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SD Realtor
ParticipantTone go down to Venice and cruise the boardwalk down there. You will definitely find some diversity down there.
SD Realtor
August 10, 2007 at 6:08 PM in reply to: Nationally televised news program needs family facing forclosure for story #73066ParticipantPerry –
We have delivered the hardship package already. Everything is in place at the lender and these people do not have any assets for the lender to chase down. I had a long talk with one of the people in the loss mitigation group for this particular lender about the current pricing. Not only do they insist on the processing time to respond to the offer, they give no insight during the listing period about whether they will accept something in the price range or not.
The bottom line is, that even with everything in place and ready to go, the lenders are being quite uncooperative working with short sales. Now perhaps that is being driven by the sheer volume of short sales and the lack of staff to handle the crush. In my mind it would make common sense that if there is an REO down the street with the EXACT same floorplan and that has been priced the same as this short and is still sitting there unsold, that a lender would jump at any offer if we indeed received one.
I absolutely agree with your points however at least with the lender I am dealing with right now, they are not showing any cooperation or motivation at all.
SD Realtor
August 10, 2007 at 6:08 PM in reply to: Nationally televised news program needs family facing forclosure for story #73186ParticipantPerry –
We have delivered the hardship package already. Everything is in place at the lender and these people do not have any assets for the lender to chase down. I had a long talk with one of the people in the loss mitigation group for this particular lender about the current pricing. Not only do they insist on the processing time to respond to the offer, they give no insight during the listing period about whether they will accept something in the price range or not.
The bottom line is, that even with everything in place and ready to go, the lenders are being quite uncooperative working with short sales. Now perhaps that is being driven by the sheer volume of short sales and the lack of staff to handle the crush. In my mind it would make common sense that if there is an REO down the street with the EXACT same floorplan and that has been priced the same as this short and is still sitting there unsold, that a lender would jump at any offer if we indeed received one.
I absolutely agree with your points however at least with the lender I am dealing with right now, they are not showing any cooperation or motivation at all.
SD Realtor
August 10, 2007 at 6:08 PM in reply to: Nationally televised news program needs family facing forclosure for story #73194ParticipantPerry –
We have delivered the hardship package already. Everything is in place at the lender and these people do not have any assets for the lender to chase down. I had a long talk with one of the people in the loss mitigation group for this particular lender about the current pricing. Not only do they insist on the processing time to respond to the offer, they give no insight during the listing period about whether they will accept something in the price range or not.
The bottom line is, that even with everything in place and ready to go, the lenders are being quite uncooperative working with short sales. Now perhaps that is being driven by the sheer volume of short sales and the lack of staff to handle the crush. In my mind it would make common sense that if there is an REO down the street with the EXACT same floorplan and that has been priced the same as this short and is still sitting there unsold, that a lender would jump at any offer if we indeed received one.
I absolutely agree with your points however at least with the lender I am dealing with right now, they are not showing any cooperation or motivation at all.
SD Realtor
Participantxbox your comments make alot of sense. Thanks for the clarification…
SD Realtor
Participantxbox your comments make alot of sense. Thanks for the clarification…
SD Realtor
Participantxbox your comments make alot of sense. Thanks for the clarification…
SD Realtor
ParticipantI am not the big market player like alot of you guys are… I have a knack for being able to pick the wrong market move no matter what the climate is so I am pretty much a sideline player.
Freeking Fed doesn’t raise the rates… good! but then don’t come out a few days later and turn on the damn presses and tell your boys at the central bank to by MBS…
As tg would say “I thought I was watching Scooby Doo”
SD Realtor
ParticipantI am not the big market player like alot of you guys are… I have a knack for being able to pick the wrong market move no matter what the climate is so I am pretty much a sideline player.
Freeking Fed doesn’t raise the rates… good! but then don’t come out a few days later and turn on the damn presses and tell your boys at the central bank to by MBS…
As tg would say “I thought I was watching Scooby Doo”
SD Realtor
ParticipantI am not the big market player like alot of you guys are… I have a knack for being able to pick the wrong market move no matter what the climate is so I am pretty much a sideline player.
Freeking Fed doesn’t raise the rates… good! but then don’t come out a few days later and turn on the damn presses and tell your boys at the central bank to by MBS…
As tg would say “I thought I was watching Scooby Doo”
SD Realtor
August 10, 2007 at 2:48 PM in reply to: Nationally televised news program needs family facing forclosure for story #72902ParticipantNo sure tg… A few weeks back there was a poster who worked in a loss mitigation group. I thought he was the most valuable contributer we have had here for a long time. I wish he would come back.
Right now even if my clients do get an offer, it will take the lender between 10-21 days to simply respond to the offer. Lenders all differ in their responses but I have heard similar short sale stories. When you peruse the MLS the best thing about buying an REO is that it is NOT a short sale so the processing is much quicker.
I am with you though… I would agree that if I were a lender I would jump to get through a short sale as opposed to going through the default process, trustee sale, then relisting it as an REO only to get the same sales price or less. Especially with inventory piling up.
You know those lenders though…they are way way smarter then any of us peons so they must be correct…
SD Realtor
August 10, 2007 at 2:48 PM in reply to: Nationally televised news program needs family facing forclosure for story #73020ParticipantNo sure tg… A few weeks back there was a poster who worked in a loss mitigation group. I thought he was the most valuable contributer we have had here for a long time. I wish he would come back.
Right now even if my clients do get an offer, it will take the lender between 10-21 days to simply respond to the offer. Lenders all differ in their responses but I have heard similar short sale stories. When you peruse the MLS the best thing about buying an REO is that it is NOT a short sale so the processing is much quicker.
I am with you though… I would agree that if I were a lender I would jump to get through a short sale as opposed to going through the default process, trustee sale, then relisting it as an REO only to get the same sales price or less. Especially with inventory piling up.
You know those lenders though…they are way way smarter then any of us peons so they must be correct…
SD Realtor
August 10, 2007 at 2:48 PM in reply to: Nationally televised news program needs family facing forclosure for story #73026ParticipantNo sure tg… A few weeks back there was a poster who worked in a loss mitigation group. I thought he was the most valuable contributer we have had here for a long time. I wish he would come back.
Right now even if my clients do get an offer, it will take the lender between 10-21 days to simply respond to the offer. Lenders all differ in their responses but I have heard similar short sale stories. When you peruse the MLS the best thing about buying an REO is that it is NOT a short sale so the processing is much quicker.
I am with you though… I would agree that if I were a lender I would jump to get through a short sale as opposed to going through the default process, trustee sale, then relisting it as an REO only to get the same sales price or less. Especially with inventory piling up.
You know those lenders though…they are way way smarter then any of us peons so they must be correct…
SD Realtor
ParticipantIMO I think the 912,913,914, and 915 zips could see some of the biggest drops percentage wise in the entire county… Right up there with downtown.
SD Realtor
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