Comments on: Virginia Foreclosures! The new FEVER!

By: Janet

Janet — Thu, 22 Nov 2007 11:17:00 +0000

If you become a flipper and are going to buy a run-down property and fix it up, you better know what you are doing. And in a slow market, you better leave room to sell it well under market, otherwise you’ll follow the market downward.Excellent post

By: Anonymous

Anonymous — Tue, 20 Nov 2007 22:06:00 +0000

I want nothing to do with RE for several years until all these issues work themselves out. Sellers, agents, banks, developers, the whole lot of them are still just out there trying to manipulate everyone and everything. I will not get involved until the MARKET forces everyone to be reasonable in their expectations. Note I am saying nothing about price because while I am not one of the current bottom feeders I also do not want to overpay. I do not like overpaying for anything, but I can stomach 50 cents extra for shampoo. I cannot stomach 50k for a home that is purchased on credit. I will not be the greater fool and have my hard earned money evaporate before my eyes so that some peak bubble buyer who purchased with non money down can avoid catching a falling knife.

By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com

FRANK LL0SA Va Broker- BLOG.FranklyRealty.com — Thu, 15 Nov 2007 19:33:00 +0000

Hey “S”

Your link didn’t work since it was too long, so here is the shortcut link:
http://tinyurl.com/ywv8uj (link works for 2 months) written by Jay on Oct 9th 2007.

I wasn’t defining Short Sales in this blog, and the next one has a new twist, I defined Short Sales in my
“SOL” Homes: Virginia MLS Foreclosures, REO, Short Sales Defined + Email Alerts blog post from September 10th 2007.
http://blog.franklyrealty.com/2007/09/sol-homes-virginia-mls-foreclosures-reo.html
or:
http://tinyurl.com/2py6l2 (link lasts 2 months)

Please note that my September post is before his October post.

But I am a fan of Jay, so I’ll link to him anyhow (I just might not read it to make sure I don’t plagiarize!).

;-)

Frank

By: Anonymous

Anonymous — Thu, 15 Nov 2007 19:24:00 +0000

Not to steal Frank’s thunder, but another NoVa Realtor-blogger, Jay Seville, already wrote a little something about short sales. You can find it at the following link.

-S

http://www.justnewlistings.com/arlington-virginia-blog/jay-seville/what-the-hell-is-a-short-sale-in-northern-virginia/show/

By: Kelly

Kelly — Wed, 14 Nov 2007 00:31:00 +0000

Hey Frank,
You won’t believe this, but Parkside called me this evening and left a message saying that they have ONE two bedroom and ONE three bedroom that fell through from the auction. They also said that they are being sold on a “first come, first served, basis.” What do you think? Should I call them back?
“Jason’s wife”

By: Vicki Lloyd

Vicki Lloyd — Mon, 12 Nov 2007 23:45:00 +0000

I’m surprised that you find 50% of short sales close. I’ve heard as low as only 20%, but maybe we have more incompetant agents who list homes as short sales when there is NO way that the lender will allow it.

That seems to be the new seminar that all the newer agents are attending – “If your seller owes too much, just do a short sale! It’s EZ!”

They neglect to explain that there needs to be a hardship, and the seller better be willing to cough up all records of earnings and assets including 401Ks, tax returns, etc! How many sellers who used “Liar Loans” to get in are now willing to possibly be prosecuted for loan fraud?

By: Craig

Craig — Mon, 12 Nov 2007 22:44:00 +0000

I work for a company that designs House Plans and I have been reading quite a bit in the last few days about foreign investors coming in and buying up foreclosures to do just what you were discussing in your article. One source said foreign investment in the housing market was up over 500% in the last 5 months. What kind of impact do you think this will have?

By: Silvia (Frank's mother)

Silvia (Frank's mother) — Mon, 12 Nov 2007 16:54:00 +0000

Your blog you mentioned:
"You won't buy it because it will be sold. To me. "

Well....You probably don't know THIS story:
Of why/how we bought an investment property in Arlington 20 years ago.

Your uncle was new in town...looking for a place to buy in Arlington. I started looking for house for HIM (since I liked doing this) and came upon the house on North Rochester near East Falls Church Metro.

I called him up "Albert, I've got the bargain for you" (a for sale by owner, actually being sold by 2 neighbors....the guy from the house had died)

The reply was "No answer or lukewarm answer"

Your uncle calls me 2 weeks later "Silvia, you know...the house you mentioned to me awhile ago..."

I said: "Sorry....it's sold"

Albert: "Oh darn, how do you know?"

I said: "Because we liked it so much, we bought it!"

;>)

By: D'Ann

D'Ann — Mon, 12 Nov 2007 11:52:00 +0000

I also have a lot of clients looking for a “deal.” Many times they are surprised to find that foreclosures and short sales are priced toward the top of a market in a neighborhood. They fail to see the reason why a home was foreclosed, often because an ARM adjusted and the home owners did not have enough equity to refinance…leaving the bank owning a home for more than it is worth in today’s market. Many of my clients are finding that some of the best deals out there are average people…who bought low and are relocating now for whatever reason. I just sold a home in Vienna, VA for $622,500. The sellers were the original owners, who purchased in 1966 for $36K…seems they had a lot more wiggle-room on the price than most of the short sales out there :)

By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com

FRANK LL0SA Va Broker- BLOG.FranklyRealty.com — Sun, 11 Nov 2007 23:13:00 +0000

Hey Nancy,

You'll have to stay tuned. If I put everything into one blog post, you'd have to get it bound.

Frank