Comments on: Alert: Short Sales ARE CLOSING! But New Tricks! http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html Tue, 02 Mar 2010 02:11:05 -0800 http://wordpress.org/?v=2.8.4 hourly 1 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!

]]> By: sally http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-3303 sally Wed, 11 Mar 2009 22:12:00 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-3303 I think the short sale highlights would be helpful. Perhaps even going further to be able to access some kind of listing agent profile to see their selling/buying record or link to their site would be even better. Don't know if this is allowed or possible.<br/><br/>BTW your MLS site and blog are awesome! I think the short sale highlights would be helpful. Perhaps even going further to be able to access some kind of listing agent profile to see their selling/buying record or link to their site would be even better. Don’t know if this is allowed or possible.

BTW your MLS site and blog are awesome!

]]> By: NovaHomeGuy http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-3305 NovaHomeGuy Mon, 02 Mar 2009 19:54:00 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-3305 Ski cam! <br/>Love it!<br/><br/>Don't know how the camera didnt shake more! Ski cam!
Love it!

Don’t know how the camera didnt shake more!

]]> By: Sara Rubida, REALTOR, Arlington, VA http://blog.franklyrealty.com/2009/02/short-sales-are-closing.html/comment-page-1#comment-3301 Sara Rubida, REALTOR, Arlington, VA Wed, 18 Feb 2009 21:11:00 +0000 http://franktempblog.wordpress.com/2009/02/12/alert-short-sales-are-closing-but-new-tricks/#comment-3301 Hi Frank, a bit of relevant data from the Arlington County (VA) assessor is that in 2008, the 280 (approximately) REOs in the county sold for an average of 15% under the assessed value. A short sale can be a better deal than an REO because the (real, human) seller still has motivation to keep up the property. For short sales, it is imperative to set the buyer's expectations about what might happen with a short sale: it may or may not get to settlement; the contract is not necessarily a contract in the classic sense because the bank may demand additional requirements; the bank may even demand more money from the buyer as well as slices of the agents' compensation. With a short sale, a buyer may well be advised to submit the offer AND keep on house hunting. Hi Frank, a bit of relevant data from the Arlington County (VA) assessor is that in 2008, the 280 (approximately) REOs in the county sold for an average of 15% under the assessed value. A short sale can be a better deal than an REO because the (real, human) seller still has motivation to keep up the property. For short sales, it is imperative to set the buyer’s expectations about what might happen with a short sale: it may or may not get to settlement; the contract is not necessarily a contract in the classic sense because the bank may demand additional requirements; the bank may even demand more money from the buyer as well as slices of the agents’ compensation. With a short sale, a buyer may well be advised to submit the offer AND keep on house hunting.

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