Scripps Ranch – South

[MoovanOnUp]

I have been actively searching in the Scripps Ranch area for homes over 2500 sq ft. I would like a family friendly area with good schools and no to low Mellos. I have seen some go fairly fast and others sit in the 700k to 850k range. I did find a short sale property I am interested in. Made and offer and feel like my agent is not working for my best interest with a dismal attitude about the whole process. Any advice?

[SD Realtor]

Hi MoovanOnUp –

I am curious why you feel your agent is not working in your best interest. As you most likely know I live in Scripps and am more then a little familiar with the area. One thing about short sales is that they can be really frustrating for buyers to deal with. I am not trying to defend your agent but more often then not, the buyer and his/her agent are pretty much powerless when dealing with the listing agent and his client the seller.

Here is an example… I have a buyer who submitted an all CASH offer to a property in Encinitas that is a short sale 2 weeks ago. Our offer was ABOVE list price. After a few days the listing agent got back to me and said his seller did not want to accept the offer. While the offer was about 2% higher then the offer they already had into the lender, the seller simply did not want to reset the lender from the initial offer the lender had in there. I tried to argue that our offer was better and was CASH! This was a virtual lock that the lender would take it right? Well the seller still did not budge and decided he would rather risk what he already had into the lender…

Anyways it was frustrating for all parties involved, especially my buyers who are very nice and who I have been working with for about 7 months now.

******

Now one thing that you noted was that your agent had a dismal attitude about the whole process… That is not good at all. Another thing that is not uncommon on short sales is commission reductions. Looking at the process, what happens is you send an offer to the listing agent… if the seller accepts and the offer is to be sent to the lender, then the listing agent needs to get a closing statement to accompany the offer when they send it into the lender. A preliminary title report will catch other liens (most people in default also stop paying property taxes as well) so basically the lender will look at the offer, back out all liens, closing costs commissions and such, and then say okay, we will give a lien release (or liens for multiple mortgages) for $X. The lender may also cut the commission down to reach that $X…

Also remember, while your short sale offer is being considered, other offers may come in as well. Maybe the listing agent sends them in, maybe not.

*********

With all this said, an agent having a bad attitude is not tolerable. Have a talk with your agent and tell him how you feel. Or even go to the broker and ask for a different agent.

Dont tolerate subprime performance. No matter what this agent will make money so you shouldn’t feel like you have posted.

SD Realtor

[SD Realtor]

Hi MoovanOnUp –

I am curious why you feel your agent is not working in your best interest. As you most likely know I live in Scripps and am more then a little familiar with the area. One thing about short sales is that they can be really frustrating for buyers to deal with. I am not trying to defend your agent but more often then not, the buyer and his/her agent are pretty much powerless when dealing with the listing agent and his client the seller.

Here is an example… I have a buyer who submitted an all CASH offer to a property in Encinitas that is a short sale 2 weeks ago. Our offer was ABOVE list price. After a few days the listing agent got back to me and said his seller did not want to accept the offer. While the offer was about 2% higher then the offer they already had into the lender, the seller simply did not want to reset the lender from the initial offer the lender had in there. I tried to argue that our offer was better and was CASH! This was a virtual lock that the lender would take it right? Well the seller still did not budge and decided he would rather risk what he already had into the lender…

Anyways it was frustrating for all parties involved, especially my buyers who are very nice and who I have been working with for about 7 months now.

******

Now one thing that you noted was that your agent had a dismal attitude about the whole process… That is not good at all. Another thing that is not uncommon on short sales is commission reductions. Looking at the process, what happens is you send an offer to the listing agent… if the seller accepts and the offer is to be sent to the lender, then the listing agent needs to get a closing statement to accompany the offer when they send it into the lender. A preliminary title report will catch other liens (most people in default also stop paying property taxes as well) so basically the lender will look at the offer, back out all liens, closing costs commissions and such, and then say okay, we will give a lien release (or liens for multiple mortgages) for $X. The lender may also cut the commission down to reach that $X…

Also remember, while your short sale offer is being considered, other offers may come in as well. Maybe the listing agent sends them in, maybe not.

*********

With all this said, an agent having a bad attitude is not tolerable. Have a talk with your agent and tell him how you feel. Or even go to the broker and ask for a different agent.

Dont tolerate subprime performance. No matter what this agent will make money so you shouldn’t feel like you have posted.

SD Realtor

[SD Realtor]

Hi MoovanOnUp –

I am curious why you feel your agent is not working in your best interest. As you most likely know I live in Scripps and am more then a little familiar with the area. One thing about short sales is that they can be really frustrating for buyers to deal with. I am not trying to defend your agent but more often then not, the buyer and his/her agent are pretty much powerless when dealing with the listing agent and his client the seller.

Here is an example… I have a buyer who submitted an all CASH offer to a property in Encinitas that is a short sale 2 weeks ago. Our offer was ABOVE list price. After a few days the listing agent got back to me and said his seller did not want to accept the offer. While the offer was about 2% higher then the offer they already had into the lender, the seller simply did not want to reset the lender from the initial offer the lender had in there. I tried to argue that our offer was better and was CASH! This was a virtual lock that the lender would take it right? Well the seller still did not budge and decided he would rather risk what he already had into the lender…

Anyways it was frustrating for all parties involved, especially my buyers who are very nice and who I have been working with for about 7 months now.

******

Now one thing that you noted was that your agent had a dismal attitude about the whole process… That is not good at all. Another thing that is not uncommon on short sales is commission reductions. Looking at the process, what happens is you send an offer to the listing agent… if the seller accepts and the offer is to be sent to the lender, then the listing agent needs to get a closing statement to accompany the offer when they send it into the lender. A preliminary title report will catch other liens (most people in default also stop paying property taxes as well) so basically the lender will look at the offer, back out all liens, closing costs commissions and such, and then say okay, we will give a lien release (or liens for multiple mortgages) for $X. The lender may also cut the commission down to reach that $X…

Also remember, while your short sale offer is being considered, other offers may come in as well. Maybe the listing agent sends them in, maybe not.

*********

With all this said, an agent having a bad attitude is not tolerable. Have a talk with your agent and tell him how you feel. Or even go to the broker and ask for a different agent.

Dont tolerate subprime performance. No matter what this agent will make money so you shouldn’t feel like you have posted.

SD Realtor

[SD Realtor]

Hi MoovanOnUp –

I am curious why you feel your agent is not working in your best interest. As you most likely know I live in Scripps and am more then a little familiar with the area. One thing about short sales is that they can be really frustrating for buyers to deal with. I am not trying to defend your agent but more often then not, the buyer and his/her agent are pretty much powerless when dealing with the listing agent and his client the seller.

Here is an example… I have a buyer who submitted an all CASH offer to a property in Encinitas that is a short sale 2 weeks ago. Our offer was ABOVE list price. After a few days the listing agent got back to me and said his seller did not want to accept the offer. While the offer was about 2% higher then the offer they already had into the lender, the seller simply did not want to reset the lender from the initial offer the lender had in there. I tried to argue that our offer was better and was CASH! This was a virtual lock that the lender would take it right? Well the seller still did not budge and decided he would rather risk what he already had into the lender…

Anyways it was frustrating for all parties involved, especially my buyers who are very nice and who I have been working with for about 7 months now.

******

Now one thing that you noted was that your agent had a dismal attitude about the whole process… That is not good at all. Another thing that is not uncommon on short sales is commission reductions. Looking at the process, what happens is you send an offer to the listing agent… if the seller accepts and the offer is to be sent to the lender, then the listing agent needs to get a closing statement to accompany the offer when they send it into the lender. A preliminary title report will catch other liens (most people in default also stop paying property taxes as well) so basically the lender will look at the offer, back out all liens, closing costs commissions and such, and then say okay, we will give a lien release (or liens for multiple mortgages) for $X. The lender may also cut the commission down to reach that $X…

Also remember, while your short sale offer is being considered, other offers may come in as well. Maybe the listing agent sends them in, maybe not.

*********

With all this said, an agent having a bad attitude is not tolerable. Have a talk with your agent and tell him how you feel. Or even go to the broker and ask for a different agent.

Dont tolerate subprime performance. No matter what this agent will make money so you shouldn’t feel like you have posted.

SD Realtor

[SD Realtor]

Hi MoovanOnUp –

I am curious why you feel your agent is not working in your best interest. As you most likely know I live in Scripps and am more then a little familiar with the area. One thing about short sales is that they can be really frustrating for buyers to deal with. I am not trying to defend your agent but more often then not, the buyer and his/her agent are pretty much powerless when dealing with the listing agent and his client the seller.

Here is an example… I have a buyer who submitted an all CASH offer to a property in Encinitas that is a short sale 2 weeks ago. Our offer was ABOVE list price. After a few days the listing agent got back to me and said his seller did not want to accept the offer. While the offer was about 2% higher then the offer they already had into the lender, the seller simply did not want to reset the lender from the initial offer the lender had in there. I tried to argue that our offer was better and was CASH! This was a virtual lock that the lender would take it right? Well the seller still did not budge and decided he would rather risk what he already had into the lender…

Anyways it was frustrating for all parties involved, especially my buyers who are very nice and who I have been working with for about 7 months now.

******

Now one thing that you noted was that your agent had a dismal attitude about the whole process… That is not good at all. Another thing that is not uncommon on short sales is commission reductions. Looking at the process, what happens is you send an offer to the listing agent… if the seller accepts and the offer is to be sent to the lender, then the listing agent needs to get a closing statement to accompany the offer when they send it into the lender. A preliminary title report will catch other liens (most people in default also stop paying property taxes as well) so basically the lender will look at the offer, back out all liens, closing costs commissions and such, and then say okay, we will give a lien release (or liens for multiple mortgages) for $X. The lender may also cut the commission down to reach that $X…

Also remember, while your short sale offer is being considered, other offers may come in as well. Maybe the listing agent sends them in, maybe not.

*********

With all this said, an agent having a bad attitude is not tolerable. Have a talk with your agent and tell him how you feel. Or even go to the broker and ask for a different agent.

Dont tolerate subprime performance. No matter what this agent will make money so you shouldn’t feel like you have posted.

SD Realtor

[MoovanOnUp]

Thank you SD Realtor!

I feel a little better after reading your post here and other places on this site. My realtor is a great hard worker, but does not have confidence in short sale acquisitions. The broker promised to work hard with us and has not followed thru with his talk. Therefore, I think my down feelings are with the big name real estate firm and not solely with my agent. The bank came back and my agent wants me to rewrite my offer slightly higher. I found out the banks number is based on their appraisal (as one of your posts indicated). However, that appraiser was told that an interior project on the house, that will not be completed for the sale, was done with a licensed contractor, but I called the city and they do not have a permit on file. Do you think the appraiser would change the value if they knew no permit and thus my offer should not go up? I am open, but don’t want to make a stupid mistake.

[MoovanOnUp]

Thank you SD Realtor!

I feel a little better after reading your post here and other places on this site. My realtor is a great hard worker, but does not have confidence in short sale acquisitions. The broker promised to work hard with us and has not followed thru with his talk. Therefore, I think my down feelings are with the big name real estate firm and not solely with my agent. The bank came back and my agent wants me to rewrite my offer slightly higher. I found out the banks number is based on their appraisal (as one of your posts indicated). However, that appraiser was told that an interior project on the house, that will not be completed for the sale, was done with a licensed contractor, but I called the city and they do not have a permit on file. Do you think the appraiser would change the value if they knew no permit and thus my offer should not go up? I am open, but don’t want to make a stupid mistake.

[MoovanOnUp]

Thank you SD Realtor!

I feel a little better after reading your post here and other places on this site. My realtor is a great hard worker, but does not have confidence in short sale acquisitions. The broker promised to work hard with us and has not followed thru with his talk. Therefore, I think my down feelings are with the big name real estate firm and not solely with my agent. The bank came back and my agent wants me to rewrite my offer slightly higher. I found out the banks number is based on their appraisal (as one of your posts indicated). However, that appraiser was told that an interior project on the house, that will not be completed for the sale, was done with a licensed contractor, but I called the city and they do not have a permit on file. Do you think the appraiser would change the value if they knew no permit and thus my offer should not go up? I am open, but don’t want to make a stupid mistake.

[MoovanOnUp]

Thank you SD Realtor!

I feel a little better after reading your post here and other places on this site. My realtor is a great hard worker, but does not have confidence in short sale acquisitions. The broker promised to work hard with us and has not followed thru with his talk. Therefore, I think my down feelings are with the big name real estate firm and not solely with my agent. The bank came back and my agent wants me to rewrite my offer slightly higher. I found out the banks number is based on their appraisal (as one of your posts indicated). However, that appraiser was told that an interior project on the house, that will not be completed for the sale, was done with a licensed contractor, but I called the city and they do not have a permit on file. Do you think the appraiser would change the value if they knew no permit and thus my offer should not go up? I am open, but don’t want to make a stupid mistake.

[MoovanOnUp]

Thank you SD Realtor!

I feel a little better after reading your post here and other places on this site. My realtor is a great hard worker, but does not have confidence in short sale acquisitions. The broker promised to work hard with us and has not followed thru with his talk. Therefore, I think my down feelings are with the big name real estate firm and not solely with my agent. The bank came back and my agent wants me to rewrite my offer slightly higher. I found out the banks number is based on their appraisal (as one of your posts indicated). However, that appraiser was told that an interior project on the house, that will not be completed for the sale, was done with a licensed contractor, but I called the city and they do not have a permit on file. Do you think the appraiser would change the value if they knew no permit and thus my offer should not go up? I am open, but don’t want to make a stupid mistake.

[SD Realtor]

Glad to help Moovan…

Yeah those darn BPO’s… aaarrrrrrrggggg…. Here is a quick BPO (brokers property opinion) story… A client of mine was buying a mira mesa condo in a short sale. After like 4 months the bank came back and said the BPO they received was about 20k higher then the offer we submitted. No WAY was that correct. Even the listing agent agreed with us but kind of shrugged and clearly didn’t care. Eventually we walked and bought another short sale in the same complex. Unfortunately my buyer overpaid and I told him I thought so but he was one of those guys that didn’t care. Still he got the place at a price that was more in line with the comps compared to that lame BPO that the bank came back with.

I think that indeed you have VERY valid point about the improvements that are not licensed. Unfortunately I am not an appraiser so someone like Bugs and/or SDAppraiser can discuss the validity of your argument. Yet it does make alot of sense to me. It kind of seems that the appraiser should have checked to see if the improvement was permitted but I do not know if that is a common practice of appraisers or not. This isn’t the home on Summerwood is it?

Anyways, what you need to reconcile is how bad you want the home. If the price point that the bank is at is really close to where you are at so it is only a matter of a few thousand, then in the long run will that really matter. What is more pertinent is, how much do you love the home? That is always the 64k question. If you really want the home then go for it, yet if you are just burned out on searching then that may be harder to answer. I know finding just what you want in Scripps is tough.

SD Realtor

[SD Realtor]

Glad to help Moovan…

Yeah those darn BPO’s… aaarrrrrrrggggg…. Here is a quick BPO (brokers property opinion) story… A client of mine was buying a mira mesa condo in a short sale. After like 4 months the bank came back and said the BPO they received was about 20k higher then the offer we submitted. No WAY was that correct. Even the listing agent agreed with us but kind of shrugged and clearly didn’t care. Eventually we walked and bought another short sale in the same complex. Unfortunately my buyer overpaid and I told him I thought so but he was one of those guys that didn’t care. Still he got the place at a price that was more in line with the comps compared to that lame BPO that the bank came back with.

I think that indeed you have VERY valid point about the improvements that are not licensed. Unfortunately I am not an appraiser so someone like Bugs and/or SDAppraiser can discuss the validity of your argument. Yet it does make alot of sense to me. It kind of seems that the appraiser should have checked to see if the improvement was permitted but I do not know if that is a common practice of appraisers or not. This isn’t the home on Summerwood is it?

Anyways, what you need to reconcile is how bad you want the home. If the price point that the bank is at is really close to where you are at so it is only a matter of a few thousand, then in the long run will that really matter. What is more pertinent is, how much do you love the home? That is always the 64k question. If you really want the home then go for it, yet if you are just burned out on searching then that may be harder to answer. I know finding just what you want in Scripps is tough.

SD Realtor

[SD Realtor]

Glad to help Moovan…

Yeah those darn BPO’s… aaarrrrrrrggggg…. Here is a quick BPO (brokers property opinion) story… A client of mine was buying a mira mesa condo in a short sale. After like 4 months the bank came back and said the BPO they received was about 20k higher then the offer we submitted. No WAY was that correct. Even the listing agent agreed with us but kind of shrugged and clearly didn’t care. Eventually we walked and bought another short sale in the same complex. Unfortunately my buyer overpaid and I told him I thought so but he was one of those guys that didn’t care. Still he got the place at a price that was more in line with the comps compared to that lame BPO that the bank came back with.

I think that indeed you have VERY valid point about the improvements that are not licensed. Unfortunately I am not an appraiser so someone like Bugs and/or SDAppraiser can discuss the validity of your argument. Yet it does make alot of sense to me. It kind of seems that the appraiser should have checked to see if the improvement was permitted but I do not know if that is a common practice of appraisers or not. This isn’t the home on Summerwood is it?

Anyways, what you need to reconcile is how bad you want the home. If the price point that the bank is at is really close to where you are at so it is only a matter of a few thousand, then in the long run will that really matter. What is more pertinent is, how much do you love the home? That is always the 64k question. If you really want the home then go for it, yet if you are just burned out on searching then that may be harder to answer. I know finding just what you want in Scripps is tough.

SD Realtor

[SD Realtor]

Glad to help Moovan…

Yeah those darn BPO’s… aaarrrrrrrggggg…. Here is a quick BPO (brokers property opinion) story… A client of mine was buying a mira mesa condo in a short sale. After like 4 months the bank came back and said the BPO they received was about 20k higher then the offer we submitted. No WAY was that correct. Even the listing agent agreed with us but kind of shrugged and clearly didn’t care. Eventually we walked and bought another short sale in the same complex. Unfortunately my buyer overpaid and I told him I thought so but he was one of those guys that didn’t care. Still he got the place at a price that was more in line with the comps compared to that lame BPO that the bank came back with.

I think that indeed you have VERY valid point about the improvements that are not licensed. Unfortunately I am not an appraiser so someone like Bugs and/or SDAppraiser can discuss the validity of your argument. Yet it does make alot of sense to me. It kind of seems that the appraiser should have checked to see if the improvement was permitted but I do not know if that is a common practice of appraisers or not. This isn’t the home on Summerwood is it?

Anyways, what you need to reconcile is how bad you want the home. If the price point that the bank is at is really close to where you are at so it is only a matter of a few thousand, then in the long run will that really matter. What is more pertinent is, how much do you love the home? That is always the 64k question. If you really want the home then go for it, yet if you are just burned out on searching then that may be harder to answer. I know finding just what you want in Scripps is tough.

SD Realtor

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