So far as short-sales are concerned, I say “thanks, but no thanks”. I steer my buyers away from short-sales whenever possible and try to impress upon them the fact that a highly motivated seller will be a faster escrow and perhaps even a better deal. Call me old-fashioned, but from where I sit a short sale is just another way of saying “waste of time”.
I would love to see the mortgage lenders WAKE UP and realize that they will come out far better if they implement an effective short sale process rather than have another REO on the books.
Shirley Baldwin - 15 years ago
I am very interested in Short Sales and REO properties
Brian Burry - 15 years ago
The banks are so yesterday and cannot grasp or function with the needs of the average short sale. The typical bank does not respond, will not respond to calls (by owner or authorized broker) or emails. The value, based on the LENDER"S ordered appraisal, is generally agreed to by buyers, yet the concept of "Sell it - get market value - clear it off the books" is a foreign language to the Short Sale and Loss Mitigation departments. Then, based on what market value is, the 2nd Mortgage holder who has Zero equity - even for a $2,000 to $4,000 admin fee to let it go - just sit there and aren't interested in what is good for the local community is good for them overall. The price is just what it is. One ex was a $355000 sales price that went down 4 months later to $335,000 and finally 9 months later closed at $311,000 with the same buyer ALL to the inability to move the short sale file any faster. How sad, we steer our buyers AWAY whenever possible - even though I have closed 4 short sales, too many lose good homes waiting for a final NO as well. Brian "Doc" Burry, Clovis, California
How can your NOT be interested. If you intend to stay in Real Estate, you NEED to be on the cutting edge of this situation. It is not going to go away for a long time and I, for one, don't want to say "Would you like fries with that?"
So far as short-sales are concerned, I say “thanks, but no thanks”. I steer my buyers away from short-sales whenever possible and try to impress upon them the fact that a highly motivated seller will be a faster escrow and perhaps even a better deal. Call me old-fashioned, but from where I sit a short sale is just another way of saying “waste of time”.
I would love to see the mortgage lenders WAKE UP and realize that they will come out far better if they implement an effective short sale process rather than have another REO on the books.
I am very interested in Short Sales and REO properties
The banks are so yesterday and cannot grasp or function with the needs of the average short sale. The typical bank does not respond, will not respond to calls (by owner or authorized broker) or emails. The value, based on the LENDER"S ordered appraisal, is generally agreed to by buyers, yet the concept of "Sell it - get market value - clear it off the books" is a foreign language to the Short Sale and Loss Mitigation departments. Then, based on what market value is, the 2nd Mortgage holder who has Zero equity - even for a $2,000 to $4,000 admin fee to let it go - just sit there and aren't interested in what is good for the local community is good for them overall. The price is just what it is. One ex was a $355000 sales price that went down 4 months later to $335,000 and finally 9 months later closed at $311,000 with the same buyer ALL to the inability to move the short sale file any faster. How sad, we steer our buyers AWAY whenever possible - even though I have closed 4 short sales, too many lose good homes waiting for a final NO as well. Brian "Doc" Burry, Clovis, California
How can your NOT be interested. If you intend to stay in Real Estate, you NEED to be on the cutting edge of this situation. It is not going to go away for a long time and I, for one, don't want to say "Would you like fries with that?"