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  • March 23, 2009 at 10:51 AM #372262
    Sandiagon
    Participant

    Majority of short sales in 4S are having offers. But banks are not making decisions in time. One of my friend gave offers to six short sale homes in 4s Ranch. As per him banks are willing to foreclose than short sale. As per the bank policies or rules, some or majority of short sale owner are not able to prove hardship, but owner stopped paying mortgage.

    March 23, 2009 at 11:00 AM #371662
    SD Realtor
    Participant

    Sunny the problem that you are most likely experiencing is related to the following:

    – The BPO or independent appraisal came in to high such that the negotiator will not authorize the sale at the price you submitted.

    – Same as above but the investors will not authorize the sale.

    – Either the negotiator or the investors believe that they can get a better deal by either waiting for another buyer to come in, or moving forward with the foreclosure process.

    sdr may have better insights into the short sale process but I believe that the finances of the seller have little to do with approval nowadays. If a seller doesn’t want to pay a mortgage there is not much a lender can do besides foreclose. So in short yes I have absolutely seen what you have said where the lender simply doesn’t accept an offer. Furthermore I have seen a short sale sit for months and months and months and my buyers have been quite frustrated that thier offer wasn’t accepted.

    It can be a trying process. My advice is to hang in there. Also keep asking your agent to ping the listing agent to see if there is any change of heart by the lender. The listing agent may (or may not) be willing to continue to try to get your offer accepted. Depends on thier motivation level.

    March 23, 2009 at 11:00 AM #371950
    SD Realtor
    Participant

    Sunny the problem that you are most likely experiencing is related to the following:

    – The BPO or independent appraisal came in to high such that the negotiator will not authorize the sale at the price you submitted.

    – Same as above but the investors will not authorize the sale.

    – Either the negotiator or the investors believe that they can get a better deal by either waiting for another buyer to come in, or moving forward with the foreclosure process.

    sdr may have better insights into the short sale process but I believe that the finances of the seller have little to do with approval nowadays. If a seller doesn’t want to pay a mortgage there is not much a lender can do besides foreclose. So in short yes I have absolutely seen what you have said where the lender simply doesn’t accept an offer. Furthermore I have seen a short sale sit for months and months and months and my buyers have been quite frustrated that thier offer wasn’t accepted.

    It can be a trying process. My advice is to hang in there. Also keep asking your agent to ping the listing agent to see if there is any change of heart by the lender. The listing agent may (or may not) be willing to continue to try to get your offer accepted. Depends on thier motivation level.

    March 23, 2009 at 11:00 AM #372122
    SD Realtor
    Participant

    Sunny the problem that you are most likely experiencing is related to the following:

    – The BPO or independent appraisal came in to high such that the negotiator will not authorize the sale at the price you submitted.

    – Same as above but the investors will not authorize the sale.

    – Either the negotiator or the investors believe that they can get a better deal by either waiting for another buyer to come in, or moving forward with the foreclosure process.

    sdr may have better insights into the short sale process but I believe that the finances of the seller have little to do with approval nowadays. If a seller doesn’t want to pay a mortgage there is not much a lender can do besides foreclose. So in short yes I have absolutely seen what you have said where the lender simply doesn’t accept an offer. Furthermore I have seen a short sale sit for months and months and months and my buyers have been quite frustrated that thier offer wasn’t accepted.

    It can be a trying process. My advice is to hang in there. Also keep asking your agent to ping the listing agent to see if there is any change of heart by the lender. The listing agent may (or may not) be willing to continue to try to get your offer accepted. Depends on thier motivation level.

    March 23, 2009 at 11:00 AM #372163
    SD Realtor
    Participant

    Sunny the problem that you are most likely experiencing is related to the following:

    – The BPO or independent appraisal came in to high such that the negotiator will not authorize the sale at the price you submitted.

    – Same as above but the investors will not authorize the sale.

    – Either the negotiator or the investors believe that they can get a better deal by either waiting for another buyer to come in, or moving forward with the foreclosure process.

    sdr may have better insights into the short sale process but I believe that the finances of the seller have little to do with approval nowadays. If a seller doesn’t want to pay a mortgage there is not much a lender can do besides foreclose. So in short yes I have absolutely seen what you have said where the lender simply doesn’t accept an offer. Furthermore I have seen a short sale sit for months and months and months and my buyers have been quite frustrated that thier offer wasn’t accepted.

    It can be a trying process. My advice is to hang in there. Also keep asking your agent to ping the listing agent to see if there is any change of heart by the lender. The listing agent may (or may not) be willing to continue to try to get your offer accepted. Depends on thier motivation level.

    March 23, 2009 at 11:00 AM #372277
    SD Realtor
    Participant

    Sunny the problem that you are most likely experiencing is related to the following:

    – The BPO or independent appraisal came in to high such that the negotiator will not authorize the sale at the price you submitted.

    – Same as above but the investors will not authorize the sale.

    – Either the negotiator or the investors believe that they can get a better deal by either waiting for another buyer to come in, or moving forward with the foreclosure process.

    sdr may have better insights into the short sale process but I believe that the finances of the seller have little to do with approval nowadays. If a seller doesn’t want to pay a mortgage there is not much a lender can do besides foreclose. So in short yes I have absolutely seen what you have said where the lender simply doesn’t accept an offer. Furthermore I have seen a short sale sit for months and months and months and my buyers have been quite frustrated that thier offer wasn’t accepted.

    It can be a trying process. My advice is to hang in there. Also keep asking your agent to ping the listing agent to see if there is any change of heart by the lender. The listing agent may (or may not) be willing to continue to try to get your offer accepted. Depends on thier motivation level.

    March 23, 2009 at 12:43 PM #371777
    sunny88
    Participant

    SD Realtor,

    Thank you for your response. It is indeed very frustrating to go through this process. One of the problems is the lack of transparency and communication. It seems like it’s almost not worth making an offer for a short sale as the “asking price” is not that low and the entire procedure is so lengthy. I just wonder how many short sales end up as a “bargain” for the buyer?

    March 23, 2009 at 12:43 PM #372064
    sunny88
    Participant

    SD Realtor,

    Thank you for your response. It is indeed very frustrating to go through this process. One of the problems is the lack of transparency and communication. It seems like it’s almost not worth making an offer for a short sale as the “asking price” is not that low and the entire procedure is so lengthy. I just wonder how many short sales end up as a “bargain” for the buyer?

    March 23, 2009 at 12:43 PM #372234
    sunny88
    Participant

    SD Realtor,

    Thank you for your response. It is indeed very frustrating to go through this process. One of the problems is the lack of transparency and communication. It seems like it’s almost not worth making an offer for a short sale as the “asking price” is not that low and the entire procedure is so lengthy. I just wonder how many short sales end up as a “bargain” for the buyer?

    March 23, 2009 at 12:43 PM #372278
    sunny88
    Participant

    SD Realtor,

    Thank you for your response. It is indeed very frustrating to go through this process. One of the problems is the lack of transparency and communication. It seems like it’s almost not worth making an offer for a short sale as the “asking price” is not that low and the entire procedure is so lengthy. I just wonder how many short sales end up as a “bargain” for the buyer?

    March 23, 2009 at 12:43 PM #372392
    sunny88
    Participant

    SD Realtor,

    Thank you for your response. It is indeed very frustrating to go through this process. One of the problems is the lack of transparency and communication. It seems like it’s almost not worth making an offer for a short sale as the “asking price” is not that low and the entire procedure is so lengthy. I just wonder how many short sales end up as a “bargain” for the buyer?

    March 23, 2009 at 1:20 PM #371802
    SD Realtor
    Participant

    Yes short sales are a test of your patience. ESPECIALLY right now. Look right now we are in a rally mode. The stock market is rallying, and the housing market is more active then at anytime in the past 3 years. In my judgement we are not near a bottom in either of those entities however trying to tread water against those currents is something that I do not recommend. You also have sellers who are still very very short sighted.

    As far as the short sale goes you need to just fire and forget. You make the offer on the short sale, you hope for the best, but you should not invest in it emotionally because more often then not you get a negative result. Will you get a better deal? Sometimes yes and sometimes no.

    You have to ask yourself, “What am I looking for?” If you are just looking for a good deal, then eventually you will find it. The law of averages will catch up right? Submit 20 offers and one out of those 20 should come through if you are competitive with the rest of the market. The main problem is that now you are seeing other buyers pay what do not, or will not pay. So don’t fight it, just sit out and let time pass. If you are looking for a home that you really love, then maybe approach it differently and be prepared, (in this current market) to pay more.

    The problem with buying a house because it is a “a bargain” is that it is only a bargain at that point in time. It will not be a bargain in the future if the market continues to go down. It doesn’t matter if it is a short sale or not.

    Try not to get burned out… taking a break from it all never hurts either.

    March 23, 2009 at 1:20 PM #372089
    SD Realtor
    Participant

    Yes short sales are a test of your patience. ESPECIALLY right now. Look right now we are in a rally mode. The stock market is rallying, and the housing market is more active then at anytime in the past 3 years. In my judgement we are not near a bottom in either of those entities however trying to tread water against those currents is something that I do not recommend. You also have sellers who are still very very short sighted.

    As far as the short sale goes you need to just fire and forget. You make the offer on the short sale, you hope for the best, but you should not invest in it emotionally because more often then not you get a negative result. Will you get a better deal? Sometimes yes and sometimes no.

    You have to ask yourself, “What am I looking for?” If you are just looking for a good deal, then eventually you will find it. The law of averages will catch up right? Submit 20 offers and one out of those 20 should come through if you are competitive with the rest of the market. The main problem is that now you are seeing other buyers pay what do not, or will not pay. So don’t fight it, just sit out and let time pass. If you are looking for a home that you really love, then maybe approach it differently and be prepared, (in this current market) to pay more.

    The problem with buying a house because it is a “a bargain” is that it is only a bargain at that point in time. It will not be a bargain in the future if the market continues to go down. It doesn’t matter if it is a short sale or not.

    Try not to get burned out… taking a break from it all never hurts either.

    March 23, 2009 at 1:20 PM #372259
    SD Realtor
    Participant

    Yes short sales are a test of your patience. ESPECIALLY right now. Look right now we are in a rally mode. The stock market is rallying, and the housing market is more active then at anytime in the past 3 years. In my judgement we are not near a bottom in either of those entities however trying to tread water against those currents is something that I do not recommend. You also have sellers who are still very very short sighted.

    As far as the short sale goes you need to just fire and forget. You make the offer on the short sale, you hope for the best, but you should not invest in it emotionally because more often then not you get a negative result. Will you get a better deal? Sometimes yes and sometimes no.

    You have to ask yourself, “What am I looking for?” If you are just looking for a good deal, then eventually you will find it. The law of averages will catch up right? Submit 20 offers and one out of those 20 should come through if you are competitive with the rest of the market. The main problem is that now you are seeing other buyers pay what do not, or will not pay. So don’t fight it, just sit out and let time pass. If you are looking for a home that you really love, then maybe approach it differently and be prepared, (in this current market) to pay more.

    The problem with buying a house because it is a “a bargain” is that it is only a bargain at that point in time. It will not be a bargain in the future if the market continues to go down. It doesn’t matter if it is a short sale or not.

    Try not to get burned out… taking a break from it all never hurts either.

    March 23, 2009 at 1:20 PM #372303
    SD Realtor
    Participant

    Yes short sales are a test of your patience. ESPECIALLY right now. Look right now we are in a rally mode. The stock market is rallying, and the housing market is more active then at anytime in the past 3 years. In my judgement we are not near a bottom in either of those entities however trying to tread water against those currents is something that I do not recommend. You also have sellers who are still very very short sighted.

    As far as the short sale goes you need to just fire and forget. You make the offer on the short sale, you hope for the best, but you should not invest in it emotionally because more often then not you get a negative result. Will you get a better deal? Sometimes yes and sometimes no.

    You have to ask yourself, “What am I looking for?” If you are just looking for a good deal, then eventually you will find it. The law of averages will catch up right? Submit 20 offers and one out of those 20 should come through if you are competitive with the rest of the market. The main problem is that now you are seeing other buyers pay what do not, or will not pay. So don’t fight it, just sit out and let time pass. If you are looking for a home that you really love, then maybe approach it differently and be prepared, (in this current market) to pay more.

    The problem with buying a house because it is a “a bargain” is that it is only a bargain at that point in time. It will not be a bargain in the future if the market continues to go down. It doesn’t matter if it is a short sale or not.

    Try not to get burned out… taking a break from it all never hurts either.

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