Many active short sales have offers

[SD Realtor]

One note here. Since the response time from lenders is so piss slow on short sales, many short sales on the MLS actually do have offers on them. I have two short sale buyers right now and in each of those offers, the listing agent also has several other offers. They just sent the whole boatload to the lender. There are 4 other short sales that I have checked on today that are active but have offers already in to the lender.

It is irritating because I see a home priced very aggressively and my buyers get all excited only to find that there are several offers already in on it.

[raptorduck]

This is very unfortunate to the seller. There is a short sale in my neighborhood up here that had mutiple offers. But the bank took so long to consider them, I heard from a HOA board member that the buyers have all walked.

The saddest part is that the seller had an offer just below his original non short sale asking price back in June and turned it down and it is way above his current short sale price. He could not clean up the house, let alone stage it, before listing it. I toured it and it smelled bad and looked very 80’s. Not what you expect from a million dollar tract home. It was filthy and has never been updated/upgraded, unlike most of the homes in the neighborhood.

He should have taken that offer. Hindsight and all that.

[raptorduck]

This is very unfortunate to the seller. There is a short sale in my neighborhood up here that had mutiple offers. But the bank took so long to consider them, I heard from a HOA board member that the buyers have all walked.

The saddest part is that the seller had an offer just below his original non short sale asking price back in June and turned it down and it is way above his current short sale price. He could not clean up the house, let alone stage it, before listing it. I toured it and it smelled bad and looked very 80’s. Not what you expect from a million dollar tract home. It was filthy and has never been updated/upgraded, unlike most of the homes in the neighborhood.

He should have taken that offer. Hindsight and all that.

[raptorduck]

This is very unfortunate to the seller. There is a short sale in my neighborhood up here that had mutiple offers. But the bank took so long to consider them, I heard from a HOA board member that the buyers have all walked.

The saddest part is that the seller had an offer just below his original non short sale asking price back in June and turned it down and it is way above his current short sale price. He could not clean up the house, let alone stage it, before listing it. I toured it and it smelled bad and looked very 80’s. Not what you expect from a million dollar tract home. It was filthy and has never been updated/upgraded, unlike most of the homes in the neighborhood.

He should have taken that offer. Hindsight and all that.

[SD Realtor]

Yeah I think it is bad for everyone… It scares buyers off, it irritates sellers… it really stinks.

SD Realtor

[SD Realtor]

Yeah I think it is bad for everyone… It scares buyers off, it irritates sellers… it really stinks.

SD Realtor

[SD Realtor]

Yeah I think it is bad for everyone… It scares buyers off, it irritates sellers… it really stinks.

SD Realtor

[flyer]

SD Realtor

What do you think will happen with real estate sales after this catastrophe? Any thoughts on whether prices will go up or down–especially in the areas even near the fires–4S, Del Sur, Santa Luz, etc?

[flyer]

SD Realtor

What do you think will happen with real estate sales after this catastrophe? Any thoughts on whether prices will go up or down–especially in the areas even near the fires–4S, Del Sur, Santa Luz, etc?

[flyer]

SD Realtor

What do you think will happen with real estate sales after this catastrophe? Any thoughts on whether prices will go up or down–especially in the areas even near the fires–4S, Del Sur, Santa Luz, etc?

[patientlywaiting]

Being the suspicious nature that I am, what do you think would happen if the banks said OK to every short sale?

Wouldn’t everyone want to do a short sale to his brother, dad, cousin, boss, girlfriend, boyfriend, son, daughter, with some cash back after the sale? During the boom there was cash back galore from sellers to buyers. We could easily have reverse cash back in a downturn if the lenders aren’t careful.

[patientlywaiting]

Being the suspicious nature that I am, what do you think would happen if the banks said OK to every short sale?

Wouldn’t everyone want to do a short sale to his brother, dad, cousin, boss, girlfriend, boyfriend, son, daughter, with some cash back after the sale? During the boom there was cash back galore from sellers to buyers. We could easily have reverse cash back in a downturn if the lenders aren’t careful.

[patientlywaiting]

Being the suspicious nature that I am, what do you think would happen if the banks said OK to every short sale?

Wouldn’t everyone want to do a short sale to his brother, dad, cousin, boss, girlfriend, boyfriend, son, daughter, with some cash back after the sale? During the boom there was cash back galore from sellers to buyers. We could easily have reverse cash back in a downturn if the lenders aren’t careful.

[SD Realtor]

flyer not sure what will happen… I would imagine we will have a short term reluctance on many buyers part. Seems very locical. We are in the slow cyclical portion of the year anyways. I expect the sales pattern in 08 to mimic 07…I think any effects will be short lived and most likely forgotten by spring. The secular market direction is what is more important.

PW my beef with the banks is not the acceptance or non acceptance of the short sale. It is the response time. Additionally the fact that they can take so long to respond lets listings just accumulate offers and send them in periodically while prior offers are being reviewed.

Imagine if the entire resale market had a 6 week response time on your offer? It seems to me that some procedures can be put in place to not even allow a short sale to be listed until some of the distress verification was completed by the lender. Doesn’t that make sense? I know all of them are overwhelmed but the current system is lame…Like everything else we work with what we have…it just sucks though, IMO…

Anyways it doesn’t matter to me if they accept or don’t accept the short sale. Just don’t allow them to list it as a short sale until the lender can respond in a more timely manner.

[SD Realtor]

flyer not sure what will happen… I would imagine we will have a short term reluctance on many buyers part. Seems very locical. We are in the slow cyclical portion of the year anyways. I expect the sales pattern in 08 to mimic 07…I think any effects will be short lived and most likely forgotten by spring. The secular market direction is what is more important.

PW my beef with the banks is not the acceptance or non acceptance of the short sale. It is the response time. Additionally the fact that they can take so long to respond lets listings just accumulate offers and send them in periodically while prior offers are being reviewed.

Imagine if the entire resale market had a 6 week response time on your offer? It seems to me that some procedures can be put in place to not even allow a short sale to be listed until some of the distress verification was completed by the lender. Doesn’t that make sense? I know all of them are overwhelmed but the current system is lame…Like everything else we work with what we have…it just sucks though, IMO…

Anyways it doesn’t matter to me if they accept or don’t accept the short sale. Just don’t allow them to list it as a short sale until the lender can respond in a more timely manner.

[Author]

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