Comments on: Top 10 Questions Before Showing Virginia Short Sales http://blog.franklyrealty.com/2008/05/top-10-q.html Tue, 02 Mar 2010 02:11:05 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Chris http://blog.franklyrealty.com/2008/05/top-10-q.html/comment-page-1#comment-4285 Chris Wed, 23 Dec 2009 21:45:04 +0000 http://franktempblog.wordpress.com/2008/05/12/top-10-questions-before-showing-virginia-short-sales/#comment-4285 Hey Dorothy, It's still pretty relevant. One of the things we have started doing when we write on short sales is ask the listing agent for a copy of the hardship package. We've have actually had agents ask what it is... The fact is if they can't provide it withing a day or two then they don't have it and there is no telling when they will get it, if they don't know what it is then they don't have a deal. My favorite thought is "the seller doesn't want to give up that information" We have found that generally means the seller doesn't really have a hardship, and probably won't qualify for the short sale. Basically anything short of providing the hardship package means move on. Hey Dorothy, It’s still pretty relevant.

One of the things we have started doing when we write on short sales is ask the listing agent for a copy of the hardship package. We’ve have actually had agents ask what it is…

The fact is if they can’t provide it withing a day or two then they don’t have it and there is no telling when they will get it, if they don’t know what it is then they don’t have a deal. My favorite thought is “the seller doesn’t want to give up that information” We have found that generally means the seller doesn’t really have a hardship, and probably won’t qualify for the short sale. Basically anything short of providing the hardship package means move on.

]]> By: Dorothy Tuttle http://blog.franklyrealty.com/2008/05/top-10-q.html/comment-page-1#comment-4203 Dorothy Tuttle Sat, 14 Nov 2009 01:30:44 +0000 http://franktempblog.wordpress.com/2008/05/12/top-10-questions-before-showing-virginia-short-sales/#comment-4203 Will you be updating this topic again? Last entry was in March 09 and it's now November 09. Thanks! Will you be updating this topic again? Last entry was in March 09 and it’s now November 09.

Thanks!

]]> By: Short Sale Definition and advice for first time homebuyers | 1to4plex.com http://blog.franklyrealty.com/2008/05/top-10-q.html/comment-page-1#comment-3479 Short Sale Definition and advice for first time homebuyers | 1to4plex.com Tue, 02 Jun 2009 21:24:35 +0000 http://franktempblog.wordpress.com/2008/05/12/top-10-questions-before-showing-virginia-short-sales/#comment-3479 [...] can the buyer – or, more likely your agent – separate the wheat from the chaff? Frank Llosa, a Virginia-based real estate broker (and blogger) has created an excellent and very comprehensive screening list of screening questions [...] [...] can the buyer – or, more likely your agent – separate the wheat from the chaff? Frank Llosa, a Virginia-based real estate broker (and blogger) has created an excellent and very comprehensive screening list of screening questions [...]

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com http://blog.franklyrealty.com/2008/05/top-10-q.html/comment-page-1#comment-3025 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Mon, 23 Mar 2009 04:12:00 +0000 http://franktempblog.wordpress.com/2008/05/12/top-10-questions-before-showing-virginia-short-sales/#comment-3025 Hey Anonymous, While I would love to help you, I can't. You are represented by a Realtor, so I can not give you specific feedback.<br/><br/>You can read my first blogpost on Short Sales that talks about how one can keep a listing active and have multiple contracts.<br/><br/>And of course... did you get the answers to the Top 10 questions here?<br/><br/>Frank Hey Anonymous, While I would love to help you, I can’t. You are represented by a Realtor, so I can not give you specific feedback.

You can read my first blogpost on Short Sales that talks about how one can keep a listing active and have multiple contracts.

And of course… did you get the answers to the Top 10 questions here?

Frank

]]> By: Anonymous http://blog.franklyrealty.com/2008/05/top-10-q.html/comment-page-1#comment-3026 Anonymous Mon, 23 Mar 2009 03:54:00 +0000 http://franktempblog.wordpress.com/2008/05/12/top-10-questions-before-showing-virginia-short-sales/#comment-3026 Hello all! Thank you for all the posts, they are all very helpful. I just wanted to share my situation with you and maybe get a piece of specific advice. So,long story short my wife and I put a contract on a short-sale house 2 months ago. My real-estate agent did not hear from the short-sale listing agent for about 1.5 months, until she heard from another listing agent who replaced the initial one (for unexplained reasons). The second listing agent then told us that the owner approved our offer and sent it, along with other 2 offers, to the bank. However,according to my agent, the property is still active on MRIS. Thus, my questions are: is it normal that the property remains active? Can anyone at this point affect the decision-making process at the bank that actually owns the property? Is it worth waiting for the property if we waited for as long as two months already? <br/><br/>I would greatly appreciate any advice from the blog participants!<br/><br/>Thank you! Hello all! Thank you for all the posts, they are all very helpful. I just wanted to share my situation with you and maybe get a piece of specific advice. So,long story short my wife and I put a contract on a short-sale house 2 months ago. My real-estate agent did not hear from the short-sale listing agent for about 1.5 months, until she heard from another listing agent who replaced the initial one (for unexplained reasons). The second listing agent then told us that the owner approved our offer and sent it, along with other 2 offers, to the bank. However,according to my agent, the property is still active on MRIS. Thus, my questions are: is it normal that the property remains active? Can anyone at this point affect the decision-making process at the bank that actually owns the property? Is it worth waiting for the property if we waited for as long as two months already?

I would greatly appreciate any advice from the blog participants!

Thank you!

]]> By: Paul Francis - Las Vegas Real Estate http://blog.franklyrealty.com/2008/05/top-10-q.html/comment-page-1#comment-3024 Paul Francis - Las Vegas Real Estate Fri, 13 Mar 2009 08:24:00 +0000 http://franktempblog.wordpress.com/2008/05/12/top-10-questions-before-showing-virginia-short-sales/#comment-3024 Hello Frank,<br/><br/>It's been awhile since I've been around... good to see that short sales now have your approval as long as the right answers are given...<br/><br/>As for those completely unrealistic lowball offering prices... if there is no systematic history of price reductions then more then likely.. it's a waste of time.<br/><br/>--- My biggest hangup when working with buyers is "Baiting". Hello Frank,

It’s been awhile since I’ve been around… good to see that short sales now have your approval as long as the right answers are given…

As for those completely unrealistic lowball offering prices… if there is no systematic history of price reductions then more then likely.. it’s a waste of time.

— My biggest hangup when working with buyers is “Baiting”.

]]> By: Christy Bishop http://blog.franklyrealty.com/2008/05/top-10-q.html/comment-page-1#comment-3020 Christy Bishop Thu, 12 Feb 2009 21:28:00 +0000 http://franktempblog.wordpress.com/2008/05/12/top-10-questions-before-showing-virginia-short-sales/#comment-3020 As licensed Broker in Maryland I am encountering many instances of what I call "bait" pricing. It's difficult to counsel buyers who get excited about a property they see advertised at a price a lender had nothing to do with setting let alone accept it. Again~ how are listing agents coming up with the pricing is a topic all on it's own and one of many factors to weigh your clients time and perserverance. As licensed Broker in Maryland I am encountering many instances of what I call “bait” pricing. It’s difficult to counsel buyers who get excited about a property they see advertised at a price a lender had nothing to do with setting let alone accept it. Again~ how are listing agents coming up with the pricing is a topic all on it’s own and one of many factors to weigh your clients time and perserverance.

]]> By: Patrick Schutte http://blog.franklyrealty.com/2008/05/top-10-q.html/comment-page-1#comment-3021 Patrick Schutte Sat, 07 Feb 2009 00:12:00 +0000 http://franktempblog.wordpress.com/2008/05/12/top-10-questions-before-showing-virginia-short-sales/#comment-3021 Thanks for this great list and all the other super data you've shared. <br/><br/>Our market in Prescott, Arizona, is just starting to feel the effects of short sales as buyers are finally eeking back...<br/><br/>I've linked to this post and done my own 10 questions...thanks again for the awesome data!<br/><br/><br/>Keep up the great work!!!<br/><br/>:) PS Thanks for this great list and all the other super data you’ve shared.

Our market in Prescott, Arizona, is just starting to feel the effects of short sales as buyers are finally eeking back…

I’ve linked to this post and done my own 10 questions…thanks again for the awesome data!

Keep up the great work!!!

:) PS

]]> By: Anonymous http://blog.franklyrealty.com/2008/05/top-10-q.html/comment-page-1#comment-3022 Anonymous Wed, 04 Feb 2009 23:42:00 +0000 http://franktempblog.wordpress.com/2008/05/12/top-10-questions-before-showing-virginia-short-sales/#comment-3022 I sold my house with countrywide,a short sale 6 mo's! At the end of this circus act,they appraised the home ,said all was approved .Buyer is waiting to sign in escrow.I get acall from asset mgr. ,phone message ,this is blank ,pmi wants you to sign 45,000 note,If you want to e-mail me ,or I WILL CLOSE THE SALE!mortgage fraud and broker fraud ,when dealing with this company!If you sell your house at their approved price,this is what you will encounter I sold my house with countrywide,a short sale 6 mo’s! At the end of this circus act,they appraised the home ,said all was approved .Buyer is waiting to sign in escrow.I get acall from asset mgr. ,phone message ,this is blank ,pmi wants you to sign 45,000 note,If you want to e-mail me ,or I WILL CLOSE THE SALE!mortgage fraud and broker fraud ,when dealing with this company!If you sell your house at their approved price,this is what you will encounter

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com http://blog.franklyrealty.com/2008/05/top-10-q.html/comment-page-1#comment-3023 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Sun, 25 Jan 2009 15:07:00 +0000 http://franktempblog.wordpress.com/2008/05/12/top-10-questions-before-showing-virginia-short-sales/#comment-3023 I just added a #12. "Is the seller willing to hold a note with the bank for the difference? (much better for their credit score)" I just added a #12. “Is the seller willing to hold a note with the bank for the difference? (much better for their credit score)”

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