Lately, there has been much made of the current “housing recovery,” with many thinking that the market turn around has begun and that the end is near for short sales. I could not disagree more, and here’s why:
Has the market recovered? According to Steve Berkowitz, CEO of Move, Inc., which operates realtor.com®, “Where we have seen significant volatility in many markets — including double-digit declines in inventories as well as increases in median price for both yearly and monthly views — we are now looking at a … (0 comments)
Lately, there has been much made of the current “housing recovery,” with many thinking that the market turn around has begun and that the end is near for short sales. I could not disagree more, and here’s why:
Has the market recovered? According to Steve Berkowitz, CEO of Move, Inc., which operates realtor.com®, “Where we have seen significant volatility in many markets — including double-digit declines in inventories as well as increases in median price for both yearly and monthly views — we are now looking at … (2 comments)
short sales: Short Sales Up in 2013 and beyond. Yes. No. maybe. Or Something.
- 07/15/13 09:18 AM
Somebody once said, “There are lies, damn lies and there are statistics.” Basically, what this means is that anyone can take any statistic and use it for their own agenda. A good case in point is the new GSE practice of demanding 100%+ of BPO value on short sales in some markets because of media reports of rising home prices. This is risky, because temporary or minute price index increases do not spell out a stable price recovery. Moreover, the GSE purchase programs for these overvalued properties such as HOMEPATH, which allow buyers to buy GSE held property with no valuation … (0 comments)
Ask any real estate professional who handles short sales what is their most pressing concern, and chances are they will point to the fact that as of December 31, the Mortgage Debt Relief Act of 2007 is set to expire. As of today, there is no serious replacement or extension on the table. This has many agents greatly concerned about the future of short sales, with some speculating that it may be the end of the run. I disagree wholeheartedly, and here is why:
This is perhaps the biggest Short Sales topic of 2012, and I hear very little speculation about it. Maybe people are putting their heads in the sand because of the stupendously damaging effect on the housing market that will occur if this Act isn’t extended. I have a theory about why the politicians have been mostly silent about this, but first, we need to recap what the Act means.
The Mortgage Debt Relief Act of 2007 In a nutshell, what this Act … (1 comments)
One of the most neglected, and yet, most important part of a successful short sale is getting both buyer and seller on the same page. This may stem from the traditional way of thinking on a traditional “retail” sale: It’s “Us against them.” This does not apply to short sales, and if you can over come this mentality, your closing success will skyrocket. Getting the short sale approval is only part of your responsibility; the other part is getting your buyer to the closing table. This is how … (3 comments)
short sales: Short Sale Road Rules: Short Sale Pricing Strategy
- 01/11/12 05:11 AM
From what I’ve seen, not having a pricing strategy or mispricing short sale listings is a major contributor to short sale delay and failure. Something as simple as getting the price right may be the difference between a successful short sale and a foreclosure. This failure could very well become the basis for a complaint or lawsuit against the listing agent on the basis of negligence or incompetence. My rule of thumb is simple: If you have a short sale listing on the MLS for more than 30 days without an offer, you’ve priced it wrong. In the last few … (1 comments)
short sales: Attention Brokers: Pending Home Sales Are Up-But At What Cost To The Industry?
- 12/29/11 07:55 AM
Reposted from my Short Sale Industry Blog Located Here: http://josephalfe.com/ Pending home sales – a measure of mortgage contracts signed and an indicator of possible home closings – in November increased 7.3% from October, reaching its highest level in 19 months, according to the National Association of Realtors. This can be viewed as good news, even though the total number is below the number from this time last year, because of the artificial bump in sales due to the home purchase tax credit which has expired. This information must be viewed through the lens of home prices though, which will give … (0 comments)
So, you have a short sale lead. Now what? Nothing happens unless you can close the deal, and make no mistake, getting a client to sign your listing agreement is closing a deal. In short sales, there are three “closes” that have to occur in order to be successful:
Close the listing presentation Close the lender (Short sale approval) Close the deal. So, step one is getting the client to choose you as an agent and sign your listing agreement. Here’s how to do it. … (0 comments)
short sales: Short Sale Humor
- 07/06/11 08:27 AM
Ok, so it's not a blog chock full of great information, but I needed a laugh, so I created this short sale rage comic. Enjoy!
… (2 comments)
short sales: Short Sale Road Rules: Should you be doing short sales?
- 07/06/11 08:16 AM
Short Sale Road Rules: Should You Be Doing Short Sales? Well, it's been awhile since my last post and it's not because business is down. Au contraire my friends, if you are in real estate and you are NOT doing short sales you are certainly missing out. I have more short sales than I can shake a stick at! Seriously though, to be successful in short sales, it is IMPERATIVE that you: Know what you are doing (and I mean really know what you are doing, none of this "I'll learn as I go along malarkey.") Have a support staff … (2 comments)
I constantly hear from agents that the hardest part of a short sale is getting lender approval. Fortunately, I don’t share this problem. Our approval ratio is well over 90%. Does that mean we close 90% of our short sales? No it does not, because in today’s market, the hardest part of closing a short sale is getting the buyer to the closing table.
Start at the beginning A successful short sale closing actually starts at the time you accept an offer. Let’s assume that the property is … (0 comments)
short sales: The Perfect Short Sale
- 02/02/10 10:36 AM
GMAC Short Sale, Approved in 45 days! Balance $280,000, approved at $45,000 FULL DEBT RELEASE! Booya! … (5 comments)
short sales: Agents! There is no such thing as an approved Short Sale!
- 01/16/10 05:08 AM
I swear, if I see another listing that reads "Approved Short Sale! Quick Close! Buyers fell through make offer!" or something equally as stupid, I will have a freak out. These types of comments show that either the listing agent has no clue how short sales work, or they are being deliberately misleading. In case you didn't know, a short sale approval is almost always Buyer Specific. This means that the approval was based off of, and is approved only for the buyer listed on the purchase contract that was submitted to the lender. If you have a buyer that falls … (5 comments)
short sales: New Short Sale Happenings....
- 12/17/09 01:43 AM
Well, it's been awhile since my last post and it's not because business is down. Au contrere my friends, if you are in real estate and you are NOT doing short sales you are certainly missing out. I have more short sales than I can shake a stick at! Seriously though, to be successful in short sales, it is IMPERATIVE that you: Know what you are doing (and I mean really know what you are doing, none of this "I'll learn as I go along malarkey.") Have a support staff Have expert legal representation, both for you and your sellers Have … (4 comments)
Attempting a short sale when a Sherriff's sale or auction is imminent is usually not a good idea, especially if the sale date is less than two weeks away. This can be a stressful and difficult process, and should not be attempted unless you have a legitimate, qualified offer. If you believe that you have such an offer, what follows is a step by step narration of an actual deal where I stopped a scheduled sale to allow time to get the deal approved and closed. Remember, the goal here is to stop … (0 comments)
The Process This is actually a very simple process, yet many people start themselves on the road to failure here by not doing this right. Our main goal here is to get the package to the right place in the least amount of time. We need to get past "gatekeepers" and the ubiquitous, supremely frustrating automated black hole that so many lenders employ.
Get to the right people Start with the "800" number or customer service number that is easily found on lender correspondence or the mortgage statement. Make sure that you have your … (0 comments)
A place where Real Estate professionals can talk about short sale successes, failures, and strategy. If we all work together, we can navigate this complex, ever changing, and unprecedented market.
Short Sale Road Rules: 2014 Short Sale Outlook
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