anything wrong with this SFH in 92011 ?

[CA renter]

Again, to clarify…the lender is now the taxpayer, and the old rules should not apply.

First and foremost, we need to be accountable to the taxpayers. The lenders and borrowers made tremendous mistakes, and their rights do not trump those of the taxpayers.

If it were only the lenders losing money (and they weren’t asking us for bailouts), I couldn’t care less what they gained or lost, but they are not the ones ultimately responsible anymore. The taxpayers are the ones taking the hit, so our duty is to protect them at all costs.

[SD Realtor]

CAR –

The short sale system right now is so screwed up that it really is a joke. On the average I am seeing anywhere from 8 – 10 weeks on responses back from lenders. Over the summer it started to decrease a little bit but lately the wheels seem to have come off once again.

Your idea has merit but for all practical purposes there is no infrastructure to support it. Additionally the portfolio managers for the short sales seem to pretty much have thier heads up thier ass as well because they are turning down offers that to them are unrealistic. Frequently they rely on poorly executed BPOs and outdated statistics in order to reject the offers. What is opaque to us or me is the effect of possible bailouts or repurchases of the bad loans as well. In short it really is a clusterf-ck. In all honesty portfolio managers really should strive to treat short sales like foreclosures. It gets sticky because all of the other liens have to be paid off and that is a huge problem, especially with multiple mortgages. Still the process is broken and NOT getting better as you and others can easily see.

[SD Realtor]

CAR –

The short sale system right now is so screwed up that it really is a joke. On the average I am seeing anywhere from 8 – 10 weeks on responses back from lenders. Over the summer it started to decrease a little bit but lately the wheels seem to have come off once again.

Your idea has merit but for all practical purposes there is no infrastructure to support it. Additionally the portfolio managers for the short sales seem to pretty much have thier heads up thier ass as well because they are turning down offers that to them are unrealistic. Frequently they rely on poorly executed BPOs and outdated statistics in order to reject the offers. What is opaque to us or me is the effect of possible bailouts or repurchases of the bad loans as well. In short it really is a clusterf-ck. In all honesty portfolio managers really should strive to treat short sales like foreclosures. It gets sticky because all of the other liens have to be paid off and that is a huge problem, especially with multiple mortgages. Still the process is broken and NOT getting better as you and others can easily see.

[SD Realtor]

CAR –

The short sale system right now is so screwed up that it really is a joke. On the average I am seeing anywhere from 8 – 10 weeks on responses back from lenders. Over the summer it started to decrease a little bit but lately the wheels seem to have come off once again.

Your idea has merit but for all practical purposes there is no infrastructure to support it. Additionally the portfolio managers for the short sales seem to pretty much have thier heads up thier ass as well because they are turning down offers that to them are unrealistic. Frequently they rely on poorly executed BPOs and outdated statistics in order to reject the offers. What is opaque to us or me is the effect of possible bailouts or repurchases of the bad loans as well. In short it really is a clusterf-ck. In all honesty portfolio managers really should strive to treat short sales like foreclosures. It gets sticky because all of the other liens have to be paid off and that is a huge problem, especially with multiple mortgages. Still the process is broken and NOT getting better as you and others can easily see.

[SD Realtor]

CAR –

The short sale system right now is so screwed up that it really is a joke. On the average I am seeing anywhere from 8 – 10 weeks on responses back from lenders. Over the summer it started to decrease a little bit but lately the wheels seem to have come off once again.

Your idea has merit but for all practical purposes there is no infrastructure to support it. Additionally the portfolio managers for the short sales seem to pretty much have thier heads up thier ass as well because they are turning down offers that to them are unrealistic. Frequently they rely on poorly executed BPOs and outdated statistics in order to reject the offers. What is opaque to us or me is the effect of possible bailouts or repurchases of the bad loans as well. In short it really is a clusterf-ck. In all honesty portfolio managers really should strive to treat short sales like foreclosures. It gets sticky because all of the other liens have to be paid off and that is a huge problem, especially with multiple mortgages. Still the process is broken and NOT getting better as you and others can easily see.

[SD Realtor]

CAR –

The short sale system right now is so screwed up that it really is a joke. On the average I am seeing anywhere from 8 – 10 weeks on responses back from lenders. Over the summer it started to decrease a little bit but lately the wheels seem to have come off once again.

Your idea has merit but for all practical purposes there is no infrastructure to support it. Additionally the portfolio managers for the short sales seem to pretty much have thier heads up thier ass as well because they are turning down offers that to them are unrealistic. Frequently they rely on poorly executed BPOs and outdated statistics in order to reject the offers. What is opaque to us or me is the effect of possible bailouts or repurchases of the bad loans as well. In short it really is a clusterf-ck. In all honesty portfolio managers really should strive to treat short sales like foreclosures. It gets sticky because all of the other liens have to be paid off and that is a huge problem, especially with multiple mortgages. Still the process is broken and NOT getting better as you and others can easily see.

[NotCranky]

Of course the process is messed up. So is the REO process. We all know that short sale listing frequently have unrealistically low pricing. I see properties listed low, as short sales, that are going to escrow quickly. I think that is probably good, and an improvement. The last time around(in the nineties) short sales got better. Of course those situations were not as complicated as today, with multiple seconds etc., but it can get better. If what I am seeing holds up it has gotten better in my view.

I don’t understand why those other than the people who might believe that the majority of these are fraud, would not think that was good? These sales, plus the fraud cases if they are fraud are driving comps down. I think that is good. Also I believe patient buyer will benefit from the problems in the long run if they target distressed property. That is not to say it isn’t dissapointing to see the waste of tax payer money and some active buyers efforts but there are other ways to look at it. Some of the best deals are had with short sales.

We are just closing an REO for 20% under list. The listing agent didn’t even bother to lower the list price to try to incite better offers in the two months that we waited for an answer. I never met the listing agent before. The incompetence or taking the path of least resistance benefited my responsible, tax paying, buyer.So did our willingness to put up with the BS.

[NotCranky]

Of course the process is messed up. So is the REO process. We all know that short sale listing frequently have unrealistically low pricing. I see properties listed low, as short sales, that are going to escrow quickly. I think that is probably good, and an improvement. The last time around(in the nineties) short sales got better. Of course those situations were not as complicated as today, with multiple seconds etc., but it can get better. If what I am seeing holds up it has gotten better in my view.

I don’t understand why those other than the people who might believe that the majority of these are fraud, would not think that was good? These sales, plus the fraud cases if they are fraud are driving comps down. I think that is good. Also I believe patient buyer will benefit from the problems in the long run if they target distressed property. That is not to say it isn’t dissapointing to see the waste of tax payer money and some active buyers efforts but there are other ways to look at it. Some of the best deals are had with short sales.

We are just closing an REO for 20% under list. The listing agent didn’t even bother to lower the list price to try to incite better offers in the two months that we waited for an answer. I never met the listing agent before. The incompetence or taking the path of least resistance benefited my responsible, tax paying, buyer.So did our willingness to put up with the BS.

[NotCranky]

Of course the process is messed up. So is the REO process. We all know that short sale listing frequently have unrealistically low pricing. I see properties listed low, as short sales, that are going to escrow quickly. I think that is probably good, and an improvement. The last time around(in the nineties) short sales got better. Of course those situations were not as complicated as today, with multiple seconds etc., but it can get better. If what I am seeing holds up it has gotten better in my view.

I don’t understand why those other than the people who might believe that the majority of these are fraud, would not think that was good? These sales, plus the fraud cases if they are fraud are driving comps down. I think that is good. Also I believe patient buyer will benefit from the problems in the long run if they target distressed property. That is not to say it isn’t dissapointing to see the waste of tax payer money and some active buyers efforts but there are other ways to look at it. Some of the best deals are had with short sales.

We are just closing an REO for 20% under list. The listing agent didn’t even bother to lower the list price to try to incite better offers in the two months that we waited for an answer. I never met the listing agent before. The incompetence or taking the path of least resistance benefited my responsible, tax paying, buyer.So did our willingness to put up with the BS.

[NotCranky]

Of course the process is messed up. So is the REO process. We all know that short sale listing frequently have unrealistically low pricing. I see properties listed low, as short sales, that are going to escrow quickly. I think that is probably good, and an improvement. The last time around(in the nineties) short sales got better. Of course those situations were not as complicated as today, with multiple seconds etc., but it can get better. If what I am seeing holds up it has gotten better in my view.

I don’t understand why those other than the people who might believe that the majority of these are fraud, would not think that was good? These sales, plus the fraud cases if they are fraud are driving comps down. I think that is good. Also I believe patient buyer will benefit from the problems in the long run if they target distressed property. That is not to say it isn’t dissapointing to see the waste of tax payer money and some active buyers efforts but there are other ways to look at it. Some of the best deals are had with short sales.

We are just closing an REO for 20% under list. The listing agent didn’t even bother to lower the list price to try to incite better offers in the two months that we waited for an answer. I never met the listing agent before. The incompetence or taking the path of least resistance benefited my responsible, tax paying, buyer.So did our willingness to put up with the BS.

[NotCranky]

Of course the process is messed up. So is the REO process. We all know that short sale listing frequently have unrealistically low pricing. I see properties listed low, as short sales, that are going to escrow quickly. I think that is probably good, and an improvement. The last time around(in the nineties) short sales got better. Of course those situations were not as complicated as today, with multiple seconds etc., but it can get better. If what I am seeing holds up it has gotten better in my view.

I don’t understand why those other than the people who might believe that the majority of these are fraud, would not think that was good? These sales, plus the fraud cases if they are fraud are driving comps down. I think that is good. Also I believe patient buyer will benefit from the problems in the long run if they target distressed property. That is not to say it isn’t dissapointing to see the waste of tax payer money and some active buyers efforts but there are other ways to look at it. Some of the best deals are had with short sales.

We are just closing an REO for 20% under list. The listing agent didn’t even bother to lower the list price to try to incite better offers in the two months that we waited for an answer. I never met the listing agent before. The incompetence or taking the path of least resistance benefited my responsible, tax paying, buyer.So did our willingness to put up with the BS.

[Author]

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