REO getting real in 92116

[eyePod]

SD 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.

[4plexowner]

SD Realtor – your post makes me think that the first person to offer on a short sale is the trail-blazer for a given property

for example, you and I submit an offer at $279K on this Normal Hts property – the bank might not accept anything less than $385K but we don’t know that until we make them an offer – I’m the type of person who will get pissed-off pretty quickly by this deceptive (IMO) marketing and I will walk away from the deal – but now you know the price point the bank will accept so you have a better shot of selling the property to someone else

of course, what are the chances that you have a 2nd buyer in hand who will be interested in the same property?

seems to me that the listing agent has an incentive to get an offer (almost any offer) to the bank as soon as possible – this first offer helps the listing agent find out how motivated the bank is and where the real short sale price might be – the desire to get an offer to the bank quickly might motivate the listing agent to list at a remarkably low price even though he doubts the bank will sell for that price

[4plexowner]

SD Realtor – your post makes me think that the first person to offer on a short sale is the trail-blazer for a given property

for example, you and I submit an offer at $279K on this Normal Hts property – the bank might not accept anything less than $385K but we don’t know that until we make them an offer – I’m the type of person who will get pissed-off pretty quickly by this deceptive (IMO) marketing and I will walk away from the deal – but now you know the price point the bank will accept so you have a better shot of selling the property to someone else

of course, what are the chances that you have a 2nd buyer in hand who will be interested in the same property?

seems to me that the listing agent has an incentive to get an offer (almost any offer) to the bank as soon as possible – this first offer helps the listing agent find out how motivated the bank is and where the real short sale price might be – the desire to get an offer to the bank quickly might motivate the listing agent to list at a remarkably low price even though he doubts the bank will sell for that price

[4plexowner]

SD Realtor – your post makes me think that the first person to offer on a short sale is the trail-blazer for a given property

for example, you and I submit an offer at $279K on this Normal Hts property – the bank might not accept anything less than $385K but we don’t know that until we make them an offer – I’m the type of person who will get pissed-off pretty quickly by this deceptive (IMO) marketing and I will walk away from the deal – but now you know the price point the bank will accept so you have a better shot of selling the property to someone else

of course, what are the chances that you have a 2nd buyer in hand who will be interested in the same property?

seems to me that the listing agent has an incentive to get an offer (almost any offer) to the bank as soon as possible – this first offer helps the listing agent find out how motivated the bank is and where the real short sale price might be – the desire to get an offer to the bank quickly might motivate the listing agent to list at a remarkably low price even though he doubts the bank will sell for that price

[4plexowner]

SD Realtor – your post makes me think that the first person to offer on a short sale is the trail-blazer for a given property

for example, you and I submit an offer at $279K on this Normal Hts property – the bank might not accept anything less than $385K but we don’t know that until we make them an offer – I’m the type of person who will get pissed-off pretty quickly by this deceptive (IMO) marketing and I will walk away from the deal – but now you know the price point the bank will accept so you have a better shot of selling the property to someone else

of course, what are the chances that you have a 2nd buyer in hand who will be interested in the same property?

seems to me that the listing agent has an incentive to get an offer (almost any offer) to the bank as soon as possible – this first offer helps the listing agent find out how motivated the bank is and where the real short sale price might be – the desire to get an offer to the bank quickly might motivate the listing agent to list at a remarkably low price even though he doubts the bank will sell for that price

[4plexowner]

SD Realtor – your post makes me think that the first person to offer on a short sale is the trail-blazer for a given property

for example, you and I submit an offer at $279K on this Normal Hts property – the bank might not accept anything less than $385K but we don’t know that until we make them an offer – I’m the type of person who will get pissed-off pretty quickly by this deceptive (IMO) marketing and I will walk away from the deal – but now you know the price point the bank will accept so you have a better shot of selling the property to someone else

of course, what are the chances that you have a 2nd buyer in hand who will be interested in the same property?

seems to me that the listing agent has an incentive to get an offer (almost any offer) to the bank as soon as possible – this first offer helps the listing agent find out how motivated the bank is and where the real short sale price might be – the desire to get an offer to the bank quickly might motivate the listing agent to list at a remarkably low price even though he doubts the bank will sell for that price

[SD Realtor]

4plex essentially you are correct. Now a distressed seller may indeed complete the short sale package and send it in prior to an offer coming in. However it is my opinion that they never get looked at due to volume.

Here is an example… I have a current short sale… It is a home in Lakeside. My clients sent in a fully completed documentation package many months ago to the loan workout department in an effort to restructure the loan. The package (at least for this lender) was identical to the short sale package with regards to the sellers information. So the lender would not budge… Now that we have an offer the lender has acted but in a very slow and disinterested manner. I am still haggling with them just to see if they will “consider” the offer. Consider being taking it seriously, sending an appraiser out, and giving me half a clue as to what they will respond to.

So yes you are correct that the first offer trailblazes the effort. Hopefully I will find out what neighborhood the lender will consider though I doubt it will be where this home is priced. I believe the home is priced to low and it will go to trustee sale. I think this is the case for many many short sales listed out there. Why these lenders think they will fetch more at auction is beyond me.

Your observations are on the mark. Getting any feedback from lenders in this market is key and what you described above is the only way to do it.

SD Realtor

[SD Realtor]

4plex essentially you are correct. Now a distressed seller may indeed complete the short sale package and send it in prior to an offer coming in. However it is my opinion that they never get looked at due to volume.

Here is an example… I have a current short sale… It is a home in Lakeside. My clients sent in a fully completed documentation package many months ago to the loan workout department in an effort to restructure the loan. The package (at least for this lender) was identical to the short sale package with regards to the sellers information. So the lender would not budge… Now that we have an offer the lender has acted but in a very slow and disinterested manner. I am still haggling with them just to see if they will “consider” the offer. Consider being taking it seriously, sending an appraiser out, and giving me half a clue as to what they will respond to.

So yes you are correct that the first offer trailblazes the effort. Hopefully I will find out what neighborhood the lender will consider though I doubt it will be where this home is priced. I believe the home is priced to low and it will go to trustee sale. I think this is the case for many many short sales listed out there. Why these lenders think they will fetch more at auction is beyond me.

Your observations are on the mark. Getting any feedback from lenders in this market is key and what you described above is the only way to do it.

SD Realtor

[SD Realtor]

4plex essentially you are correct. Now a distressed seller may indeed complete the short sale package and send it in prior to an offer coming in. However it is my opinion that they never get looked at due to volume.

Here is an example… I have a current short sale… It is a home in Lakeside. My clients sent in a fully completed documentation package many months ago to the loan workout department in an effort to restructure the loan. The package (at least for this lender) was identical to the short sale package with regards to the sellers information. So the lender would not budge… Now that we have an offer the lender has acted but in a very slow and disinterested manner. I am still haggling with them just to see if they will “consider” the offer. Consider being taking it seriously, sending an appraiser out, and giving me half a clue as to what they will respond to.

So yes you are correct that the first offer trailblazes the effort. Hopefully I will find out what neighborhood the lender will consider though I doubt it will be where this home is priced. I believe the home is priced to low and it will go to trustee sale. I think this is the case for many many short sales listed out there. Why these lenders think they will fetch more at auction is beyond me.

Your observations are on the mark. Getting any feedback from lenders in this market is key and what you described above is the only way to do it.

SD Realtor

[SD Realtor]

4plex essentially you are correct. Now a distressed seller may indeed complete the short sale package and send it in prior to an offer coming in. However it is my opinion that they never get looked at due to volume.

Here is an example… I have a current short sale… It is a home in Lakeside. My clients sent in a fully completed documentation package many months ago to the loan workout department in an effort to restructure the loan. The package (at least for this lender) was identical to the short sale package with regards to the sellers information. So the lender would not budge… Now that we have an offer the lender has acted but in a very slow and disinterested manner. I am still haggling with them just to see if they will “consider” the offer. Consider being taking it seriously, sending an appraiser out, and giving me half a clue as to what they will respond to.

So yes you are correct that the first offer trailblazes the effort. Hopefully I will find out what neighborhood the lender will consider though I doubt it will be where this home is priced. I believe the home is priced to low and it will go to trustee sale. I think this is the case for many many short sales listed out there. Why these lenders think they will fetch more at auction is beyond me.

Your observations are on the mark. Getting any feedback from lenders in this market is key and what you described above is the only way to do it.

SD Realtor

[SD Realtor]

4plex essentially you are correct. Now a distressed seller may indeed complete the short sale package and send it in prior to an offer coming in. However it is my opinion that they never get looked at due to volume.

Here is an example… I have a current short sale… It is a home in Lakeside. My clients sent in a fully completed documentation package many months ago to the loan workout department in an effort to restructure the loan. The package (at least for this lender) was identical to the short sale package with regards to the sellers information. So the lender would not budge… Now that we have an offer the lender has acted but in a very slow and disinterested manner. I am still haggling with them just to see if they will “consider” the offer. Consider being taking it seriously, sending an appraiser out, and giving me half a clue as to what they will respond to.

So yes you are correct that the first offer trailblazes the effort. Hopefully I will find out what neighborhood the lender will consider though I doubt it will be where this home is priced. I believe the home is priced to low and it will go to trustee sale. I think this is the case for many many short sales listed out there. Why these lenders think they will fetch more at auction is beyond me.

Your observations are on the mark. Getting any feedback from lenders in this market is key and what you described above is the only way to do it.

SD Realtor

[Author]

Posts