tag:blogger.com,1999:blog-4797432599663441966.post5000755200080986112..comments2008-05-09T19:08:28.859-04:00FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comBlogger72125tag:blogger.com,1999:blog-4797432599663441966.post-3191602410585801432008-05-09T19:08:00.000-04:002008-05-09T19:08:00.000-04:00

GOOD NEWS!Finally my 4th class on Short Sales.I finally have the education that I wish EVERYONE in our area would have. Instead of closing 5%, you can close 90% if done correctly. I will blog about it soon. (or email me)In the meantime read:http://tinyurl.com/5ka5hfWhich is a list of 10 questions that a buyer agent needs to ask a listing agent before showing a short sale.

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-85770304047226284012008-04-29T15:29:00.000-04:002008-04-29T15:29:00.000-04:00

Hey Kip,Thanks for your comment. I'm not sure if you just skimmed or skipped the actual body of the post, but we are in more agreement than disagreement.I thought that I was very clear when I said that I was talking about MY area and not the country. I do acknowledge that in Prince William and other further out areas, short sales are starting to close when down properly.But in Arlington Virginia,

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-12740895045738652832008-04-29T15:05:00.000-04:002008-04-29T15:05:00.000-04:00

Unbelievable........For those of you buyers agents out there that don't like the short sales for you and your clients, there is a simple solution. Simply DO NOT SHOW THEM! Whether you all like it or not, sort sales are here to stay for the unforeseeable future. These are the best option for the seller in trouble, the very best option by far for the lender that is looking at taking thousands of

Kiphttp://www.blogger.com/profile/14218943216708513417noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-31520954135529964282008-04-26T14:15:00.000-04:002008-04-26T14:15:00.000-04:00

Great Post! I was just talking to another agent on my team yesterday about this. I think MRIS (the local MLS board for those unfamiliar) needs to address this in a bad way.If we are going to be dealing with this type of market for years to come (especially out here in Prince William County) there really needs to be a category in the MLS -- actually, two -- one for "Unauthorized or Unapproved

Mikenoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-88924733804811012472008-04-17T15:38:00.000-04:002008-04-17T15:38:00.000-04:00

Lindsay,I love being right.Did you WSJ article today: www.tinyurl.com/5al27jLook toward the end where banks say they will talk to lenders that haven't missed payments.Frank

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-40201066593550033172008-04-15T22:01:00.000-04:002008-04-15T22:01:00.000-04:00

Hello Lindsay,I think you missed what I was saying.While MANY banks have a policy to not talk to an owner until they have missed payments. I have come across instanced where they do the exact opposite.They lie to the homeowner and lead them on, and ultimately don't allow the Short Sale, but they pocket the extra payments.So I am just saying to watch out for the bank that says they will consider

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-51606077803700095862008-04-15T16:47:00.000-04:002008-04-15T16:47:00.000-04:00

In response to your "Bank Trick" of the bank trying to squeeze more money out of the owner by way of more monthly payments, the banks actually will not talk to an owner about a short sale or consider a short sale offer until they are at least 90 days behind on their payments.

Lindsay Dukeswww.lindsaydukes.comnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-42937663418064024182008-04-11T10:19:00.000-04:002008-04-11T10:19:00.000-04:00

Hey Tracey,Thanks for contributing. What area are you in? In upper Northern Virginia, my stats show that they do not close. I would suppose it is possible that it would be different in other parts of the country.As for banks not considering prices until they get an offer, I will disagree with that. All banks have different rules.Frank

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-37766466456805629472008-04-11T00:13:00.000-04:002008-04-11T00:13:00.000-04:00

Short sales are NOT "fake listings" !!! You all must get in to reality and realize that A. 2 out of every 5 lisitngs is distressed in some form today and B. the banks don't approve a short sale deal with out an offer. They must be listed in order to GET an offer. And yes... wait, I'll break out my violin and tissues for you buyers agents, it might take a little bit of time. But ours are happening

tracey annhttp://www.blogger.com/profile/01171993817534959881noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-45595315063641105512008-04-05T17:25:00.000-04:002008-04-05T17:25:00.000-04:00

Frank Buddy.......It's all good we all have bias. That's what makes the world exciting.So why don't you clarify, for your viewing audience, what your intention/goal is here with this blog. The lions share seems to be devoted to dissing the short sales option for people. Lots of "FACTS" being thrown out there with very little substantiation. I would like very much to know where you have found

Kiphttp://www.blogger.com/profile/14218943216708513417noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-91061542889051847532008-04-05T16:29:00.000-04:002008-04-05T16:29:00.000-04:00

Hey Kip,I thank you for your comment. I hope you will read my other posts and call me out on each and every bias that you might see.Yes, using "Short Sales are FAKE LISTINGS" is a catchy headline. If I said "Short Sale info" I doubt we would be having this much needed conversation.Yes, I have a bias against short sales since they waste my time, and my client's time. I can see how that can be seen

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-50684781271813791572008-04-05T16:06:00.000-04:002008-04-05T16:06:00.000-04:00

Frank,I think you are letting your own bias drive the information that you provide with such conviction. One can always find information to support their view of the world, no matter how outlandish it may be. I would be very careful about how you choose to present your information. It tends to come across as the gospel and will mislead a lot of folk that are to lazy to be thorough in their own

Kiphttp://www.blogger.com/profile/14218943216708513417noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-30903524547939989952008-04-05T12:49:00.000-04:002008-04-05T12:49:00.000-04:00

Hey Bob.You quoted me as saying:"Get bank approval for your list price before listing it."Your comment> 1st off, many banks won't do anything without a fully executed offer. My reply> I agree with much of what you said. However SOME banks ARE giving approval on prices, as in REAL prices that will sell. So I do still think that every short seller should TRY and get some approval. As for this

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-701886398459768372008-04-05T12:42:00.000-04:002008-04-05T12:42:00.000-04:00

Hey HIlton,8 Short Sales, wow. Well first you have to find an agent that can tell you whether short sales are actually closing in Florida. In Va they don't.If they do NOT close, then there is no need to compete against them since they are fake.Think of it like an Ebay Auction. If you have a $10,000 car for sale, but somebody else has the same car that "Starts at $2,000" but has a unknown "reserve

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-41193481988255443962008-04-04T10:20:00.000-04:002008-04-04T10:20:00.000-04:00

"Get bank approval for your list price before listing it."1st off, many banks won't do anything without a fully executed offer. 2nd, getting bank approval from a few lenders that do this on a price is counter-productive in a declining market. You'll likely be locked into a price that is too high if it sits on the market for any length of time.You have made some excellent points, but you have

Bobhttp://www.homesalessandiego.comnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-40659242608755797132008-04-04T09:08:00.000-04:002008-04-04T09:08:00.000-04:00

Frank, I know you probably do not have time to answer all queries, yet some may be in a similar situation to mine. I live near Ft. Lauderdale. In my subdivision there are 300 similar townhomes. 15 are currently for sale,8 are short sales ranging from 220 -270k, 6 are listed at 2007 prices of 330-390k and there is mine (not a short sale) at 275k. Your post encouraged me to think we could get more

Hilton Familyhttp://www.blogger.com/profile/04020891367939643183noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-43620780505092063342008-04-01T17:04:00.000-04:002008-04-01T17:04:00.000-04:00

Hey Jennifer, I will try my best. I will go down your email blow by blow.> Here's the situation:We are trying to buy a short sale home. Offer was submitted Jan.28th 2008>Frank> In Virginia there is only a 5% chance of this closing. I don't know where you live, but I'm sureOffer was for 405k.Home owner paid 485k. 2years ago1st mortgage owed is 420k (sheriff sale amount) 2nd mortgage 107k>Frank> 2

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-2368576722083751082008-04-01T13:39:00.000-04:002008-04-01T13:39:00.000-04:00

HI, Please Help! Here's the situation:We are trying to buy a short sale home. Offer was submitted Jan.28th 2008Offer was for 405k.Home owner paid 485k. 2years ago1st mortgage owed is 420k (sheriff sale amount)2nd mortgage 107kWe were told 3 weeks ago this was a done deal by the dual agents listing and representing us.We closed March 25th on our current home and need to be out soon.The sheriff

Jennifernoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-60103723522583670192008-03-28T20:42:00.000-04:002008-03-28T20:42:00.000-04:00

Your post is right on the money about short sales. There's so much misinformation about the subject out there. It's nice to read when others in real estate get the real picture.

Short Storieshttp://www.blogger.com/profile/02829655525333282534noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-69663965371212272962008-03-08T10:39:00.000-05:002008-03-08T10:39:00.000-05:00

Thanks Frank for the insight into the meltdown mess we’er in. Here is another problem that goes to the pain fake listing of SS inflicts on people other than Banks and Realtors. My company provides information for residential real estate closings and when a title company gets a SS contract to settle we get a rush order. The problem is we do the work before the bank agrees to the sale and if it

Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-5293147581325227502008-03-07T18:50:00.000-05:002008-03-07T18:50:00.000-05:00

Great post Frank. I have been fighting with my local MLS and Board of REALTORS for months about this issue. We have a very serious issue going on with unethical treatment of these listings in North East Florida. Up to 44% of the listings currently in our MLS are short sales. It has created a false market in our area. I will be focusing all of my blogging on "Fake Listings" for the next few

Kristi Ross - Agenthttp://roxhopper.typepad.com/palm_coast_real_estate/noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-65389148987312158122008-03-06T00:17:00.000-05:002008-03-06T00:17:00.000-05:00

More on short sales:raincityguide.com/2007/12/13/should-you-buy-a-short-sale-property/or www.tinyurl.com/37bxv3

FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-69281768546353631462008-03-03T23:25:00.000-05:002008-03-03T23:25:00.000-05:00

Frank,Look at it like this.If you are the second mortgage bank and an agent comes to you asking the 2nd mortgage holderto write off $40,000 of the 2nd and the first mortgage (me) to write off $20,000 for a total of $60,000 on a $350,000 house would it make business sense for you?No if you are in the 2nd position and only maybe for me as the first position Lender.See the cost of a foreclosure is

Paul Moyenoreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-17447461173575300672008-03-03T21:38:00.000-05:002008-03-03T21:38:00.000-05:00

Good info, you are right there are few that will ever make it to closing but the more pressure and statistics that come out the more pressure the investor markets will put on improving these numbers.But 1 small FYI, Short Sales in excess of 10% of value are more costly to a lender than foreclosure. It also effects their write off. Short Sale is a loss, a foreclosure is a devaluation of earnings

Paul Moye, Broker, ABR, GRI, e-PROhttp://activerain.com/paulmoye1noreply@blogger.comtag:blogger.com,1999:blog-4797432599663441966.post-43028752537898154232008-03-03T19:51:00.000-05:002008-03-03T19:51:00.000-05:00

Jim,Most of the banks never approve a short sale prior to having a contract. They start working on it only after you have a contract and they look only one contract at a time. Some banks are very cooperative and will work with you from the beginning, We have closed quite a few as long,as the buyer agent understands the process & explains it to buyer the time frame and everyone is kept in the

Sanjeev Vashisthttp://activerain.com/sanjeevnoreply@blogger.com