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SD Realtor
Participantwaiting for bottom, well explained… you could be right…I guess our rides to the bottom arrive at the same destination by different paths. My ride to the bottom (regarding pricing) is filled with incremental price increases and larger/longer losses and the losses simply outweigh the gains over the next few years….
My concern is that there are still SOOOOO MANY sellers in denial out there who actually believe that they can list in the spring at a higher price then they left off when they bailed the market in October. Who knows what malarky they also may have been fed by some agent who wants to retain the listing as well ya know? To me we are still in the early stages of this massive depreciation event.
I guess all I am saying is don’t ever doubt the (stupidity, stubborness, boneheadedness, greediness) of sellers this early in the cycle. Also all it takes is one home to go for a little bit higher value to spark a false wave of optimism and everyone reacts on it…this can happen in many neighborhoods this spring…
Lots of sellers love to react on a little good news rather then alot of bad news…
Personally I do think we will get a little listing price bump in the spring due to a bit more sales activity, a bit more false hope, a lot more denial, and all of this will vary with type of housing and location. That is just my opinion and yes it could very well be wrong just like my bet taking the colts over the chargers and my reluctance to bet the jags over the chargers was wrong…
We will know the answer in a few months!
SD Realtor
Participantwaiting for bottom, well explained… you could be right…I guess our rides to the bottom arrive at the same destination by different paths. My ride to the bottom (regarding pricing) is filled with incremental price increases and larger/longer losses and the losses simply outweigh the gains over the next few years….
My concern is that there are still SOOOOO MANY sellers in denial out there who actually believe that they can list in the spring at a higher price then they left off when they bailed the market in October. Who knows what malarky they also may have been fed by some agent who wants to retain the listing as well ya know? To me we are still in the early stages of this massive depreciation event.
I guess all I am saying is don’t ever doubt the (stupidity, stubborness, boneheadedness, greediness) of sellers this early in the cycle. Also all it takes is one home to go for a little bit higher value to spark a false wave of optimism and everyone reacts on it…this can happen in many neighborhoods this spring…
Lots of sellers love to react on a little good news rather then alot of bad news…
Personally I do think we will get a little listing price bump in the spring due to a bit more sales activity, a bit more false hope, a lot more denial, and all of this will vary with type of housing and location. That is just my opinion and yes it could very well be wrong just like my bet taking the colts over the chargers and my reluctance to bet the jags over the chargers was wrong…
We will know the answer in a few months!
SD Realtor
Participantwaiting for bottom, well explained… you could be right…I guess our rides to the bottom arrive at the same destination by different paths. My ride to the bottom (regarding pricing) is filled with incremental price increases and larger/longer losses and the losses simply outweigh the gains over the next few years….
My concern is that there are still SOOOOO MANY sellers in denial out there who actually believe that they can list in the spring at a higher price then they left off when they bailed the market in October. Who knows what malarky they also may have been fed by some agent who wants to retain the listing as well ya know? To me we are still in the early stages of this massive depreciation event.
I guess all I am saying is don’t ever doubt the (stupidity, stubborness, boneheadedness, greediness) of sellers this early in the cycle. Also all it takes is one home to go for a little bit higher value to spark a false wave of optimism and everyone reacts on it…this can happen in many neighborhoods this spring…
Lots of sellers love to react on a little good news rather then alot of bad news…
Personally I do think we will get a little listing price bump in the spring due to a bit more sales activity, a bit more false hope, a lot more denial, and all of this will vary with type of housing and location. That is just my opinion and yes it could very well be wrong just like my bet taking the colts over the chargers and my reluctance to bet the jags over the chargers was wrong…
We will know the answer in a few months!
SD Realtor
Participantwaiting for bottom, well explained… you could be right…I guess our rides to the bottom arrive at the same destination by different paths. My ride to the bottom (regarding pricing) is filled with incremental price increases and larger/longer losses and the losses simply outweigh the gains over the next few years….
My concern is that there are still SOOOOO MANY sellers in denial out there who actually believe that they can list in the spring at a higher price then they left off when they bailed the market in October. Who knows what malarky they also may have been fed by some agent who wants to retain the listing as well ya know? To me we are still in the early stages of this massive depreciation event.
I guess all I am saying is don’t ever doubt the (stupidity, stubborness, boneheadedness, greediness) of sellers this early in the cycle. Also all it takes is one home to go for a little bit higher value to spark a false wave of optimism and everyone reacts on it…this can happen in many neighborhoods this spring…
Lots of sellers love to react on a little good news rather then alot of bad news…
Personally I do think we will get a little listing price bump in the spring due to a bit more sales activity, a bit more false hope, a lot more denial, and all of this will vary with type of housing and location. That is just my opinion and yes it could very well be wrong just like my bet taking the colts over the chargers and my reluctance to bet the jags over the chargers was wrong…
We will know the answer in a few months!
SD Realtor
ParticipantAnything is possible with the lender Matt. My client had his November 29th trustee sale date postponed on November 27th. Not because he is going to pay arrears but because he received an offer for his short sale earlier in the month.
You need to know however that many lenders have pretty strict requirements regarding short sales. First and foremost you have to be able to show them you have had the property on the market for a few months, (usually a bare minimum of 3) and then the documentation package is fairly hefty. It also helps if you have worked with the loan workout department before hand.
The best advice I can give you is to keep in constant contact with your lender. Hiding from them or ignoring the situation is the worst thing you can do. My client has not made a payment for 8 months now but he had been in contact with his lender after the first missed payment to explain the situation. For the first few months the lender didn’t give a crap, and it was not until the lender filed a NOD that the calls to the lender started becoming more involved.
So you can make arrears all the way up to the auction (pretty much)…as far as the short sale goes you would need to let us know if you have been on the market prior to the NOD being filed.
ps – I am not any “short sale expert” or anything like that, nor am I soliciting you… post any questions you have and I will try to answer them as best I can based on the few short sales I am and have been involved in.
SD Realtor
ParticipantAnything is possible with the lender Matt. My client had his November 29th trustee sale date postponed on November 27th. Not because he is going to pay arrears but because he received an offer for his short sale earlier in the month.
You need to know however that many lenders have pretty strict requirements regarding short sales. First and foremost you have to be able to show them you have had the property on the market for a few months, (usually a bare minimum of 3) and then the documentation package is fairly hefty. It also helps if you have worked with the loan workout department before hand.
The best advice I can give you is to keep in constant contact with your lender. Hiding from them or ignoring the situation is the worst thing you can do. My client has not made a payment for 8 months now but he had been in contact with his lender after the first missed payment to explain the situation. For the first few months the lender didn’t give a crap, and it was not until the lender filed a NOD that the calls to the lender started becoming more involved.
So you can make arrears all the way up to the auction (pretty much)…as far as the short sale goes you would need to let us know if you have been on the market prior to the NOD being filed.
ps – I am not any “short sale expert” or anything like that, nor am I soliciting you… post any questions you have and I will try to answer them as best I can based on the few short sales I am and have been involved in.
SD Realtor
ParticipantAnything is possible with the lender Matt. My client had his November 29th trustee sale date postponed on November 27th. Not because he is going to pay arrears but because he received an offer for his short sale earlier in the month.
You need to know however that many lenders have pretty strict requirements regarding short sales. First and foremost you have to be able to show them you have had the property on the market for a few months, (usually a bare minimum of 3) and then the documentation package is fairly hefty. It also helps if you have worked with the loan workout department before hand.
The best advice I can give you is to keep in constant contact with your lender. Hiding from them or ignoring the situation is the worst thing you can do. My client has not made a payment for 8 months now but he had been in contact with his lender after the first missed payment to explain the situation. For the first few months the lender didn’t give a crap, and it was not until the lender filed a NOD that the calls to the lender started becoming more involved.
So you can make arrears all the way up to the auction (pretty much)…as far as the short sale goes you would need to let us know if you have been on the market prior to the NOD being filed.
ps – I am not any “short sale expert” or anything like that, nor am I soliciting you… post any questions you have and I will try to answer them as best I can based on the few short sales I am and have been involved in.
SD Realtor
ParticipantAnything is possible with the lender Matt. My client had his November 29th trustee sale date postponed on November 27th. Not because he is going to pay arrears but because he received an offer for his short sale earlier in the month.
You need to know however that many lenders have pretty strict requirements regarding short sales. First and foremost you have to be able to show them you have had the property on the market for a few months, (usually a bare minimum of 3) and then the documentation package is fairly hefty. It also helps if you have worked with the loan workout department before hand.
The best advice I can give you is to keep in constant contact with your lender. Hiding from them or ignoring the situation is the worst thing you can do. My client has not made a payment for 8 months now but he had been in contact with his lender after the first missed payment to explain the situation. For the first few months the lender didn’t give a crap, and it was not until the lender filed a NOD that the calls to the lender started becoming more involved.
So you can make arrears all the way up to the auction (pretty much)…as far as the short sale goes you would need to let us know if you have been on the market prior to the NOD being filed.
ps – I am not any “short sale expert” or anything like that, nor am I soliciting you… post any questions you have and I will try to answer them as best I can based on the few short sales I am and have been involved in.
SD Realtor
ParticipantAnything is possible with the lender Matt. My client had his November 29th trustee sale date postponed on November 27th. Not because he is going to pay arrears but because he received an offer for his short sale earlier in the month.
You need to know however that many lenders have pretty strict requirements regarding short sales. First and foremost you have to be able to show them you have had the property on the market for a few months, (usually a bare minimum of 3) and then the documentation package is fairly hefty. It also helps if you have worked with the loan workout department before hand.
The best advice I can give you is to keep in constant contact with your lender. Hiding from them or ignoring the situation is the worst thing you can do. My client has not made a payment for 8 months now but he had been in contact with his lender after the first missed payment to explain the situation. For the first few months the lender didn’t give a crap, and it was not until the lender filed a NOD that the calls to the lender started becoming more involved.
So you can make arrears all the way up to the auction (pretty much)…as far as the short sale goes you would need to let us know if you have been on the market prior to the NOD being filed.
ps – I am not any “short sale expert” or anything like that, nor am I soliciting you… post any questions you have and I will try to answer them as best I can based on the few short sales I am and have been involved in.
SD Realtor
ParticipantGood to see you back Voz…
The real question tg is…
did you do anything productive today?
SD Realtor
ParticipantGood to see you back Voz…
The real question tg is…
did you do anything productive today?
SD Realtor
ParticipantGood to see you back Voz…
The real question tg is…
did you do anything productive today?
SD Realtor
ParticipantGood to see you back Voz…
The real question tg is…
did you do anything productive today?
SD Realtor
ParticipantGood to see you back Voz…
The real question tg is…
did you do anything productive today?
SD Realtor
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