Can you sell your house as a short sale if you can still make the mortgage payment?

[sdrealtor]

Both responses above are not accurate. Short sale packages from most banks are pretty cursory IMO. Short sales can and do happen when there are no late payments and the seller can make the payments. I closed one such transaction last week and another will close next week. The key is understanding how to negotiate them properly with the lenders and why I will likely have a career year in 2009.

[NotCranky]

sdrealtor,
I don’t see how anyone was inaccurate. We were pretty obviously generalizing and going with historical norms and you are pretty obviously using a few specific examples and going with the current situation. In any case, I have said here several times that short sales will probably get easier sooner or later.In my post I said it was possible that it could happen. Starting a few weeks ago I said it seems like they are getting easier.I don’t have any proof that short sales are “cursory” but I believe you have a few examples to give that opinion and that is great…I think. Lots of people have not done one or many because they we so problematic. If they are doable for you and others more and more agents will catch on and I am sure there will be squabbles over who is the real short sale expert. Maybe an elbow in some one’s eye here and there. Gotta love it.

In any case it all depends on lender motivations.Much more than Realtor expertise. If they see short sales as a better route than foreclosure will see more going better. The troubled borrower has to be somehow motivated as compared to walking away, or perhaps even taking one of these modification or workout deals,if they are an option. We will see what trend prevails.

It is great to have sales people providing such great information here on piggington’s. Did your clients have to sign anything with regard to owing the lender non-securitized amounts? Any other advantages or disadvantages come to mind with these deals?Any possibility that some of these short sellers have another better option, that we might steer them to for ethical reasons?

Sincerely,
Grasshopper

This guy has a pretty interesting blog going on short sales.http://blog.franklyrealty.com/2008/02/va-short-sales.html

[NotCranky]

sdrealtor,
I don’t see how anyone was inaccurate. We were pretty obviously generalizing and going with historical norms and you are pretty obviously using a few specific examples and going with the current situation. In any case, I have said here several times that short sales will probably get easier sooner or later.In my post I said it was possible that it could happen. Starting a few weeks ago I said it seems like they are getting easier.I don’t have any proof that short sales are “cursory” but I believe you have a few examples to give that opinion and that is great…I think. Lots of people have not done one or many because they we so problematic. If they are doable for you and others more and more agents will catch on and I am sure there will be squabbles over who is the real short sale expert. Maybe an elbow in some one’s eye here and there. Gotta love it.

In any case it all depends on lender motivations.Much more than Realtor expertise. If they see short sales as a better route than foreclosure will see more going better. The troubled borrower has to be somehow motivated as compared to walking away, or perhaps even taking one of these modification or workout deals,if they are an option. We will see what trend prevails.

It is great to have sales people providing such great information here on piggington’s. Did your clients have to sign anything with regard to owing the lender non-securitized amounts? Any other advantages or disadvantages come to mind with these deals?Any possibility that some of these short sellers have another better option, that we might steer them to for ethical reasons?

Sincerely,
Grasshopper

This guy has a pretty interesting blog going on short sales.http://blog.franklyrealty.com/2008/02/va-short-sales.html

[NotCranky]

sdrealtor,
I don’t see how anyone was inaccurate. We were pretty obviously generalizing and going with historical norms and you are pretty obviously using a few specific examples and going with the current situation. In any case, I have said here several times that short sales will probably get easier sooner or later.In my post I said it was possible that it could happen. Starting a few weeks ago I said it seems like they are getting easier.I don’t have any proof that short sales are “cursory” but I believe you have a few examples to give that opinion and that is great…I think. Lots of people have not done one or many because they we so problematic. If they are doable for you and others more and more agents will catch on and I am sure there will be squabbles over who is the real short sale expert. Maybe an elbow in some one’s eye here and there. Gotta love it.

In any case it all depends on lender motivations.Much more than Realtor expertise. If they see short sales as a better route than foreclosure will see more going better. The troubled borrower has to be somehow motivated as compared to walking away, or perhaps even taking one of these modification or workout deals,if they are an option. We will see what trend prevails.

It is great to have sales people providing such great information here on piggington’s. Did your clients have to sign anything with regard to owing the lender non-securitized amounts? Any other advantages or disadvantages come to mind with these deals?Any possibility that some of these short sellers have another better option, that we might steer them to for ethical reasons?

Sincerely,
Grasshopper

This guy has a pretty interesting blog going on short sales.http://blog.franklyrealty.com/2008/02/va-short-sales.html

[NotCranky]

sdrealtor,
I don’t see how anyone was inaccurate. We were pretty obviously generalizing and going with historical norms and you are pretty obviously using a few specific examples and going with the current situation. In any case, I have said here several times that short sales will probably get easier sooner or later.In my post I said it was possible that it could happen. Starting a few weeks ago I said it seems like they are getting easier.I don’t have any proof that short sales are “cursory” but I believe you have a few examples to give that opinion and that is great…I think. Lots of people have not done one or many because they we so problematic. If they are doable for you and others more and more agents will catch on and I am sure there will be squabbles over who is the real short sale expert. Maybe an elbow in some one’s eye here and there. Gotta love it.

In any case it all depends on lender motivations.Much more than Realtor expertise. If they see short sales as a better route than foreclosure will see more going better. The troubled borrower has to be somehow motivated as compared to walking away, or perhaps even taking one of these modification or workout deals,if they are an option. We will see what trend prevails.

It is great to have sales people providing such great information here on piggington’s. Did your clients have to sign anything with regard to owing the lender non-securitized amounts? Any other advantages or disadvantages come to mind with these deals?Any possibility that some of these short sellers have another better option, that we might steer them to for ethical reasons?

Sincerely,
Grasshopper

This guy has a pretty interesting blog going on short sales.http://blog.franklyrealty.com/2008/02/va-short-sales.html

[NotCranky]

sdrealtor,
I don’t see how anyone was inaccurate. We were pretty obviously generalizing and going with historical norms and you are pretty obviously using a few specific examples and going with the current situation. In any case, I have said here several times that short sales will probably get easier sooner or later.In my post I said it was possible that it could happen. Starting a few weeks ago I said it seems like they are getting easier.I don’t have any proof that short sales are “cursory” but I believe you have a few examples to give that opinion and that is great…I think. Lots of people have not done one or many because they we so problematic. If they are doable for you and others more and more agents will catch on and I am sure there will be squabbles over who is the real short sale expert. Maybe an elbow in some one’s eye here and there. Gotta love it.

In any case it all depends on lender motivations.Much more than Realtor expertise. If they see short sales as a better route than foreclosure will see more going better. The troubled borrower has to be somehow motivated as compared to walking away, or perhaps even taking one of these modification or workout deals,if they are an option. We will see what trend prevails.

It is great to have sales people providing such great information here on piggington’s. Did your clients have to sign anything with regard to owing the lender non-securitized amounts? Any other advantages or disadvantages come to mind with these deals?Any possibility that some of these short sellers have another better option, that we might steer them to for ethical reasons?

Sincerely,
Grasshopper

This guy has a pretty interesting blog going on short sales.http://blog.franklyrealty.com/2008/02/va-short-sales.html

[sdrealtor]

Rus,
A couple things. While you were generalizing, you gerneralized comments and SD R’s would like lead readers to arrive a false conclusions. Based upon all the short sale nightmares I hear from other agents and the utter lack of nightmares I have had with mine, I believe Realtor competence has a lot to do with it. My clients did not sign anything and got written full releases from future deficiency judgements. Both clients should have relatively little credit damage and should be back in homes they can afford in 2 or 3 years. Btw, I am not a “short sale expert” and never claim to be. There is no such thing. The folks claiming to be short sale experts are setting themselves up to be sued in a big way down the road. One of the biggest voices out there posts approval letters on his site claiming they are full releases when clearly they are not. I expect that he will be sued many times in the next few years.

sdr

[sdrealtor]

Rus,
A couple things. While you were generalizing, you gerneralized comments and SD R’s would like lead readers to arrive a false conclusions. Based upon all the short sale nightmares I hear from other agents and the utter lack of nightmares I have had with mine, I believe Realtor competence has a lot to do with it. My clients did not sign anything and got written full releases from future deficiency judgements. Both clients should have relatively little credit damage and should be back in homes they can afford in 2 or 3 years. Btw, I am not a “short sale expert” and never claim to be. There is no such thing. The folks claiming to be short sale experts are setting themselves up to be sued in a big way down the road. One of the biggest voices out there posts approval letters on his site claiming they are full releases when clearly they are not. I expect that he will be sued many times in the next few years.

sdr

[sdrealtor]

Rus,
A couple things. While you were generalizing, you gerneralized comments and SD R’s would like lead readers to arrive a false conclusions. Based upon all the short sale nightmares I hear from other agents and the utter lack of nightmares I have had with mine, I believe Realtor competence has a lot to do with it. My clients did not sign anything and got written full releases from future deficiency judgements. Both clients should have relatively little credit damage and should be back in homes they can afford in 2 or 3 years. Btw, I am not a “short sale expert” and never claim to be. There is no such thing. The folks claiming to be short sale experts are setting themselves up to be sued in a big way down the road. One of the biggest voices out there posts approval letters on his site claiming they are full releases when clearly they are not. I expect that he will be sued many times in the next few years.

sdr

[sdrealtor]

Rus,
A couple things. While you were generalizing, you gerneralized comments and SD R’s would like lead readers to arrive a false conclusions. Based upon all the short sale nightmares I hear from other agents and the utter lack of nightmares I have had with mine, I believe Realtor competence has a lot to do with it. My clients did not sign anything and got written full releases from future deficiency judgements. Both clients should have relatively little credit damage and should be back in homes they can afford in 2 or 3 years. Btw, I am not a “short sale expert” and never claim to be. There is no such thing. The folks claiming to be short sale experts are setting themselves up to be sued in a big way down the road. One of the biggest voices out there posts approval letters on his site claiming they are full releases when clearly they are not. I expect that he will be sued many times in the next few years.

sdr

[sdrealtor]

Rus,
A couple things. While you were generalizing, you gerneralized comments and SD R’s would like lead readers to arrive a false conclusions. Based upon all the short sale nightmares I hear from other agents and the utter lack of nightmares I have had with mine, I believe Realtor competence has a lot to do with it. My clients did not sign anything and got written full releases from future deficiency judgements. Both clients should have relatively little credit damage and should be back in homes they can afford in 2 or 3 years. Btw, I am not a “short sale expert” and never claim to be. There is no such thing. The folks claiming to be short sale experts are setting themselves up to be sued in a big way down the road. One of the biggest voices out there posts approval letters on his site claiming they are full releases when clearly they are not. I expect that he will be sued many times in the next few years.

sdr

[NotCranky]

I agree realtor competence is important.I tried to edit that part because it wasn’t necessary but you posted first. This area is a little bit more complex than the average transaction but people can pick it up. Hopefully, before they start causing lots of trouble for other people.

[NotCranky]

I agree realtor competence is important.I tried to edit that part because it wasn’t necessary but you posted first. This area is a little bit more complex than the average transaction but people can pick it up. Hopefully, before they start causing lots of trouble for other people.

[NotCranky]

I agree realtor competence is important.I tried to edit that part because it wasn’t necessary but you posted first. This area is a little bit more complex than the average transaction but people can pick it up. Hopefully, before they start causing lots of trouble for other people.

[NotCranky]

I agree realtor competence is important.I tried to edit that part because it wasn’t necessary but you posted first. This area is a little bit more complex than the average transaction but people can pick it up. Hopefully, before they start causing lots of trouble for other people.

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