may not have been possible if they agreed to a short sale. The homeowner's loan with them was full recourse, and they now intend to hound him mercilessly for the deficiency … (4 comments)
short sales: Rodin knew about short sales
- 10/08/10 02:00 AM
"Patience is also a form of action." (Auguste Rodin). Rodin, the famous sculptor, could have named his statue "The Thinker" waiting on the bank to respond to short-sale an offer. In fact Rodin may have sculpted the entire process without realizing it. See below. Stage 1 - I just put in an offer and now we're waiting for a rely. Stage 2 - What the hell have I gotten myself into? This is crazy.Stage 3 - This sucks. The heck with it. I'm out of here.There are many other Rodin statues that show people in grotesque positions which might also be … (0 comments)
short sales: Making a living in the Twilight Zone...
- 03/12/10 11:57 PM
Rod Serling could not have produced a more bizarre Twilight Zone TV show about real estate than the reality that we are now experiencing in real life. Talk about things being turned upside down and being disorienting, take a look at the graphic below. This was how the market distribution of home sales ended the year in 2009. The market in 2010 is expected to tilt even more heavily towards the distressed categories of short sales and bank owned.
So, now, imagine trying to make a living in this market if you were not doing short sales and bank owned … (3 comments)
short sales: It's way too quiet out here right now
- 03/16/09 01:03 AM
All's quiet on the Western front, and on the Eastern front, and on the Southern Front and on the Northern front. Let's face it, it's just too darn quiet out in the market right now, at least in my little patch. Obviously, The general economic environment plays the biggest role in this market slowdown; however, I believe that confusion has also played a role.There are so many news stories about so many different programs, with so little actual detail about how they are supposed to work that potential buyers don't know whether to wait or proceed. They don't know which … (1 comments)
Posts about things going on in Real Estate in Milford, Michigan; Highland, Michigan; White Lake, Michigan; Commerce Twp, Michigan,; West Bloomfield, Michigan; South Lyon, Michigan; Birghton, Michigan and HArtland, Michigan in Oakland and Livingston Counties of Michigan
I hear the phrase in ther title of this post more often these days as more and more people who have been just barely hanging on by their fingernails finally get out of denial and call me about a possible short sale. These are not people who did anything wrong. They did not borrow frivolously, nor live extravagantly beyond their means. They are just regular people whose circumstances have changed; some through the loss of a loved one, some through the loss of a long-time job.
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