[SD Realtor]

“My understanding was that a short sale was a sale where the seller owed more than he was asking. Does that mean these houses were HELOC’ed?”

Yep…

Short sale has nothing to do with the previous selling price. It has to do with your obligation to the lender. So yes it was refinanced in some manner. Which is most likely exactly what happened with the Poblado example.

SD Realtor

[SD Realtor]

“My understanding was that a short sale was a sale where the seller owed more than he was asking. Does that mean these houses were HELOC’ed?”

Yep…

Short sale has nothing to do with the previous selling price. It has to do with your obligation to the lender. So yes it was refinanced in some manner. Which is most likely exactly what happened with the Poblado example.

SD Realtor

[SD Realtor]

HFF I am not sure about the strategy of that… sounds kind of hair brained to me….

One possibility is that at the initial listing appt the sellers and agent agreed to a price. Then when some offers or an offer did come in at that low price, the sellers said no. This irritated the agent, rightfully so, and the agent told the sellers that if they were not going to negotiate in good faith at the advertised price, then they should change the price that was advertised.

Another possibility is that the sellers were not made aware of the closing costs, or loan prepayment penalty or some other cost and are trying to cover it…

Or the sellers are idiots… or as you put it in a nicer term, “not so clever”…

[SD Realtor]

HFF I am not sure about the strategy of that… sounds kind of hair brained to me….

One possibility is that at the initial listing appt the sellers and agent agreed to a price. Then when some offers or an offer did come in at that low price, the sellers said no. This irritated the agent, rightfully so, and the agent told the sellers that if they were not going to negotiate in good faith at the advertised price, then they should change the price that was advertised.

Another possibility is that the sellers were not made aware of the closing costs, or loan prepayment penalty or some other cost and are trying to cover it…

Or the sellers are idiots… or as you put it in a nicer term, “not so clever”…

[SD Realtor]

HFF I am not sure about the strategy of that… sounds kind of hair brained to me….

One possibility is that at the initial listing appt the sellers and agent agreed to a price. Then when some offers or an offer did come in at that low price, the sellers said no. This irritated the agent, rightfully so, and the agent told the sellers that if they were not going to negotiate in good faith at the advertised price, then they should change the price that was advertised.

Another possibility is that the sellers were not made aware of the closing costs, or loan prepayment penalty or some other cost and are trying to cover it…

Or the sellers are idiots… or as you put it in a nicer term, “not so clever”…

[SD Realtor]

Actually they asked my impressions of the deal and I told them I had no strong feelings either way. They thought the visibility may help the lender accept the short sale as many lenders have been cranky accepting offers for short sales. They said they would talk about it for an hour and called me back. I told them that they needed to consider that it will be likely that they would be seen by friends, family, coworkers…. etc… They then said they needed to reconsider, called me back and said that was something they would rather not move forward with.

The bottom line is they made a bad financial decision when they bought, then refinanced to pay of credit cards, then overpriced the home when they listed last year and this year with their previous realtor and the home didn’t sell. Hubby lost his job as well a few months ago and hasn’t found solid employment yet.

They are nice enough people, and they made bonehead moves and will likely loose their home because of it. Nothing more, nothing less. If you like you can call them names and bury them. They acknowledge it are taking their medicine.

SD Realtor

[SD Realtor]

Actually they asked my impressions of the deal and I told them I had no strong feelings either way. They thought the visibility may help the lender accept the short sale as many lenders have been cranky accepting offers for short sales. They said they would talk about it for an hour and called me back. I told them that they needed to consider that it will be likely that they would be seen by friends, family, coworkers…. etc… They then said they needed to reconsider, called me back and said that was something they would rather not move forward with.

The bottom line is they made a bad financial decision when they bought, then refinanced to pay of credit cards, then overpriced the home when they listed last year and this year with their previous realtor and the home didn’t sell. Hubby lost his job as well a few months ago and hasn’t found solid employment yet.

They are nice enough people, and they made bonehead moves and will likely loose their home because of it. Nothing more, nothing less. If you like you can call them names and bury them. They acknowledge it are taking their medicine.

SD Realtor

[SD Realtor]

Actually they asked my impressions of the deal and I told them I had no strong feelings either way. They thought the visibility may help the lender accept the short sale as many lenders have been cranky accepting offers for short sales. They said they would talk about it for an hour and called me back. I told them that they needed to consider that it will be likely that they would be seen by friends, family, coworkers…. etc… They then said they needed to reconsider, called me back and said that was something they would rather not move forward with.

The bottom line is they made a bad financial decision when they bought, then refinanced to pay of credit cards, then overpriced the home when they listed last year and this year with their previous realtor and the home didn’t sell. Hubby lost his job as well a few months ago and hasn’t found solid employment yet.

They are nice enough people, and they made bonehead moves and will likely loose their home because of it. Nothing more, nothing less. If you like you can call them names and bury them. They acknowledge it are taking their medicine.

SD Realtor

[SD Realtor]

I responded and emailed him because I have a short sale listing that is currently in default. The person indeed did give details of the show, including the name of the show and the date of taping for the interview. I contacted my clients and asked them if they wanted to be interviewed. They did at first but then they declined.

SD Realtor

[SD Realtor]

I responded and emailed him because I have a short sale listing that is currently in default. The person indeed did give details of the show, including the name of the show and the date of taping for the interview. I contacted my clients and asked them if they wanted to be interviewed. They did at first but then they declined.

SD Realtor

[SD Realtor]

I responded and emailed him because I have a short sale listing that is currently in default. The person indeed did give details of the show, including the name of the show and the date of taping for the interview. I contacted my clients and asked them if they wanted to be interviewed. They did at first but then they declined.

SD Realtor

[SD Realtor]

Cyphire I routinely check some of the higher end homes in my area with regards to recorded mortgages… The data supports the facts that the majority of long time homeowners indeed did not pull out money. I find that the less established homeowners are by far more aggressive in refinancing and pulling money out. I also see more aggressive (aka financially poor) decisions made by relatively less seasoned homeowners in newer purchases. (those made within the last 7 years)

I am not saying this will alter the downward spiral. I am saying that the fiscal irresponsibility is not predominant among older individuals with alot of equity in their home. They tend to buy their toys with cash rather then pulling out equity.

SD Realtor

[SD Realtor]

Cyphire I routinely check some of the higher end homes in my area with regards to recorded mortgages… The data supports the facts that the majority of long time homeowners indeed did not pull out money. I find that the less established homeowners are by far more aggressive in refinancing and pulling money out. I also see more aggressive (aka financially poor) decisions made by relatively less seasoned homeowners in newer purchases. (those made within the last 7 years)

I am not saying this will alter the downward spiral. I am saying that the fiscal irresponsibility is not predominant among older individuals with alot of equity in their home. They tend to buy their toys with cash rather then pulling out equity.

SD Realtor

[SD Realtor]

Cyphire I routinely check some of the higher end homes in my area with regards to recorded mortgages… The data supports the facts that the majority of long time homeowners indeed did not pull out money. I find that the less established homeowners are by far more aggressive in refinancing and pulling money out. I also see more aggressive (aka financially poor) decisions made by relatively less seasoned homeowners in newer purchases. (those made within the last 7 years)

I am not saying this will alter the downward spiral. I am saying that the fiscal irresponsibility is not predominant among older individuals with alot of equity in their home. They tend to buy their toys with cash rather then pulling out equity.

SD Realtor

[SD Realtor]

farbet –

If I was rated on my peers performance in the industry I would have a failing grade. Fortunately I am rated on my performance, not theirs.

To me there are two types to watch out for, the really dumb agent, (which there are alot of) and the agent who really does not care about the clients and will do ANYTHING for the sale, AND who is very crafty.

SD Realtor

ps – it disgusts me as well… very well put sdr.

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