We have been on several pre-listing SHORT SALE appointments in the last week on houses that had been listed from $200-$800,000 and in most cases, the sellers had no idea that they were "upside down" . The re-curring theme with these sellers was home equity loans....after all a year ago...two years ago...the bank told them that their home "Appraised for $X...." and even allowing for little appreciation...or even some depreciation....they believed their homes would still sell for more than they owed....they would just break even or make less profit A bank appraisal to withdraw equity a … (1 comments)
preforeclosure: Short Sale Tales Part 16....Your NEXT house....Not Next Week
- 11/15/08 10:47 PM
I have a phone conference scheduled with a short sale seller...we have had lengthy discussions, left literature, referred blogs and websites to help him gain a better understanding of the whole process....and of of course, are available for phone calls whenever necessary. I still hear the "When we buy our next home...." creeping into the conversation. Oh YICKS ! We have explained over and over that more and more the very first thing a lender will look at is a credit score....the credit score was already dismal when we met after 2 years on the market with an over priced … (0 comments)
Losing a home is a very traumatic thing for most people...it isn't just bricks, mortar, wood, nails...it represents one of the largest investments some people make in a lifetime. It is not just a financial investment....it is emotional...the love of the neighborhood, the neighbors, the time spent decorating, putting in the flower beds...the holiday decorations that were lovingly put up inside and out...the garage that had a place for the kid's bikes, Dad's tools, Mom's lawn furniture....and now trying to face the unknown future.... Many people who have missed mortgage payments, have gotten a variety of … (0 comments)
preforeclosure: Short Sale Tale Prt 13; No You Can't "Buy Your House Back"!
- 10/26/08 12:56 AM
We listed a short sale and priced the house...the previous listing agent "bought the listing" and had a price tag six figures OVER what it ever should have been....(You think maybe some realtors pricing practices play a part in this short sale proliferation ?) The home owner was shocked when we showed comps of homes that had sold in the area. You have to wonder if the first realtor ever did any or just asked the sellers for a price and hoped it would sell... "Wow....at that price....I could afford to buy it back ! " was the comment Well no....he … (0 comments)
preforeclosure: Short Sale Tales No 12 -"Low Ball/Quick Closing"....What don't you Understand ?
- 10/22/08 12:02 AM
We got a call the other night on one of our short sale listings. The agent was considering making a showing appointment for a home deeply discounted and new on the market. "I know your seller is in trouble...how about if my buyers offer $100,000 less(this would represent a 20% discount) and a quick closing." I was not believing what I was hearing...not that people don't make lower than asking offers...or try...but that combined with a "quick closing" ? IF a home is listed as a short sale by a listing agent that understands the strategy of a short sale market … (6 comments)
We take real estate very seriously....we built our home with a home office...we have multiple designated phone lines and a fax line just for our real estate business and the irreplaceable wireless internet throughout the house...thank you Mr. Technology wherever you ARE ! The business line rang after 9:00 with a call from an agent...did one of our listings really have a solid offer and was it going to close...yes, yes....She knew that we did a lot of short sales and said that the ones she had tried...were of course, very difficult, and went into foreclosure...they, she … (7 comments)
preforeclosure: Short Sale Tale - Part 9- So You want to Write an Offer on a Short Sale
- 10/04/08 10:19 AM
Whether you are a buyer or a realtor...you have decided to look at Short Sale listings...you have the money and the time. Here are some guidelines that you should look at, if they don't meet your home shopping criteria, a short sale may not be for you. There are no home sale contingencies with a short sale offer; if you have a house to sell, get your bridge financing in order before you start shopping. If you are looking at a home listed by a realtor with short sale experience, the home is priced to sell, not to sit. The "let's … (1 comments)
When you are feeling down....emotionally, financially, economically, physically...whatever the case..that is not the time to make life changing or major decisions. We had a seller the other day who is about to work on getting a counter together....he asked me if he should move quite a distance outside the metropolitan area to a trailer park where his Aunt lives. YICKS ! But....but.....ok so you don't have a job now...you don't have a lot of money now....but that will change.... If you move far outside the area, your older car has longer to travel, more gas, more … (1 comments)
I spoke with an attorney today about a soon (she hopes) to be divorced client that would like to list her home as a short sale. Since Wisconsin is a marital property state...the decision is not hers alone. The house was listed for what we believe is six figures over the market value by the previous realtor who listened to the husband who was trying to cover the indebtedness of a first and second mortgage and then of course add a little so they could "start over". That's how you determine a sale price in any market...based … (0 comments)
We are getting a short sale listing....it is a beautiful, beautiful custom designed home. It is owned by a couple who found each other "the second time around." He is a highly skilled custom craftman and the house is just outstanding. It reflects his craft....truly more than a trade....and the loving care and part of himself that he put into the home he had hoped to retire to.....and welcome his grandchildren to play in the acres surrounding his perfectly designed "castle." It was not to be. Serious multiple health problems prevented him from giving the … (3 comments)
We have learned the art of short sales and are successfully applying them to businesses that are in need of economic relief or may soon face foreclosure. There are office buildings, shopping malls, car dealerships, restaurants....all kinds of entrepreneurs who took a chance on "The American Way" to learn that the time was not right...the overhead too high, the product or service not in as much demand as anticipated...or perhaps poor health got in the way of economic progress,...business plans that didn't quite come to fruition. There are lots of scenarios that play out in these economic times. … (1 comments)
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