Another short steal

[SD Realtor]

Researcher clearly what happened to you with regards to the listing agent does sound bad. I think that you should have documented your case and presented a formal complaint to the DRE when the case happened. You could have (and probably still can) file a complaint with the DRE against both the agent and the broker.

You did not mention how long after the listing went active that you or your agent called the listing agent.

The poor behavior exhibited by the agent is not going to get remedied unless people who are directly affected make complaints to the DRE. While it may be considered ineffective or useless, it is the best means to attempt to get agents to behave in a more ethical manner that we have at our disposal today.

In the future I would urge you to document things, SUBMIT WRITTEN offers regardless of the phone conversations, and have your agent make the contacts and submissions as this will bolster your case.

What happened to you does suck, however they may have well accepted the other offer by the time you called. I am not saying it is right.

[bearishgurl]

No one’s “jumping to any conclusions here.” Which part of my post was “jumping to conclusions?” You supplied the “facts” here, SDR.

researcher9 is not the ONLY Pigg who has posted here in recent months stating that they were not able to get their offers considered after submitting them within a day of a “short-sale” listing going “public.” I’m sure you are aware that there were several more. There is obviously a “systemic” problem with the way many listing agents are “handling” the presentation (or lack thereof) of these offers (to benefit themselves and/or their client-seller at the expense of the lenders involved).

I have a question about your short sale which you did not “double-end.” Of the “single exception” who was willing to satisfy the 2nd TD holder, did this payment show up as part of this buyer’s reported “sales price” as noted on his/her “Change of Ownership” form to the County Assessor?” In other words, is the assessed value of this property now equal to the 1st + 2nd TD holder payoff or just the 1st TD holder payoff, (+ 2% per year, if applicable)??

[bearishgurl]

No one’s “jumping to any conclusions here.” Which part of my post was “jumping to conclusions?” You supplied the “facts” here, SDR.

researcher9 is not the ONLY Pigg who has posted here in recent months stating that they were not able to get their offers considered after submitting them within a day of a “short-sale” listing going “public.” I’m sure you are aware that there were several more. There is obviously a “systemic” problem with the way many listing agents are “handling” the presentation (or lack thereof) of these offers (to benefit themselves and/or their client-seller at the expense of the lenders involved).

I have a question about your short sale which you did not “double-end.” Of the “single exception” who was willing to satisfy the 2nd TD holder, did this payment show up as part of this buyer’s reported “sales price” as noted on his/her “Change of Ownership” form to the County Assessor?” In other words, is the assessed value of this property now equal to the 1st + 2nd TD holder payoff or just the 1st TD holder payoff, (+ 2% per year, if applicable)??

[bearishgurl]

No one’s “jumping to any conclusions here.” Which part of my post was “jumping to conclusions?” You supplied the “facts” here, SDR.

researcher9 is not the ONLY Pigg who has posted here in recent months stating that they were not able to get their offers considered after submitting them within a day of a “short-sale” listing going “public.” I’m sure you are aware that there were several more. There is obviously a “systemic” problem with the way many listing agents are “handling” the presentation (or lack thereof) of these offers (to benefit themselves and/or their client-seller at the expense of the lenders involved).

I have a question about your short sale which you did not “double-end.” Of the “single exception” who was willing to satisfy the 2nd TD holder, did this payment show up as part of this buyer’s reported “sales price” as noted on his/her “Change of Ownership” form to the County Assessor?” In other words, is the assessed value of this property now equal to the 1st + 2nd TD holder payoff or just the 1st TD holder payoff, (+ 2% per year, if applicable)??

[bearishgurl]

No one’s “jumping to any conclusions here.” Which part of my post was “jumping to conclusions?” You supplied the “facts” here, SDR.

researcher9 is not the ONLY Pigg who has posted here in recent months stating that they were not able to get their offers considered after submitting them within a day of a “short-sale” listing going “public.” I’m sure you are aware that there were several more. There is obviously a “systemic” problem with the way many listing agents are “handling” the presentation (or lack thereof) of these offers (to benefit themselves and/or their client-seller at the expense of the lenders involved).

I have a question about your short sale which you did not “double-end.” Of the “single exception” who was willing to satisfy the 2nd TD holder, did this payment show up as part of this buyer’s reported “sales price” as noted on his/her “Change of Ownership” form to the County Assessor?” In other words, is the assessed value of this property now equal to the 1st + 2nd TD holder payoff or just the 1st TD holder payoff, (+ 2% per year, if applicable)??

[bearishgurl]

No one’s “jumping to any conclusions here.” Which part of my post was “jumping to conclusions?” You supplied the “facts” here, SDR.

researcher9 is not the ONLY Pigg who has posted here in recent months stating that they were not able to get their offers considered after submitting them within a day of a “short-sale” listing going “public.” I’m sure you are aware that there were several more. There is obviously a “systemic” problem with the way many listing agents are “handling” the presentation (or lack thereof) of these offers (to benefit themselves and/or their client-seller at the expense of the lenders involved).

I have a question about your short sale which you did not “double-end.” Of the “single exception” who was willing to satisfy the 2nd TD holder, did this payment show up as part of this buyer’s reported “sales price” as noted on his/her “Change of Ownership” form to the County Assessor?” In other words, is the assessed value of this property now equal to the 1st + 2nd TD holder payoff or just the 1st TD holder payoff, (+ 2% per year, if applicable)??

[no_such_reality]

[quote=bearishgurl]
Since we still seem to have a ways to go to “wade” thru “short sales,” reform is needed in this area, IMO.
[/quote]

Have you bought a short sale? I have. The process reminds me of a quote from a hairband in the 80s that described getting a record deal in LA as akin to swimming an Olympic pool of flaming sewage just to get to the point where you got to crawl through broken glass.

Again, looking at the very few sales, from a $/sf, the lack of conveyances, I don’t think this is a steal. A fairly average actually.

The buyer in the shortsale in addition to kicking in the cash to the 2nd (we did on ours too), probably also got to either forgo certain contingencies (like termite), or pay for the termite, pay for termite repairs and gets to fix any other issues not identified in the previous owner photos. I’ve been in many shortsales where the photos are the photos from when the ‘owner’ was trying to sell and the pig still had lipstick. Once the owner moves out or once it moves to a real short sale, you’d be surprised what kind of mess no appliances, a removed outdoor BBQ are.

That’s just my rant. I’m sure short sale agents have their own rants. And SDR has his rants. They’re all valid. The reality is, in my case, well, my agent convinced their agent, that convinced their seller, that we were the buyers that really had the money to do the deal and the stamina to swim the pool of filth, roll out the flames and crawl through the broken glass to get it done and knew that it was going to be a 90+ days process and likely 6 months.

BTW, IMHO, 20% isn’t enough to buy a shortsale. If you want to buy an $800K shortsale, you need $160K for the down, and $200K is better. You need another $100K sitting around for the close, the 2nd contribution, and the little sundries. You may not use it all, but you better have it. You then need to be a no-brainer on the loan app, and already pre-approved. By no brainer, I mean, you’ll probably lift the skirt to show the assets with the offer, so that the first holder knows it’s a no brainer.

So after you pull that $300K out to do the deal, the bank, the agents, and the sellers want to see that there is still plenty of bankroll left, or they’re know you’re too tapped to do the deal.

JM2C, YMMV

[no_such_reality]

[quote=bearishgurl]
Since we still seem to have a ways to go to “wade” thru “short sales,” reform is needed in this area, IMO.
[/quote]

Have you bought a short sale? I have. The process reminds me of a quote from a hairband in the 80s that described getting a record deal in LA as akin to swimming an Olympic pool of flaming sewage just to get to the point where you got to crawl through broken glass.

Again, looking at the very few sales, from a $/sf, the lack of conveyances, I don’t think this is a steal. A fairly average actually.

The buyer in the shortsale in addition to kicking in the cash to the 2nd (we did on ours too), probably also got to either forgo certain contingencies (like termite), or pay for the termite, pay for termite repairs and gets to fix any other issues not identified in the previous owner photos. I’ve been in many shortsales where the photos are the photos from when the ‘owner’ was trying to sell and the pig still had lipstick. Once the owner moves out or once it moves to a real short sale, you’d be surprised what kind of mess no appliances, a removed outdoor BBQ are.

That’s just my rant. I’m sure short sale agents have their own rants. And SDR has his rants. They’re all valid. The reality is, in my case, well, my agent convinced their agent, that convinced their seller, that we were the buyers that really had the money to do the deal and the stamina to swim the pool of filth, roll out the flames and crawl through the broken glass to get it done and knew that it was going to be a 90+ days process and likely 6 months.

BTW, IMHO, 20% isn’t enough to buy a shortsale. If you want to buy an $800K shortsale, you need $160K for the down, and $200K is better. You need another $100K sitting around for the close, the 2nd contribution, and the little sundries. You may not use it all, but you better have it. You then need to be a no-brainer on the loan app, and already pre-approved. By no brainer, I mean, you’ll probably lift the skirt to show the assets with the offer, so that the first holder knows it’s a no brainer.

So after you pull that $300K out to do the deal, the bank, the agents, and the sellers want to see that there is still plenty of bankroll left, or they’re know you’re too tapped to do the deal.

JM2C, YMMV

[no_such_reality]

[quote=bearishgurl]
Since we still seem to have a ways to go to “wade” thru “short sales,” reform is needed in this area, IMO.
[/quote]

Have you bought a short sale? I have. The process reminds me of a quote from a hairband in the 80s that described getting a record deal in LA as akin to swimming an Olympic pool of flaming sewage just to get to the point where you got to crawl through broken glass.

Again, looking at the very few sales, from a $/sf, the lack of conveyances, I don’t think this is a steal. A fairly average actually.

The buyer in the shortsale in addition to kicking in the cash to the 2nd (we did on ours too), probably also got to either forgo certain contingencies (like termite), or pay for the termite, pay for termite repairs and gets to fix any other issues not identified in the previous owner photos. I’ve been in many shortsales where the photos are the photos from when the ‘owner’ was trying to sell and the pig still had lipstick. Once the owner moves out or once it moves to a real short sale, you’d be surprised what kind of mess no appliances, a removed outdoor BBQ are.

That’s just my rant. I’m sure short sale agents have their own rants. And SDR has his rants. They’re all valid. The reality is, in my case, well, my agent convinced their agent, that convinced their seller, that we were the buyers that really had the money to do the deal and the stamina to swim the pool of filth, roll out the flames and crawl through the broken glass to get it done and knew that it was going to be a 90+ days process and likely 6 months.

BTW, IMHO, 20% isn’t enough to buy a shortsale. If you want to buy an $800K shortsale, you need $160K for the down, and $200K is better. You need another $100K sitting around for the close, the 2nd contribution, and the little sundries. You may not use it all, but you better have it. You then need to be a no-brainer on the loan app, and already pre-approved. By no brainer, I mean, you’ll probably lift the skirt to show the assets with the offer, so that the first holder knows it’s a no brainer.

So after you pull that $300K out to do the deal, the bank, the agents, and the sellers want to see that there is still plenty of bankroll left, or they’re know you’re too tapped to do the deal.

JM2C, YMMV

[no_such_reality]

[quote=bearishgurl]
Since we still seem to have a ways to go to “wade” thru “short sales,” reform is needed in this area, IMO.
[/quote]

Have you bought a short sale? I have. The process reminds me of a quote from a hairband in the 80s that described getting a record deal in LA as akin to swimming an Olympic pool of flaming sewage just to get to the point where you got to crawl through broken glass.

Again, looking at the very few sales, from a $/sf, the lack of conveyances, I don’t think this is a steal. A fairly average actually.

The buyer in the shortsale in addition to kicking in the cash to the 2nd (we did on ours too), probably also got to either forgo certain contingencies (like termite), or pay for the termite, pay for termite repairs and gets to fix any other issues not identified in the previous owner photos. I’ve been in many shortsales where the photos are the photos from when the ‘owner’ was trying to sell and the pig still had lipstick. Once the owner moves out or once it moves to a real short sale, you’d be surprised what kind of mess no appliances, a removed outdoor BBQ are.

That’s just my rant. I’m sure short sale agents have their own rants. And SDR has his rants. They’re all valid. The reality is, in my case, well, my agent convinced their agent, that convinced their seller, that we were the buyers that really had the money to do the deal and the stamina to swim the pool of filth, roll out the flames and crawl through the broken glass to get it done and knew that it was going to be a 90+ days process and likely 6 months.

BTW, IMHO, 20% isn’t enough to buy a shortsale. If you want to buy an $800K shortsale, you need $160K for the down, and $200K is better. You need another $100K sitting around for the close, the 2nd contribution, and the little sundries. You may not use it all, but you better have it. You then need to be a no-brainer on the loan app, and already pre-approved. By no brainer, I mean, you’ll probably lift the skirt to show the assets with the offer, so that the first holder knows it’s a no brainer.

So after you pull that $300K out to do the deal, the bank, the agents, and the sellers want to see that there is still plenty of bankroll left, or they’re know you’re too tapped to do the deal.

JM2C, YMMV

[no_such_reality]

[quote=bearishgurl]
Since we still seem to have a ways to go to “wade” thru “short sales,” reform is needed in this area, IMO.
[/quote]

Have you bought a short sale? I have. The process reminds me of a quote from a hairband in the 80s that described getting a record deal in LA as akin to swimming an Olympic pool of flaming sewage just to get to the point where you got to crawl through broken glass.

Again, looking at the very few sales, from a $/sf, the lack of conveyances, I don’t think this is a steal. A fairly average actually.

The buyer in the shortsale in addition to kicking in the cash to the 2nd (we did on ours too), probably also got to either forgo certain contingencies (like termite), or pay for the termite, pay for termite repairs and gets to fix any other issues not identified in the previous owner photos. I’ve been in many shortsales where the photos are the photos from when the ‘owner’ was trying to sell and the pig still had lipstick. Once the owner moves out or once it moves to a real short sale, you’d be surprised what kind of mess no appliances, a removed outdoor BBQ are.

That’s just my rant. I’m sure short sale agents have their own rants. And SDR has his rants. They’re all valid. The reality is, in my case, well, my agent convinced their agent, that convinced their seller, that we were the buyers that really had the money to do the deal and the stamina to swim the pool of filth, roll out the flames and crawl through the broken glass to get it done and knew that it was going to be a 90+ days process and likely 6 months.

BTW, IMHO, 20% isn’t enough to buy a shortsale. If you want to buy an $800K shortsale, you need $160K for the down, and $200K is better. You need another $100K sitting around for the close, the 2nd contribution, and the little sundries. You may not use it all, but you better have it. You then need to be a no-brainer on the loan app, and already pre-approved. By no brainer, I mean, you’ll probably lift the skirt to show the assets with the offer, so that the first holder knows it’s a no brainer.

So after you pull that $300K out to do the deal, the bank, the agents, and the sellers want to see that there is still plenty of bankroll left, or they’re know you’re too tapped to do the deal.

JM2C, YMMV

[bearishgurl]

great advice to researcher9 and all other affected Piggs, SDR.

researcher9, your offer should be submitted (and a copy of it kept) WITH your pre-approval letter from your lender and earnest money check attached (yes, even if a “short sale”). There is no need to “ask” the listing agent first if the property has JUST BEEN marketed on the MLS with a co-broke agreement. If the receipt of your offer has not been acknowledged to your agent within 24 hrs, then they should call and find out the status. If he/she gets a runaround similar to what you have described here, then it is time for them, and you to take IMMEDIATE action. This is the only way to eventually eradicate all the sleazy “back-room deals” that affect everyone, even the surrounding homeowners.

[bearishgurl]

great advice to researcher9 and all other affected Piggs, SDR.

researcher9, your offer should be submitted (and a copy of it kept) WITH your pre-approval letter from your lender and earnest money check attached (yes, even if a “short sale”). There is no need to “ask” the listing agent first if the property has JUST BEEN marketed on the MLS with a co-broke agreement. If the receipt of your offer has not been acknowledged to your agent within 24 hrs, then they should call and find out the status. If he/she gets a runaround similar to what you have described here, then it is time for them, and you to take IMMEDIATE action. This is the only way to eventually eradicate all the sleazy “back-room deals” that affect everyone, even the surrounding homeowners.

[bearishgurl]

great advice to researcher9 and all other affected Piggs, SDR.

researcher9, your offer should be submitted (and a copy of it kept) WITH your pre-approval letter from your lender and earnest money check attached (yes, even if a “short sale”). There is no need to “ask” the listing agent first if the property has JUST BEEN marketed on the MLS with a co-broke agreement. If the receipt of your offer has not been acknowledged to your agent within 24 hrs, then they should call and find out the status. If he/she gets a runaround similar to what you have described here, then it is time for them, and you to take IMMEDIATE action. This is the only way to eventually eradicate all the sleazy “back-room deals” that affect everyone, even the surrounding homeowners.

[bearishgurl]

great advice to researcher9 and all other affected Piggs, SDR.

researcher9, your offer should be submitted (and a copy of it kept) WITH your pre-approval letter from your lender and earnest money check attached (yes, even if a “short sale”). There is no need to “ask” the listing agent first if the property has JUST BEEN marketed on the MLS with a co-broke agreement. If the receipt of your offer has not been acknowledged to your agent within 24 hrs, then they should call and find out the status. If he/she gets a runaround similar to what you have described here, then it is time for them, and you to take IMMEDIATE action. This is the only way to eventually eradicate all the sleazy “back-room deals” that affect everyone, even the surrounding homeowners.

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