Agent won’t do any short sales – is that normal?

[sd-maybe]

I am also looking at some short sales which seem prime for a lowball offer. From what I understand its important to put language into your short sale offer that gives you the right to rescind the offer up until the bank actually accepts it, that way you dont have to wait around and can be out there submitting multiple short sale offers if you find many good deals out there.

[cashflow]

Dharmagirl, we have been looking in the area as well and we are choosing to not look at the short sales (for the most part).
The other part of the short sale equation is that if they have a 2nd mortgage (an 80/20 loan, or equity line), usually there is no incentive for the bank that owns the 2nd to approve a short sale as they get NOTHING. If the home goes to foreclosure at least they can claim on their insurance. This is at least how I understood how it works….

On another note, we have the hardest working realtor up there that will show you anything you’d like to see. She is just great…she told us in regards to short sales that she’d do the footwork by calling the listing agent first to get the story and find out if the bank has agreed to the short sale or not. If the bank hasn’t even agreed to it, then it’s even more unlikely. She also has found out how much they owe to the bank, that helps gauge what the bank might except offer wise…usually what we’d be willing to pay is way lower.

Lastly, I don’t believe any tract home (unless it’s a total mansion) should be worth 600k in Temecula. Right now you could by a nice stick built home on a few acres in wine country for that price, why would you ever look at a tract home in that price range???

If you’d like to get another realtors take on things…email me at [email protected]

[cashflow]

Dharmagirl, we have been looking in the area as well and we are choosing to not look at the short sales (for the most part).
The other part of the short sale equation is that if they have a 2nd mortgage (an 80/20 loan, or equity line), usually there is no incentive for the bank that owns the 2nd to approve a short sale as they get NOTHING. If the home goes to foreclosure at least they can claim on their insurance. This is at least how I understood how it works….

On another note, we have the hardest working realtor up there that will show you anything you’d like to see. She is just great…she told us in regards to short sales that she’d do the footwork by calling the listing agent first to get the story and find out if the bank has agreed to the short sale or not. If the bank hasn’t even agreed to it, then it’s even more unlikely. She also has found out how much they owe to the bank, that helps gauge what the bank might except offer wise…usually what we’d be willing to pay is way lower.

Lastly, I don’t believe any tract home (unless it’s a total mansion) should be worth 600k in Temecula. Right now you could by a nice stick built home on a few acres in wine country for that price, why would you ever look at a tract home in that price range???

If you’d like to get another realtors take on things…email me at [email protected]

[cashflow]

Dharmagirl, we have been looking in the area as well and we are choosing to not look at the short sales (for the most part).
The other part of the short sale equation is that if they have a 2nd mortgage (an 80/20 loan, or equity line), usually there is no incentive for the bank that owns the 2nd to approve a short sale as they get NOTHING. If the home goes to foreclosure at least they can claim on their insurance. This is at least how I understood how it works….

On another note, we have the hardest working realtor up there that will show you anything you’d like to see. She is just great…she told us in regards to short sales that she’d do the footwork by calling the listing agent first to get the story and find out if the bank has agreed to the short sale or not. If the bank hasn’t even agreed to it, then it’s even more unlikely. She also has found out how much they owe to the bank, that helps gauge what the bank might except offer wise…usually what we’d be willing to pay is way lower.

Lastly, I don’t believe any tract home (unless it’s a total mansion) should be worth 600k in Temecula. Right now you could by a nice stick built home on a few acres in wine country for that price, why would you ever look at a tract home in that price range???

If you’d like to get another realtors take on things…email me at [email protected]

[cashflow]

Dharmagirl, we have been looking in the area as well and we are choosing to not look at the short sales (for the most part).
The other part of the short sale equation is that if they have a 2nd mortgage (an 80/20 loan, or equity line), usually there is no incentive for the bank that owns the 2nd to approve a short sale as they get NOTHING. If the home goes to foreclosure at least they can claim on their insurance. This is at least how I understood how it works….

On another note, we have the hardest working realtor up there that will show you anything you’d like to see. She is just great…she told us in regards to short sales that she’d do the footwork by calling the listing agent first to get the story and find out if the bank has agreed to the short sale or not. If the bank hasn’t even agreed to it, then it’s even more unlikely. She also has found out how much they owe to the bank, that helps gauge what the bank might except offer wise…usually what we’d be willing to pay is way lower.

Lastly, I don’t believe any tract home (unless it’s a total mansion) should be worth 600k in Temecula. Right now you could by a nice stick built home on a few acres in wine country for that price, why would you ever look at a tract home in that price range???

If you’d like to get another realtors take on things…email me at [email protected]

[cashflow]

Dharmagirl, we have been looking in the area as well and we are choosing to not look at the short sales (for the most part).
The other part of the short sale equation is that if they have a 2nd mortgage (an 80/20 loan, or equity line), usually there is no incentive for the bank that owns the 2nd to approve a short sale as they get NOTHING. If the home goes to foreclosure at least they can claim on their insurance. This is at least how I understood how it works….

On another note, we have the hardest working realtor up there that will show you anything you’d like to see. She is just great…she told us in regards to short sales that she’d do the footwork by calling the listing agent first to get the story and find out if the bank has agreed to the short sale or not. If the bank hasn’t even agreed to it, then it’s even more unlikely. She also has found out how much they owe to the bank, that helps gauge what the bank might except offer wise…usually what we’d be willing to pay is way lower.

Lastly, I don’t believe any tract home (unless it’s a total mansion) should be worth 600k in Temecula. Right now you could by a nice stick built home on a few acres in wine country for that price, why would you ever look at a tract home in that price range???

If you’d like to get another realtors take on things…email me at [email protected]

[SD Realtor]

In and of itself the short sale singular transaction for the buyers agent is not a chore. Unfortunately because of the timescales involved a single buyers agent may submit anywhere from 1 to (insert a number) of offers on short sales for a single buyer. Thus the chore is in the volume, not really a single transaction. Sorry for not spelling that out correctly in the above post.

Also people who tend to submit alot of offers on properties simply because of pricing are also those who tend to have escrows that crash and burn. That is, they focus on the price price price price rather then buying the home for the correct reason which is buy a home you love. If you love it but cannot afford then you shouldn’t buy it. Unfortunately some people get caught up with a mentality of well let’s just offer offer offer and whatever gets accepted, then we will get picky about it and if it doesn’t cut the mustard then we will bail. You kind of see what I am saying?

Every buyer is different and I am not trying to generalize to much but this seems to be my personal experience over the past year.

I can indeed see why the agent that was posted about acted in the manner they did but still, I don’t agree with the behavior. I guess that agent is busy enough where they can pick and choose the business which is good for them.

************

sd-maybe having a clause about a right to rescind the offer is something that is good to have. However I don’t recommend any special nomenclature because as a buyer in the state of California you already have so many “outs” that it really is not necessary. Also you don’t want to have any implications to the lender that you are not REALLY interested in the home. Let them think you are in love 100% with this home and have no intent on bailing out or submitting other offers. Then if they do accept and you fell in love with another you can simply give them a dear John letter.

SD Realtor

[SD Realtor]

In and of itself the short sale singular transaction for the buyers agent is not a chore. Unfortunately because of the timescales involved a single buyers agent may submit anywhere from 1 to (insert a number) of offers on short sales for a single buyer. Thus the chore is in the volume, not really a single transaction. Sorry for not spelling that out correctly in the above post.

Also people who tend to submit alot of offers on properties simply because of pricing are also those who tend to have escrows that crash and burn. That is, they focus on the price price price price rather then buying the home for the correct reason which is buy a home you love. If you love it but cannot afford then you shouldn’t buy it. Unfortunately some people get caught up with a mentality of well let’s just offer offer offer and whatever gets accepted, then we will get picky about it and if it doesn’t cut the mustard then we will bail. You kind of see what I am saying?

Every buyer is different and I am not trying to generalize to much but this seems to be my personal experience over the past year.

I can indeed see why the agent that was posted about acted in the manner they did but still, I don’t agree with the behavior. I guess that agent is busy enough where they can pick and choose the business which is good for them.

************

sd-maybe having a clause about a right to rescind the offer is something that is good to have. However I don’t recommend any special nomenclature because as a buyer in the state of California you already have so many “outs” that it really is not necessary. Also you don’t want to have any implications to the lender that you are not REALLY interested in the home. Let them think you are in love 100% with this home and have no intent on bailing out or submitting other offers. Then if they do accept and you fell in love with another you can simply give them a dear John letter.

SD Realtor

[SD Realtor]

In and of itself the short sale singular transaction for the buyers agent is not a chore. Unfortunately because of the timescales involved a single buyers agent may submit anywhere from 1 to (insert a number) of offers on short sales for a single buyer. Thus the chore is in the volume, not really a single transaction. Sorry for not spelling that out correctly in the above post.

Also people who tend to submit alot of offers on properties simply because of pricing are also those who tend to have escrows that crash and burn. That is, they focus on the price price price price rather then buying the home for the correct reason which is buy a home you love. If you love it but cannot afford then you shouldn’t buy it. Unfortunately some people get caught up with a mentality of well let’s just offer offer offer and whatever gets accepted, then we will get picky about it and if it doesn’t cut the mustard then we will bail. You kind of see what I am saying?

Every buyer is different and I am not trying to generalize to much but this seems to be my personal experience over the past year.

I can indeed see why the agent that was posted about acted in the manner they did but still, I don’t agree with the behavior. I guess that agent is busy enough where they can pick and choose the business which is good for them.

************

sd-maybe having a clause about a right to rescind the offer is something that is good to have. However I don’t recommend any special nomenclature because as a buyer in the state of California you already have so many “outs” that it really is not necessary. Also you don’t want to have any implications to the lender that you are not REALLY interested in the home. Let them think you are in love 100% with this home and have no intent on bailing out or submitting other offers. Then if they do accept and you fell in love with another you can simply give them a dear John letter.

SD Realtor

[SD Realtor]

In and of itself the short sale singular transaction for the buyers agent is not a chore. Unfortunately because of the timescales involved a single buyers agent may submit anywhere from 1 to (insert a number) of offers on short sales for a single buyer. Thus the chore is in the volume, not really a single transaction. Sorry for not spelling that out correctly in the above post.

Also people who tend to submit alot of offers on properties simply because of pricing are also those who tend to have escrows that crash and burn. That is, they focus on the price price price price rather then buying the home for the correct reason which is buy a home you love. If you love it but cannot afford then you shouldn’t buy it. Unfortunately some people get caught up with a mentality of well let’s just offer offer offer and whatever gets accepted, then we will get picky about it and if it doesn’t cut the mustard then we will bail. You kind of see what I am saying?

Every buyer is different and I am not trying to generalize to much but this seems to be my personal experience over the past year.

I can indeed see why the agent that was posted about acted in the manner they did but still, I don’t agree with the behavior. I guess that agent is busy enough where they can pick and choose the business which is good for them.

************

sd-maybe having a clause about a right to rescind the offer is something that is good to have. However I don’t recommend any special nomenclature because as a buyer in the state of California you already have so many “outs” that it really is not necessary. Also you don’t want to have any implications to the lender that you are not REALLY interested in the home. Let them think you are in love 100% with this home and have no intent on bailing out or submitting other offers. Then if they do accept and you fell in love with another you can simply give them a dear John letter.

SD Realtor

[SD Realtor]

In and of itself the short sale singular transaction for the buyers agent is not a chore. Unfortunately because of the timescales involved a single buyers agent may submit anywhere from 1 to (insert a number) of offers on short sales for a single buyer. Thus the chore is in the volume, not really a single transaction. Sorry for not spelling that out correctly in the above post.

Also people who tend to submit alot of offers on properties simply because of pricing are also those who tend to have escrows that crash and burn. That is, they focus on the price price price price rather then buying the home for the correct reason which is buy a home you love. If you love it but cannot afford then you shouldn’t buy it. Unfortunately some people get caught up with a mentality of well let’s just offer offer offer and whatever gets accepted, then we will get picky about it and if it doesn’t cut the mustard then we will bail. You kind of see what I am saying?

Every buyer is different and I am not trying to generalize to much but this seems to be my personal experience over the past year.

I can indeed see why the agent that was posted about acted in the manner they did but still, I don’t agree with the behavior. I guess that agent is busy enough where they can pick and choose the business which is good for them.

************

sd-maybe having a clause about a right to rescind the offer is something that is good to have. However I don’t recommend any special nomenclature because as a buyer in the state of California you already have so many “outs” that it really is not necessary. Also you don’t want to have any implications to the lender that you are not REALLY interested in the home. Let them think you are in love 100% with this home and have no intent on bailing out or submitting other offers. Then if they do accept and you fell in love with another you can simply give them a dear John letter.

SD Realtor

[farbet]

SDRealtor Top of the Morning to you
Can you enumerate the “outs” one has to get out of a contract, if you please?
We are not all knowledgeable here.Thanks

[farbet]

SDRealtor Top of the Morning to you
Can you enumerate the “outs” one has to get out of a contract, if you please?
We are not all knowledgeable here.Thanks

[farbet]

SDRealtor Top of the Morning to you
Can you enumerate the “outs” one has to get out of a contract, if you please?
We are not all knowledgeable here.Thanks

[farbet]

SDRealtor Top of the Morning to you
Can you enumerate the “outs” one has to get out of a contract, if you please?
We are not all knowledgeable here.Thanks

[Author]

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