Home › Forums › Housing › 2 questions, Are short sale prices just fantasy? and Where are the fence sitters?
- This topic has 140 replies, 12 voices, and was last updated 17 years, 2 months ago by
SD Realtor.
-
AuthorPosts
-
February 22, 2008 at 9:19 PM #11897February 22, 2008 at 9:38 PM #158009
jimmyle
ParticipantHere is a 43% loss in Mira Mesa. So 46% might not be a fantasy.
Date Price Held Return Annual
02/14/2008 $206,000 2y 7m -43% -19%
06/30/2005 $360,000 n/a – –http://www.sdlookup.com/Property-088A520F-10248_Maya_Linda_Rd_35_San_Diego_CA_92126
February 22, 2008 at 9:38 PM #158299jimmyle
ParticipantHere is a 43% loss in Mira Mesa. So 46% might not be a fantasy.
Date Price Held Return Annual
02/14/2008 $206,000 2y 7m -43% -19%
06/30/2005 $360,000 n/a – –http://www.sdlookup.com/Property-088A520F-10248_Maya_Linda_Rd_35_San_Diego_CA_92126
February 22, 2008 at 9:38 PM #158309jimmyle
ParticipantHere is a 43% loss in Mira Mesa. So 46% might not be a fantasy.
Date Price Held Return Annual
02/14/2008 $206,000 2y 7m -43% -19%
06/30/2005 $360,000 n/a – –http://www.sdlookup.com/Property-088A520F-10248_Maya_Linda_Rd_35_San_Diego_CA_92126
February 22, 2008 at 9:38 PM #158319jimmyle
ParticipantHere is a 43% loss in Mira Mesa. So 46% might not be a fantasy.
Date Price Held Return Annual
02/14/2008 $206,000 2y 7m -43% -19%
06/30/2005 $360,000 n/a – –http://www.sdlookup.com/Property-088A520F-10248_Maya_Linda_Rd_35_San_Diego_CA_92126
February 22, 2008 at 9:38 PM #158389jimmyle
ParticipantHere is a 43% loss in Mira Mesa. So 46% might not be a fantasy.
Date Price Held Return Annual
02/14/2008 $206,000 2y 7m -43% -19%
06/30/2005 $360,000 n/a – –http://www.sdlookup.com/Property-088A520F-10248_Maya_Linda_Rd_35_San_Diego_CA_92126
February 22, 2008 at 10:24 PM #158029NotCranky
ParticipantThe pitfalls of short sales are many. The price is a wishing price, more dependent on how established the mechanisms for actually selling that property short . Have your agent quiz the listing agent on the topic. Ask if they can verify that the short sale has reasonable possibilities of success before spending too much time and energy on it. Has the lender approved the short sale? The price? Is there evidence of this? Are they making progress towards these goals? If not tell them express your interest but with strong language of it being non-binding, if written, and move on. Check back in a month or so. Don’t go getting pre-approval letters every month for a hopeless properties, that can hurt your credit.
Short sales can be fairly cut and dry but it is taking a while for the parties to get up to speed on them in some instances.
SDR has posted some threads on this topic, You can find them in the archives.
Here is a thread I was just looking at that discusses some important issues on the topic.
February 22, 2008 at 10:24 PM #158320NotCranky
ParticipantThe pitfalls of short sales are many. The price is a wishing price, more dependent on how established the mechanisms for actually selling that property short . Have your agent quiz the listing agent on the topic. Ask if they can verify that the short sale has reasonable possibilities of success before spending too much time and energy on it. Has the lender approved the short sale? The price? Is there evidence of this? Are they making progress towards these goals? If not tell them express your interest but with strong language of it being non-binding, if written, and move on. Check back in a month or so. Don’t go getting pre-approval letters every month for a hopeless properties, that can hurt your credit.
Short sales can be fairly cut and dry but it is taking a while for the parties to get up to speed on them in some instances.
SDR has posted some threads on this topic, You can find them in the archives.
Here is a thread I was just looking at that discusses some important issues on the topic.
February 22, 2008 at 10:24 PM #158329NotCranky
ParticipantThe pitfalls of short sales are many. The price is a wishing price, more dependent on how established the mechanisms for actually selling that property short . Have your agent quiz the listing agent on the topic. Ask if they can verify that the short sale has reasonable possibilities of success before spending too much time and energy on it. Has the lender approved the short sale? The price? Is there evidence of this? Are they making progress towards these goals? If not tell them express your interest but with strong language of it being non-binding, if written, and move on. Check back in a month or so. Don’t go getting pre-approval letters every month for a hopeless properties, that can hurt your credit.
Short sales can be fairly cut and dry but it is taking a while for the parties to get up to speed on them in some instances.
SDR has posted some threads on this topic, You can find them in the archives.
Here is a thread I was just looking at that discusses some important issues on the topic.
February 22, 2008 at 10:24 PM #158338NotCranky
ParticipantThe pitfalls of short sales are many. The price is a wishing price, more dependent on how established the mechanisms for actually selling that property short . Have your agent quiz the listing agent on the topic. Ask if they can verify that the short sale has reasonable possibilities of success before spending too much time and energy on it. Has the lender approved the short sale? The price? Is there evidence of this? Are they making progress towards these goals? If not tell them express your interest but with strong language of it being non-binding, if written, and move on. Check back in a month or so. Don’t go getting pre-approval letters every month for a hopeless properties, that can hurt your credit.
Short sales can be fairly cut and dry but it is taking a while for the parties to get up to speed on them in some instances.
SDR has posted some threads on this topic, You can find them in the archives.
Here is a thread I was just looking at that discusses some important issues on the topic.
February 22, 2008 at 10:24 PM #158410NotCranky
ParticipantThe pitfalls of short sales are many. The price is a wishing price, more dependent on how established the mechanisms for actually selling that property short . Have your agent quiz the listing agent on the topic. Ask if they can verify that the short sale has reasonable possibilities of success before spending too much time and energy on it. Has the lender approved the short sale? The price? Is there evidence of this? Are they making progress towards these goals? If not tell them express your interest but with strong language of it being non-binding, if written, and move on. Check back in a month or so. Don’t go getting pre-approval letters every month for a hopeless properties, that can hurt your credit.
Short sales can be fairly cut and dry but it is taking a while for the parties to get up to speed on them in some instances.
SDR has posted some threads on this topic, You can find them in the archives.
Here is a thread I was just looking at that discusses some important issues on the topic.
February 22, 2008 at 10:34 PM #158038SD Realtor
ParticipantCouldn’t agree more Rustico. Alot of times though it sucks because the listing agent doesn’t have a clue of whether the lender will approve the short sale. In alot of cases as well, the peskiness of the listing agent will make a big difference. I have been nagging and nagging and nagging the asset manager for a short I have listed for months on in quite often. I am always nice and kiss his ass. It does indeed look like the approval will happen. However I think in alot of cases listing agents give up on the listing even when an offer is in… and they just don’t do squat.
Anyways you covered it well. For buyers I am working with on shorts, I just tell em, submit the offer, then basically put in a mental closet. Move on to other properties. Then if it happens all the better. Make enough offers and one will come through. Also not to worry about being obligated to oblige if the offer is accepted months later. You can always get out of it via any of the contingencies.
SD Realtor
February 22, 2008 at 10:34 PM #158330SD Realtor
ParticipantCouldn’t agree more Rustico. Alot of times though it sucks because the listing agent doesn’t have a clue of whether the lender will approve the short sale. In alot of cases as well, the peskiness of the listing agent will make a big difference. I have been nagging and nagging and nagging the asset manager for a short I have listed for months on in quite often. I am always nice and kiss his ass. It does indeed look like the approval will happen. However I think in alot of cases listing agents give up on the listing even when an offer is in… and they just don’t do squat.
Anyways you covered it well. For buyers I am working with on shorts, I just tell em, submit the offer, then basically put in a mental closet. Move on to other properties. Then if it happens all the better. Make enough offers and one will come through. Also not to worry about being obligated to oblige if the offer is accepted months later. You can always get out of it via any of the contingencies.
SD Realtor
February 22, 2008 at 10:34 PM #158339SD Realtor
ParticipantCouldn’t agree more Rustico. Alot of times though it sucks because the listing agent doesn’t have a clue of whether the lender will approve the short sale. In alot of cases as well, the peskiness of the listing agent will make a big difference. I have been nagging and nagging and nagging the asset manager for a short I have listed for months on in quite often. I am always nice and kiss his ass. It does indeed look like the approval will happen. However I think in alot of cases listing agents give up on the listing even when an offer is in… and they just don’t do squat.
Anyways you covered it well. For buyers I am working with on shorts, I just tell em, submit the offer, then basically put in a mental closet. Move on to other properties. Then if it happens all the better. Make enough offers and one will come through. Also not to worry about being obligated to oblige if the offer is accepted months later. You can always get out of it via any of the contingencies.
SD Realtor
February 22, 2008 at 10:34 PM #158348SD Realtor
ParticipantCouldn’t agree more Rustico. Alot of times though it sucks because the listing agent doesn’t have a clue of whether the lender will approve the short sale. In alot of cases as well, the peskiness of the listing agent will make a big difference. I have been nagging and nagging and nagging the asset manager for a short I have listed for months on in quite often. I am always nice and kiss his ass. It does indeed look like the approval will happen. However I think in alot of cases listing agents give up on the listing even when an offer is in… and they just don’t do squat.
Anyways you covered it well. For buyers I am working with on shorts, I just tell em, submit the offer, then basically put in a mental closet. Move on to other properties. Then if it happens all the better. Make enough offers and one will come through. Also not to worry about being obligated to oblige if the offer is accepted months later. You can always get out of it via any of the contingencies.
SD Realtor
-
AuthorPosts
- You must be logged in to reply to this topic.