Okay, This Short Sale world we have been experiencing has inspired me to ask you

By
Real Estate Agent with John L. Scott Real Estate

if you have had any experience with short sales....when you finally had a successful closing, what was the final result in sales price?

A. Was the final price at the market..?

B. Just under the market..?

C. Way under the market..?

 I have seen some incredible deals on national news that we are not seeing in our area of the country. We are seeing the banks take a very tough stand, playing their hand within a few thousand of the comps. They do seem to be relying strongly on the Agent Opinions during the short sale process in our area.

I just had a deal go belly up when the bank would not come off of their price within $5k of my clients highest and best per their Lender.

I think it would be interesting  for everyone if you would take just a minute and share your insight on the banks dealings in your area.

Forclosure Picture

Posted by

Dons SIgnature

Comments (3)

Delaware Junk Removal Residential And Commercial Hauling Clean Outs
Delaware Junk Removal 302-530-9186 - Wilmington, DE
Whole House Clean Outs, Basements, Garages, Attics

I have worked a few and all lenders are different, many send someone out to do a BPO during the time of the contract approval so as a agent there is only so much you can do.  I did notice that if you are talking to a lawyer who represents the lender its best to have a lawyer speak with them.  The lawyer for the lender will also have the lenders ear.  Its late zzzz

Larry Hultberg Delaware Realtor

www.DelawareHouseHunters.com

 

Feb 11, 2008 05:28 PM
Karen Cooper
Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL
Helping Homeowners w/Home Loans in 27 US States
Don - I helped the buyer with obtaining their financing on a Countrywide short sale, and they got it for just a few thousand under market value with some seller concessions for closing costs - overall, about $12,000 under our appraised value is you count the concession.
Feb 16, 2008 02:13 PM
Don McCoy
John L. Scott Real Estate - Medford, OR
Southern Oregon EcoBroker for John L. Scott R E
Interesting...Thanks Karen. I have the idea that there are all sort of scenarios out there if people would take a second and explain it short and simple like you did. What I am getting is there is still room for negotiation with the banks -we just don't realise that and bend under their rules.
Feb 18, 2008 03:06 AM