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  • May 22, 2009 at 10:31 PM #405047
    AK
    Participant

    Perhaps loan mod and short sale *attempts* are taking place …

    I’d guess the majority of the short sales will go back to the bank sooner or later. A few examples:

    #1 was supposedly approved at $300K, got countered at $325K by the first lender, then at the last minute got torpedoed by the (undisclosed) second lender. Went to auction and back to the bank. Of course it was so far underwater you had to scrape the whale **** off your shoes before you went inside.

    #2 went pending months ago at $300K. Back on market supposedly approved at $360K …

    #3 is listed at $300K, which is a fair price considering the walls are ripped out and the roof is leaking. Lender countered verbally at $400K. I think that translates to “… and the horse you rode in on.”

    #4 again was supposedly approved at $300K, accepted offer came in over. That was months ago and now the first lender has agreed with the (again undisclosed) second that $325K will make everyone happy … this week. Wonder what the second will say at closing?

    Stuff like this makes me want to say …

    I … HATE … REAL … ESTATE!!!!!! 🙂

    May 22, 2009 at 10:43 PM #405199
    sdrealtor
    Participant

    I gotta tell ya that reading about nonsense like that makes me realize how much incompetence there is in the handling of short sales. I have not had a single one that I submitted an offer on get rejected. Not one! Sometimes they take an extra month or two, sometimes the bank counters slightly (never more than $10,000) and sometimes the seller rejects the lenders offer because they cant or dont want to. But I have never seen anything close to the 4 scenarios you have outlined.

    For the record, I’ve closed a couple dozen this year and have as many in process.

    May 22, 2009 at 10:43 PM #405052
    sdrealtor
    Participant

    I gotta tell ya that reading about nonsense like that makes me realize how much incompetence there is in the handling of short sales. I have not had a single one that I submitted an offer on get rejected. Not one! Sometimes they take an extra month or two, sometimes the bank counters slightly (never more than $10,000) and sometimes the seller rejects the lenders offer because they cant or dont want to. But I have never seen anything close to the 4 scenarios you have outlined.

    For the record, I’ve closed a couple dozen this year and have as many in process.

    May 22, 2009 at 10:43 PM #404504
    sdrealtor
    Participant

    I gotta tell ya that reading about nonsense like that makes me realize how much incompetence there is in the handling of short sales. I have not had a single one that I submitted an offer on get rejected. Not one! Sometimes they take an extra month or two, sometimes the bank counters slightly (never more than $10,000) and sometimes the seller rejects the lenders offer because they cant or dont want to. But I have never seen anything close to the 4 scenarios you have outlined.

    For the record, I’ve closed a couple dozen this year and have as many in process.

    May 22, 2009 at 10:43 PM #404990
    sdrealtor
    Participant

    I gotta tell ya that reading about nonsense like that makes me realize how much incompetence there is in the handling of short sales. I have not had a single one that I submitted an offer on get rejected. Not one! Sometimes they take an extra month or two, sometimes the bank counters slightly (never more than $10,000) and sometimes the seller rejects the lenders offer because they cant or dont want to. But I have never seen anything close to the 4 scenarios you have outlined.

    For the record, I’ve closed a couple dozen this year and have as many in process.

    May 22, 2009 at 10:43 PM #404756
    sdrealtor
    Participant

    I gotta tell ya that reading about nonsense like that makes me realize how much incompetence there is in the handling of short sales. I have not had a single one that I submitted an offer on get rejected. Not one! Sometimes they take an extra month or two, sometimes the bank counters slightly (never more than $10,000) and sometimes the seller rejects the lenders offer because they cant or dont want to. But I have never seen anything close to the 4 scenarios you have outlined.

    For the record, I’ve closed a couple dozen this year and have as many in process.

    May 22, 2009 at 11:17 PM #405067
    SD Realtor
    Participant

    I posted about short sales in another thread not long ago about my thoughts that. Basically that I feel many more short sales failure are due to the listing agents being lazy more then anything else. The two I have listed right now are really a pain in the butt as well. Both have seconds and both are taking alot of time, lots of calls, lots of faxes, and refaxes and more calls. Meanwhile for the short sales I have offers in as for buyers, I have to keep calling the listing agents up to get status…. over and over again.

    Gotta agree with you sdr.

    ********

    As for whoever posted asking me what it was like the last time I was at the trustee sale last year there were about 12 people there.

    May 22, 2009 at 11:17 PM #405214
    SD Realtor
    Participant

    I posted about short sales in another thread not long ago about my thoughts that. Basically that I feel many more short sales failure are due to the listing agents being lazy more then anything else. The two I have listed right now are really a pain in the butt as well. Both have seconds and both are taking alot of time, lots of calls, lots of faxes, and refaxes and more calls. Meanwhile for the short sales I have offers in as for buyers, I have to keep calling the listing agents up to get status…. over and over again.

    Gotta agree with you sdr.

    ********

    As for whoever posted asking me what it was like the last time I was at the trustee sale last year there were about 12 people there.

    May 22, 2009 at 11:17 PM #404519
    SD Realtor
    Participant

    I posted about short sales in another thread not long ago about my thoughts that. Basically that I feel many more short sales failure are due to the listing agents being lazy more then anything else. The two I have listed right now are really a pain in the butt as well. Both have seconds and both are taking alot of time, lots of calls, lots of faxes, and refaxes and more calls. Meanwhile for the short sales I have offers in as for buyers, I have to keep calling the listing agents up to get status…. over and over again.

    Gotta agree with you sdr.

    ********

    As for whoever posted asking me what it was like the last time I was at the trustee sale last year there were about 12 people there.

    May 22, 2009 at 11:17 PM #404771
    SD Realtor
    Participant

    I posted about short sales in another thread not long ago about my thoughts that. Basically that I feel many more short sales failure are due to the listing agents being lazy more then anything else. The two I have listed right now are really a pain in the butt as well. Both have seconds and both are taking alot of time, lots of calls, lots of faxes, and refaxes and more calls. Meanwhile for the short sales I have offers in as for buyers, I have to keep calling the listing agents up to get status…. over and over again.

    Gotta agree with you sdr.

    ********

    As for whoever posted asking me what it was like the last time I was at the trustee sale last year there were about 12 people there.

    May 22, 2009 at 11:17 PM #405006
    SD Realtor
    Participant

    I posted about short sales in another thread not long ago about my thoughts that. Basically that I feel many more short sales failure are due to the listing agents being lazy more then anything else. The two I have listed right now are really a pain in the butt as well. Both have seconds and both are taking alot of time, lots of calls, lots of faxes, and refaxes and more calls. Meanwhile for the short sales I have offers in as for buyers, I have to keep calling the listing agents up to get status…. over and over again.

    Gotta agree with you sdr.

    ********

    As for whoever posted asking me what it was like the last time I was at the trustee sale last year there were about 12 people there.

    May 22, 2009 at 11:35 PM #405030
    CA renter
    Participant

    Excellent info. Thank you for posting your observations, SDR.

    From this, I gather the lenders are trying to do everything they can to not foreclose. Is that correct?

    Hmmmm…I wonder what it is that’s suddenly making them do this. Maybe the PPIP, so some “private party” (A.K.A. the govt) can buy up the debt before it defaults again? So principal amounts can be written down, or???

    May 22, 2009 at 11:35 PM #405092
    CA renter
    Participant

    Excellent info. Thank you for posting your observations, SDR.

    From this, I gather the lenders are trying to do everything they can to not foreclose. Is that correct?

    Hmmmm…I wonder what it is that’s suddenly making them do this. Maybe the PPIP, so some “private party” (A.K.A. the govt) can buy up the debt before it defaults again? So principal amounts can be written down, or???

    May 22, 2009 at 11:35 PM #404546
    CA renter
    Participant

    Excellent info. Thank you for posting your observations, SDR.

    From this, I gather the lenders are trying to do everything they can to not foreclose. Is that correct?

    Hmmmm…I wonder what it is that’s suddenly making them do this. Maybe the PPIP, so some “private party” (A.K.A. the govt) can buy up the debt before it defaults again? So principal amounts can be written down, or???

    May 22, 2009 at 11:35 PM #404796
    CA renter
    Participant

    Excellent info. Thank you for posting your observations, SDR.

    From this, I gather the lenders are trying to do everything they can to not foreclose. Is that correct?

    Hmmmm…I wonder what it is that’s suddenly making them do this. Maybe the PPIP, so some “private party” (A.K.A. the govt) can buy up the debt before it defaults again? So principal amounts can be written down, or???

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