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SD Realtor.
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November 22, 2007 at 8:11 AM #102757November 22, 2007 at 8:58 AM #102913
SD Realtor
ParticipantI am skeptical that the lender will accept anything in the price range mostly because of how irritated I have become with the short sale process. Also I have found that many short sales that are now priced aggressively are done so in order to submit a valid offer to the lender with the hopes that the lender will at least push out the trustee sale date. That said the first on this one is 388k and a 2nd of 97k. Also there are two pendings on Hawley, at a much higher per square foot price then the current active is priced at. The NOD was posted 9/11/07. Now the home was marketed on the MLS for 84 days at 485k when it opened and it was down to 349k by the end of the listing.
Most people have to understand that the lender does not set the price for the short sale, the realtor does and usually the lender will not even give ANY feedback until the short sale package is SUBMITTED IN FULL to the lender. This must include an offer. Then the lender will put in some time and effort, (and a little money) to do an analysis to then give some feedback.
The entire process is really f’d up.
At any rate I am not saying that the property is or is not priced well, I am just saying the short sale process sucks and I am skeptical the lender will accept in this range. However perhaps lenders are getting smarter!
SD Realtor
November 22, 2007 at 8:58 AM #102884ParticipantI am skeptical that the lender will accept anything in the price range mostly because of how irritated I have become with the short sale process. Also I have found that many short sales that are now priced aggressively are done so in order to submit a valid offer to the lender with the hopes that the lender will at least push out the trustee sale date. That said the first on this one is 388k and a 2nd of 97k. Also there are two pendings on Hawley, at a much higher per square foot price then the current active is priced at. The NOD was posted 9/11/07. Now the home was marketed on the MLS for 84 days at 485k when it opened and it was down to 349k by the end of the listing.
Most people have to understand that the lender does not set the price for the short sale, the realtor does and usually the lender will not even give ANY feedback until the short sale package is SUBMITTED IN FULL to the lender. This must include an offer. Then the lender will put in some time and effort, (and a little money) to do an analysis to then give some feedback.
The entire process is really f’d up.
At any rate I am not saying that the property is or is not priced well, I am just saying the short sale process sucks and I am skeptical the lender will accept in this range. However perhaps lenders are getting smarter!
SD Realtor
November 22, 2007 at 8:58 AM #102772ParticipantI am skeptical that the lender will accept anything in the price range mostly because of how irritated I have become with the short sale process. Also I have found that many short sales that are now priced aggressively are done so in order to submit a valid offer to the lender with the hopes that the lender will at least push out the trustee sale date. That said the first on this one is 388k and a 2nd of 97k. Also there are two pendings on Hawley, at a much higher per square foot price then the current active is priced at. The NOD was posted 9/11/07. Now the home was marketed on the MLS for 84 days at 485k when it opened and it was down to 349k by the end of the listing.
Most people have to understand that the lender does not set the price for the short sale, the realtor does and usually the lender will not even give ANY feedback until the short sale package is SUBMITTED IN FULL to the lender. This must include an offer. Then the lender will put in some time and effort, (and a little money) to do an analysis to then give some feedback.
The entire process is really f’d up.
At any rate I am not saying that the property is or is not priced well, I am just saying the short sale process sucks and I am skeptical the lender will accept in this range. However perhaps lenders are getting smarter!
SD Realtor
November 22, 2007 at 8:58 AM #102861ParticipantI am skeptical that the lender will accept anything in the price range mostly because of how irritated I have become with the short sale process. Also I have found that many short sales that are now priced aggressively are done so in order to submit a valid offer to the lender with the hopes that the lender will at least push out the trustee sale date. That said the first on this one is 388k and a 2nd of 97k. Also there are two pendings on Hawley, at a much higher per square foot price then the current active is priced at. The NOD was posted 9/11/07. Now the home was marketed on the MLS for 84 days at 485k when it opened and it was down to 349k by the end of the listing.
Most people have to understand that the lender does not set the price for the short sale, the realtor does and usually the lender will not even give ANY feedback until the short sale package is SUBMITTED IN FULL to the lender. This must include an offer. Then the lender will put in some time and effort, (and a little money) to do an analysis to then give some feedback.
The entire process is really f’d up.
At any rate I am not saying that the property is or is not priced well, I am just saying the short sale process sucks and I am skeptical the lender will accept in this range. However perhaps lenders are getting smarter!
SD Realtor
November 22, 2007 at 8:58 AM #102850ParticipantI am skeptical that the lender will accept anything in the price range mostly because of how irritated I have become with the short sale process. Also I have found that many short sales that are now priced aggressively are done so in order to submit a valid offer to the lender with the hopes that the lender will at least push out the trustee sale date. That said the first on this one is 388k and a 2nd of 97k. Also there are two pendings on Hawley, at a much higher per square foot price then the current active is priced at. The NOD was posted 9/11/07. Now the home was marketed on the MLS for 84 days at 485k when it opened and it was down to 349k by the end of the listing.
Most people have to understand that the lender does not set the price for the short sale, the realtor does and usually the lender will not even give ANY feedback until the short sale package is SUBMITTED IN FULL to the lender. This must include an offer. Then the lender will put in some time and effort, (and a little money) to do an analysis to then give some feedback.
The entire process is really f’d up.
At any rate I am not saying that the property is or is not priced well, I am just saying the short sale process sucks and I am skeptical the lender will accept in this range. However perhaps lenders are getting smarter!
SD Realtor
November 22, 2007 at 9:41 AM #102891DCRogers
ParticipantOops, apologies for mistaking this for the REO on Hawley… SD Realtor, thanks for clearing this up.
That said, if what you’ve said about lender lack-of-help in pricing short sales is true (and I do not doubt it), then the process is indeed a mess. Lenders should expect more initiatives like the one the Governor is pushing (I do not know much detail, and cannot judge it yet) unless they get ahead of the foreclosure curve at some point and try to help failing borrowers towards the path that makes the most sense for each: deed-in-lieu, short sale, refi, rate reduction, or foreclosure. The fact that things seem on auto-pilot to FC is what makes people push for gov’t action.
November 22, 2007 at 9:41 AM #102802ParticipantOops, apologies for mistaking this for the REO on Hawley… SD Realtor, thanks for clearing this up.
That said, if what you’ve said about lender lack-of-help in pricing short sales is true (and I do not doubt it), then the process is indeed a mess. Lenders should expect more initiatives like the one the Governor is pushing (I do not know much detail, and cannot judge it yet) unless they get ahead of the foreclosure curve at some point and try to help failing borrowers towards the path that makes the most sense for each: deed-in-lieu, short sale, refi, rate reduction, or foreclosure. The fact that things seem on auto-pilot to FC is what makes people push for gov’t action.
November 22, 2007 at 9:41 AM #102914ParticipantOops, apologies for mistaking this for the REO on Hawley… SD Realtor, thanks for clearing this up.
That said, if what you’ve said about lender lack-of-help in pricing short sales is true (and I do not doubt it), then the process is indeed a mess. Lenders should expect more initiatives like the one the Governor is pushing (I do not know much detail, and cannot judge it yet) unless they get ahead of the foreclosure curve at some point and try to help failing borrowers towards the path that makes the most sense for each: deed-in-lieu, short sale, refi, rate reduction, or foreclosure. The fact that things seem on auto-pilot to FC is what makes people push for gov’t action.
November 22, 2007 at 9:41 AM #102943ParticipantOops, apologies for mistaking this for the REO on Hawley… SD Realtor, thanks for clearing this up.
That said, if what you’ve said about lender lack-of-help in pricing short sales is true (and I do not doubt it), then the process is indeed a mess. Lenders should expect more initiatives like the one the Governor is pushing (I do not know much detail, and cannot judge it yet) unless they get ahead of the foreclosure curve at some point and try to help failing borrowers towards the path that makes the most sense for each: deed-in-lieu, short sale, refi, rate reduction, or foreclosure. The fact that things seem on auto-pilot to FC is what makes people push for gov’t action.
November 22, 2007 at 9:41 AM #102880ParticipantOops, apologies for mistaking this for the REO on Hawley… SD Realtor, thanks for clearing this up.
That said, if what you’ve said about lender lack-of-help in pricing short sales is true (and I do not doubt it), then the process is indeed a mess. Lenders should expect more initiatives like the one the Governor is pushing (I do not know much detail, and cannot judge it yet) unless they get ahead of the foreclosure curve at some point and try to help failing borrowers towards the path that makes the most sense for each: deed-in-lieu, short sale, refi, rate reduction, or foreclosure. The fact that things seem on auto-pilot to FC is what makes people push for gov’t action.
November 22, 2007 at 4:37 PM #102982eyePod
ParticipantSD Realtor – The banks don’t want to lose money. This means they don’t want to sell for a loss AND they don’t want to spend time (time=money) on a short sale. They want YOU the poor realtor to do all the work for free. And the seller wants you to work for free so they can have their house longer. You have my sympathy.
November 22, 2007 at 4:37 PM #103033ParticipantSD Realtor – The banks don’t want to lose money. This means they don’t want to sell for a loss AND they don’t want to spend time (time=money) on a short sale. They want YOU the poor realtor to do all the work for free. And the seller wants you to work for free so they can have their house longer. You have my sympathy.
November 22, 2007 at 4:37 PM #103003ParticipantSD Realtor – The banks don’t want to lose money. This means they don’t want to sell for a loss AND they don’t want to spend time (time=money) on a short sale. They want YOU the poor realtor to do all the work for free. And the seller wants you to work for free so they can have their house longer. You have my sympathy.
November 22, 2007 at 4:37 PM #102970ParticipantSD Realtor – The banks don’t want to lose money. This means they don’t want to sell for a loss AND they don’t want to spend time (time=money) on a short sale. They want YOU the poor realtor to do all the work for free. And the seller wants you to work for free so they can have their house longer. You have my sympathy.
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