Massive loss in Mira Mesa, purchased $570K, listing at $399K-$450K

[an]

“Now, once the dominoes start falling and one lender starts accepting the 375-400k offers then we will see the non distressed properties start to catch up.”

SD Realtor, I’m still waiting for this day to come. All it takes is a few dominoes to fall. I’ve been waiting for houses in north Calle Cristobal to get until $600k and there’s finally one on Thomas Hayes that’s listing @ $599k. So it’s getting there.

[kaycee]

Perhaps I’m missing something, but it seems that the governmental help that we need is not a bailout. I think we need some legislation or other incentive to change the way short sales are handled. Especially in light of the numbers of them that we believe we are about to see.

I mean if right now a buyer has to guess a listing number, get an offer, submit it to the lender and then wait for the lender to say yes or no. Then if the lender says no, I understand he just says “NO”. Not, “No, but we would accept $blank$” So then the owner has to take another guess and start the whole process all over again. Or did I misunderstand that?

It seems it would benefit all; “fb’s, “PIGG’s” and the economy in general, if the banks were forced to deal with this problem effeciently. Like say as effeciently as they were able to get a subprime, no doc, interest only loan approved in the first place.

[kaycee]

Perhaps I’m missing something, but it seems that the governmental help that we need is not a bailout. I think we need some legislation or other incentive to change the way short sales are handled. Especially in light of the numbers of them that we believe we are about to see.

I mean if right now a buyer has to guess a listing number, get an offer, submit it to the lender and then wait for the lender to say yes or no. Then if the lender says no, I understand he just says “NO”. Not, “No, but we would accept $blank$” So then the owner has to take another guess and start the whole process all over again. Or did I misunderstand that?

It seems it would benefit all; “fb’s, “PIGG’s” and the economy in general, if the banks were forced to deal with this problem effeciently. Like say as effeciently as they were able to get a subprime, no doc, interest only loan approved in the first place.

[kaycee]

Perhaps I’m missing something, but it seems that the governmental help that we need is not a bailout. I think we need some legislation or other incentive to change the way short sales are handled. Especially in light of the numbers of them that we believe we are about to see.

I mean if right now a buyer has to guess a listing number, get an offer, submit it to the lender and then wait for the lender to say yes or no. Then if the lender says no, I understand he just says “NO”. Not, “No, but we would accept $blank$” So then the owner has to take another guess and start the whole process all over again. Or did I misunderstand that?

It seems it would benefit all; “fb’s, “PIGG’s” and the economy in general, if the banks were forced to deal with this problem effeciently. Like say as effeciently as they were able to get a subprime, no doc, interest only loan approved in the first place.

[SD Realtor]

Kaycee I believe what we need is for the government to try to focus on running the country effectively. Once they get that right then they can meddle in some of the markets.

Short sales are difficult because the loss mitigation group of the lender is exactly that, an independent team that performs their own evaluation of the property. I have a short sale listing and I have spoke directly to the loss mitigation group and they simply do not divulge (at least in this case) what they will accept or not accept.

Now the flip side is that most of the time, a Realtor can base the price of the home on comps and help the seller to show what price will at least make the home competitive. Similarly the realtor can also send in those comps with the offer to display to the loss mitigation team that this is a competitive offer (at least in the realtors mind). So yeah the short sale process is kind of a pain but I think as the depreciation cycle continues the process will work in a more favorable manner. One thing to remember is that all the lenders are facing a tidal wave of short sale applications now. (no this is not a sympathy plea for them) The point is that they have to grow these departments substantially and over time they will perform more efficiently.

I mean right now a NOD does not even get filed until someone is at least 3 months late. In my sellers case he missed almost 6 months before the NOD got filed!

So yeah I hear ya… it would be nice if the process was more streamlined… if I could call the loss mitigation group and go, “give me your bottom line” then market the home at that and then we all save time. If it sells at that great and if not then… auction time.

Like Rustico posted, he bought his home as a short sale…it takes more time but it does and can happen.

SD Realtor

[SD Realtor]

Kaycee I believe what we need is for the government to try to focus on running the country effectively. Once they get that right then they can meddle in some of the markets.

Short sales are difficult because the loss mitigation group of the lender is exactly that, an independent team that performs their own evaluation of the property. I have a short sale listing and I have spoke directly to the loss mitigation group and they simply do not divulge (at least in this case) what they will accept or not accept.

Now the flip side is that most of the time, a Realtor can base the price of the home on comps and help the seller to show what price will at least make the home competitive. Similarly the realtor can also send in those comps with the offer to display to the loss mitigation team that this is a competitive offer (at least in the realtors mind). So yeah the short sale process is kind of a pain but I think as the depreciation cycle continues the process will work in a more favorable manner. One thing to remember is that all the lenders are facing a tidal wave of short sale applications now. (no this is not a sympathy plea for them) The point is that they have to grow these departments substantially and over time they will perform more efficiently.

I mean right now a NOD does not even get filed until someone is at least 3 months late. In my sellers case he missed almost 6 months before the NOD got filed!

So yeah I hear ya… it would be nice if the process was more streamlined… if I could call the loss mitigation group and go, “give me your bottom line” then market the home at that and then we all save time. If it sells at that great and if not then… auction time.

Like Rustico posted, he bought his home as a short sale…it takes more time but it does and can happen.

SD Realtor

[SD Realtor]

Kaycee I believe what we need is for the government to try to focus on running the country effectively. Once they get that right then they can meddle in some of the markets.

Short sales are difficult because the loss mitigation group of the lender is exactly that, an independent team that performs their own evaluation of the property. I have a short sale listing and I have spoke directly to the loss mitigation group and they simply do not divulge (at least in this case) what they will accept or not accept.

Now the flip side is that most of the time, a Realtor can base the price of the home on comps and help the seller to show what price will at least make the home competitive. Similarly the realtor can also send in those comps with the offer to display to the loss mitigation team that this is a competitive offer (at least in the realtors mind). So yeah the short sale process is kind of a pain but I think as the depreciation cycle continues the process will work in a more favorable manner. One thing to remember is that all the lenders are facing a tidal wave of short sale applications now. (no this is not a sympathy plea for them) The point is that they have to grow these departments substantially and over time they will perform more efficiently.

I mean right now a NOD does not even get filed until someone is at least 3 months late. In my sellers case he missed almost 6 months before the NOD got filed!

So yeah I hear ya… it would be nice if the process was more streamlined… if I could call the loss mitigation group and go, “give me your bottom line” then market the home at that and then we all save time. If it sells at that great and if not then… auction time.

Like Rustico posted, he bought his home as a short sale…it takes more time but it does and can happen.

SD Realtor

[SD Realtor]

AN our favorite listing at Cheryl Ridge Court finally gave up as well. I think he was down in the 630’s and threw in the towel… and that nice new backyard lawn was courtesy of my rental deposit!!

SD Realtor

[SD Realtor]

AN our favorite listing at Cheryl Ridge Court finally gave up as well. I think he was down in the 630’s and threw in the towel… and that nice new backyard lawn was courtesy of my rental deposit!!

SD Realtor

[SD Realtor]

AN our favorite listing at Cheryl Ridge Court finally gave up as well. I think he was down in the 630’s and threw in the towel… and that nice new backyard lawn was courtesy of my rental deposit!!

SD Realtor

[an]

Yeah, I noticed he threw in the towel. Wow, he took your deposit? That sucks. Those don’t pencil out as rental until they get whack by another 30%.

[an]

Yeah, I noticed he threw in the towel. Wow, he took your deposit? That sucks. Those don’t pencil out as rental until they get whack by another 30%.

[an]

Yeah, I noticed he threw in the towel. Wow, he took your deposit? That sucks. Those don’t pencil out as rental until they get whack by another 30%.

[SD Realtor]

Yeah I know… he did not take the entire deposit but he dinged me for 1200 bucks. Before I signed the lease I told him we have a female german sheppard and that she would spot the lawn… we also have my mother in laws skipper key (aka the rat) so yeah when we moved out the lawn was spotted… I was going to dig up all the spotted areas and patch them but no way did I have the time once we moved. The lawn was not in pristine shape when we moved in anyways… So the long and short of it was yeah he billed me for the materials, new sod, and labor to have another lawn rolled out… I was to busy to fight him on it. I figure it is a karma play and in the end he will get his.

You are right those homes will probably be the last in MM to pencil out as a rental.

SD Realtor

[SD Realtor]

Yeah I know… he did not take the entire deposit but he dinged me for 1200 bucks. Before I signed the lease I told him we have a female german sheppard and that she would spot the lawn… we also have my mother in laws skipper key (aka the rat) so yeah when we moved out the lawn was spotted… I was going to dig up all the spotted areas and patch them but no way did I have the time once we moved. The lawn was not in pristine shape when we moved in anyways… So the long and short of it was yeah he billed me for the materials, new sod, and labor to have another lawn rolled out… I was to busy to fight him on it. I figure it is a karma play and in the end he will get his.

You are right those homes will probably be the last in MM to pencil out as a rental.

SD Realtor

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