Comments on: Alert: Short Sales ARE CLOSING! But New Tricks! http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html Fri, 27 Jan 2012 18:42:01 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: FranklyRealty.com http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-4726 FranklyRealty.com Sun, 24 Jul 2011 16:34:14 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-4726 Hello Claire, While I do not understand the exact nature of the bank approving it, but the investor (is that the investor in the mortgage of the owner of the house for sale, who might have been a flipper or investor) attempting to stop the approval. What I do know is that EVERYTHING abnormal is normal with a short sale! Think of it this way. The months of uncertainty in order to save $10k - $50k is like a salary. You are basically being paid for the hassle factor. Sorry. I hope you were warned about the uncertainty. Hello Claire,
While I do not understand the exact nature of the bank approving it, but the investor (is that the investor in the mortgage of the owner of the house for sale, who might have been a flipper or investor) attempting to stop the approval. What I do know is that EVERYTHING abnormal is normal with a short sale! Think of it this way. The months of uncertainty in order to save $10k – $50k is like a salary. You are basically being paid for the hassle factor. Sorry. I hope you were warned about the uncertainty.

]]> By: Claire http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-4725 Claire Sun, 24 Jul 2011 11:19:24 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-4725 Hello, We are trying to close on a short sale that we have had undercontract for 7 months!! The bank finally approved it, but now the "investers" are saying its not actually approved? I don't understand!! Now we have to wait another 30-45 days before we know if we close? We are suppsoe to close on August 10th. Whats going on? Have you ever heard of this happening? I thought once the bank approved it, we were good to go....please help! Thanks, Claire Hello,

We are trying to close on a short sale that we have had undercontract for 7 months!! The bank finally approved it, but now the “investers” are saying its not actually approved? I don’t understand!! Now we have to wait another 30-45 days before we know if we close? We are suppsoe to close on August 10th. Whats going on? Have you ever heard of this happening? I thought once the bank approved it, we were good to go….please help!

Thanks,
Claire

]]> By: Joe Morrone http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-4540 Joe Morrone Sun, 23 May 2010 12:58:18 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-4540 Looking for approved short sales in Miami any ideas on how to find a bank approved list for the Miami area or do I just have to call ba banks Looking for approved short sales in Miami any ideas on how to find a bank approved list for the Miami area or do I just have to call ba banks

]]> By: Bryan http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-4248 Bryan Fri, 04 Dec 2009 04:05:17 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-4248 1) What do you think of a feature that would put a GREEN * next to a Short Sales listing if it is being performed by an agent that has previously closed a short sale? I think that would be killer, anybody else? (please add comments) BRYAN SAYS THE ABOVE WOULD BE AWESOME!!! 3) What do you think about a feature that lets you “favorite” a short sale listing, and if it goes off the market, but comes back as a REO, you get an email alert? Also working on alerts for closed price. BRYAN SAYS THE ABOVE WOULD BE AWESOME TOO!!! 1) What do you think of a feature that would put a GREEN * next to a Short Sales listing if it is being performed by an agent that has previously closed a short sale? I think that would be killer, anybody else? (please add comments)

BRYAN SAYS THE ABOVE WOULD BE AWESOME!!!

3) What do you think about a feature that lets you “favorite” a short sale listing, and if it goes off the market, but comes back as a REO, you get an email alert? Also working on alerts for closed price.

BRYAN SAYS THE ABOVE WOULD BE AWESOME TOO!!!

]]> By: Greg http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-4055 Greg Sun, 06 Sep 2009 12:10:50 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-4055 I am a seller doing a short sale on my townhouse and received an offer in May for $349K after 6 months of $25K reductions every 4 weeks. I have lost my job last year and have health problems which render me unable to find more work in my field of expertise. I have a first mortgage with wamu of $295K and a 2nd with citifinancial for $130K. Since citi is the one who has to take the loss my agent has been negotiating with them only. They initially refused the offer because they want wamu to take a loss also, but later offered to reconsider it "if i make another payment". They have done this twice now and each time i complied. They continue to drag their feet on responding to our negotiations. I have not paid my HOA in 4 mos and I think they will initiate foreclosure in about 2-3 mos. I have not defaulted on my mortgage, but after doing research, it seems like i need to stop paying the mortgage. Is this true? I don't want to foreclose but i cannot afford to keep paying them and at this stage it seems that I have no choice. I am in deep financial hardship. My house has been on sale since november 2008. I have had this offer on my townhouse since May and there has been no movement. Citi keeps saying i need to make another payment in order for a short sale to be considered. I am a seller doing a short sale on my townhouse and received an offer in May for $349K after 6 months of $25K reductions every 4 weeks. I have lost my job last year and have health problems which render me unable to find more work in my field of expertise. I have a first mortgage with wamu of $295K and a 2nd with citifinancial for $130K. Since citi is the one who has to take the loss my agent has been negotiating with them only. They initially refused the offer because they want wamu to take a loss also, but later offered to reconsider it “if i make another payment”. They have done this twice now and each time i complied. They continue to drag their feet on responding to our negotiations. I have not paid my HOA in 4 mos and I think they will initiate foreclosure in about 2-3 mos. I have not defaulted on my mortgage, but after doing research, it seems like i need to stop paying the mortgage. Is this true? I don’t want to foreclose but i cannot afford to keep paying them and at this stage it seems that I have no choice. I am in deep financial hardship. My house has been on sale since november 2008. I have had this offer on my townhouse since May and there has been no movement. Citi keeps saying i need to make another payment in order for a short sale to be considered.

]]> By: BC http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-3881 BC Wed, 24 Jun 2009 22:04:48 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-3881 We are currently working with a realtor to sell our home, but are not happy and plan not to renew when the contract expires in two weeks. My husband wants me to line up a new agent, but I am concerned that it would not be ethical to talk to another realtor while we are under contract with the first. Is it? We are currently working with a realtor to sell our home, but are not happy and plan not to renew when the contract expires in two weeks. My husband wants me to line up a new agent, but I am concerned that it would not be ethical to talk to another realtor while we are under contract with the first. Is it?

]]> By: Brian Ulrich http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-3307 Brian Ulrich Fri, 24 Apr 2009 16:51:00 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-3307 This is an awesome site and this Realtor knows what he is doing. Sharing that with people like he does, and I know he'll go far. I wish more agents were like him. He does research and uses facts to come to conclusions. How novel! This is an awesome site and this Realtor knows what he is doing. Sharing that with people like he does, and I know he’ll go far. I wish more agents were like him. He does research and uses facts to come to conclusions. How novel!

]]> By: Bospat http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-3306 Bospat Sun, 12 Apr 2009 12:01:00 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-3306 Franky, <br/><br/>I'm new to the Mkt and I want to thank you for making such a great site...I think you can become the CARMAX of Realty...giving the buyer the tools to make decisions and find properties....Links to Local tax offices, GIS mappers, etc would be helpful and reports on Agents that have closed SS/REO's would be helpful. nOT ALL AGENTS ARE VERSED in the new mkt and finding one that gets you that house you have been dreaming of..is priceless... Franky,

I’m new to the Mkt and I want to thank you for making such a great site…I think you can become the CARMAX of Realty…giving the buyer the tools to make decisions and find properties….Links to Local tax offices, GIS mappers, etc would be helpful and reports on Agents that have closed SS/REO’s would be helpful. nOT ALL AGENTS ARE VERSED in the new mkt and finding one that gets you that house you have been dreaming of..is priceless…

]]> By: FRANK LL0SA Va Broker- BLOG.FranklyRealty.com http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-3302 FRANK LL0SA Va Broker- BLOG.FranklyRealty.com Fri, 20 Mar 2009 04:20:00 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-3302 Hey Jack, First of all ignore the tax assessment for the most part. Lets say a home's tax assessment drops $150,000 when the new report comes out. Does that mean the home's value drops $!50k overnight? No. Don't use that data.<br/><br/><br/>Look to supply and demand and what things are closing for. And make sure you have an agent that knows how to deal with short sales. Let me know if you don't have one.<br/><br/>Yep there are a TON of biddings wars on bank owned too. And the inventory is tanking!!<br/><br/>As in, the # of homes sold DOUBLED and investors have come out in drives. THe inventory has shrunk by 60%. ANything can happens, but what do you think will happen when each home has 5 offers on it... hummm.<br/><br/><br/>Frank<br/>Frank Hey Jack, First of all ignore the tax assessment for the most part. Lets say a home’s tax assessment drops $150,000 when the new report comes out. Does that mean the home’s value drops $!50k overnight? No. Don’t use that data.

Look to supply and demand and what things are closing for. And make sure you have an agent that knows how to deal with short sales. Let me know if you don’t have one.

Yep there are a TON of biddings wars on bank owned too. And the inventory is tanking!!

As in, the # of homes sold DOUBLED and investors have come out in drives. THe inventory has shrunk by 60%. ANything can happens, but what do you think will happen when each home has 5 offers on it… hummm.

Frank
Frank

]]> By: Jack_A http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-3304 Jack_A Fri, 20 Mar 2009 01:29:00 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-3304 We are looking at homes in Manassas (I know, I know, 'Manassas???' but they have big lots.) Anyway, short sale prices are now over county assessment (2009). What the hell? And they are selling, well they are are getting contracts, who knows what happens in the end. Every nice house (really, it seems) in Manassas is a short sale -- there are so few normal for sale houses in the area it is amazing (S. Manassas, 1 acre or more, newer houses, bigger than 3k feet). I am totally baffled??? Any wise advise would be really appreciated. Great website! Hard to find information found here! We are looking at homes in Manassas (I know, I know, ‘Manassas???’ but they have big lots.) Anyway, short sale prices are now over county assessment (2009). What the hell? And they are selling, well they are are getting contracts, who knows what happens in the end. Every nice house (really, it seems) in Manassas is a short sale — there are so few normal for sale houses in the area it is amazing (S. Manassas, 1 acre or more, newer houses, bigger than 3k feet). I am totally baffled??? Any wise advise would be really appreciated. Great website! Hard to find information found here!

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