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January 21, 2011 at 2:21 PM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #656944January 21, 2011 at 2:21 PM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #657543
SD Realtor
ParticipantYet somehow all these short sales are still getting done and completing.
Lets make sure we understand each other. These short sales are not taking a long time to complete because of complex title issues, they are taking a long time because the servicing companies dont give a crap.
Your dissertation on sources of clouds on titles was impressive yet useless and can be compared to a real estate class verses real world application. If we polled every short sale to see which ones had some of the title clouds that you mentioned stop or prohibit the sale verses what REALLY happens in a short sale the difference would be laughable.
Buyers walk on short sales because THEY TAKE TO LONG TO COMPLETE. The buyers either find another home, or throw in the towel. The second biggest reason the buyers walk on a short sale? Because they inspect the home and find out there are more problems with it then they want to put up with and the short sale lender will not repair or kick in credits. Other reasons? The short sale lender will not pay for termite or home warranty. Other reasons? There are additional liens that are disclosed but are FOUND ON THE PR such as HOA or mechanics liens that the seller will not pay and the lender will not pay.
Now if you want to bring up judgements due to child support or deadbeat dads or whatever, yes those do exist. While those in debt have more problems then being in default I bet NOT A SINGLE PERSON ON THIS ENTIRE BOARD has a short sale that fell through due to your litany of court order judgements you ran off.
I try to be reasonable in my posts and give advice that is practical and based on what I have experienced and seen. Additionally what I have talked with other agents about and what they have experienced and seen. I believe that some of the things you have said while they may be factual will actually be quite misleading to uninformed buyers because they are very much fringe cases and not anywhere close to the norm of how things really happen and what the majority of transactions actually experience. You have no idea what I say or do with regards to my clients buyer or seller in short sales or other sales. Furthermore you have no idea at all how many short sale buyers have walked due to what you think are civil/domestic judgements. I dont either but I will put my money on a number close to zero.
Of course people runup ccs and helocs. You seem to conveniently ignore that a pr is something that is available to any short sale buyer before he spends a penny on due diligence.
Honestly, you may be well intentioned but you may be doing more harm then good in assessing what happens in the vast majority of short sales. Why don’t you call up some agents and ask them to give you numbers rather then speculate.
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Forgot to add this but it is on the list of why people get pissed with short sales, it is because of listing agents that double end the deal and don’t give a fair shake to all of the buyers. Also included in that are straddlers and sellers who are selling or trying to sell to friends or family.
January 21, 2011 at 2:21 PM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #657682ParticipantYet somehow all these short sales are still getting done and completing.
Lets make sure we understand each other. These short sales are not taking a long time to complete because of complex title issues, they are taking a long time because the servicing companies dont give a crap.
Your dissertation on sources of clouds on titles was impressive yet useless and can be compared to a real estate class verses real world application. If we polled every short sale to see which ones had some of the title clouds that you mentioned stop or prohibit the sale verses what REALLY happens in a short sale the difference would be laughable.
Buyers walk on short sales because THEY TAKE TO LONG TO COMPLETE. The buyers either find another home, or throw in the towel. The second biggest reason the buyers walk on a short sale? Because they inspect the home and find out there are more problems with it then they want to put up with and the short sale lender will not repair or kick in credits. Other reasons? The short sale lender will not pay for termite or home warranty. Other reasons? There are additional liens that are disclosed but are FOUND ON THE PR such as HOA or mechanics liens that the seller will not pay and the lender will not pay.
Now if you want to bring up judgements due to child support or deadbeat dads or whatever, yes those do exist. While those in debt have more problems then being in default I bet NOT A SINGLE PERSON ON THIS ENTIRE BOARD has a short sale that fell through due to your litany of court order judgements you ran off.
I try to be reasonable in my posts and give advice that is practical and based on what I have experienced and seen. Additionally what I have talked with other agents about and what they have experienced and seen. I believe that some of the things you have said while they may be factual will actually be quite misleading to uninformed buyers because they are very much fringe cases and not anywhere close to the norm of how things really happen and what the majority of transactions actually experience. You have no idea what I say or do with regards to my clients buyer or seller in short sales or other sales. Furthermore you have no idea at all how many short sale buyers have walked due to what you think are civil/domestic judgements. I dont either but I will put my money on a number close to zero.
Of course people runup ccs and helocs. You seem to conveniently ignore that a pr is something that is available to any short sale buyer before he spends a penny on due diligence.
Honestly, you may be well intentioned but you may be doing more harm then good in assessing what happens in the vast majority of short sales. Why don’t you call up some agents and ask them to give you numbers rather then speculate.
***********
Forgot to add this but it is on the list of why people get pissed with short sales, it is because of listing agents that double end the deal and don’t give a fair shake to all of the buyers. Also included in that are straddlers and sellers who are selling or trying to sell to friends or family.
January 21, 2011 at 2:21 PM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #658012ParticipantYet somehow all these short sales are still getting done and completing.
Lets make sure we understand each other. These short sales are not taking a long time to complete because of complex title issues, they are taking a long time because the servicing companies dont give a crap.
Your dissertation on sources of clouds on titles was impressive yet useless and can be compared to a real estate class verses real world application. If we polled every short sale to see which ones had some of the title clouds that you mentioned stop or prohibit the sale verses what REALLY happens in a short sale the difference would be laughable.
Buyers walk on short sales because THEY TAKE TO LONG TO COMPLETE. The buyers either find another home, or throw in the towel. The second biggest reason the buyers walk on a short sale? Because they inspect the home and find out there are more problems with it then they want to put up with and the short sale lender will not repair or kick in credits. Other reasons? The short sale lender will not pay for termite or home warranty. Other reasons? There are additional liens that are disclosed but are FOUND ON THE PR such as HOA or mechanics liens that the seller will not pay and the lender will not pay.
Now if you want to bring up judgements due to child support or deadbeat dads or whatever, yes those do exist. While those in debt have more problems then being in default I bet NOT A SINGLE PERSON ON THIS ENTIRE BOARD has a short sale that fell through due to your litany of court order judgements you ran off.
I try to be reasonable in my posts and give advice that is practical and based on what I have experienced and seen. Additionally what I have talked with other agents about and what they have experienced and seen. I believe that some of the things you have said while they may be factual will actually be quite misleading to uninformed buyers because they are very much fringe cases and not anywhere close to the norm of how things really happen and what the majority of transactions actually experience. You have no idea what I say or do with regards to my clients buyer or seller in short sales or other sales. Furthermore you have no idea at all how many short sale buyers have walked due to what you think are civil/domestic judgements. I dont either but I will put my money on a number close to zero.
Of course people runup ccs and helocs. You seem to conveniently ignore that a pr is something that is available to any short sale buyer before he spends a penny on due diligence.
Honestly, you may be well intentioned but you may be doing more harm then good in assessing what happens in the vast majority of short sales. Why don’t you call up some agents and ask them to give you numbers rather then speculate.
***********
Forgot to add this but it is on the list of why people get pissed with short sales, it is because of listing agents that double end the deal and don’t give a fair shake to all of the buyers. Also included in that are straddlers and sellers who are selling or trying to sell to friends or family.
January 21, 2011 at 6:37 AM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #656707ParticipantFantastic speech.
Once again, everything you said has nothing to do with short sales. These are things that can happen in any transaction. You know that is a 100% true fact.
I am sure you are very successful lately and have given quality representation. Your style of badgering people is a perfect fit for the job as obviously you know what is best for everyone.
Enjoy your front row seat.
January 21, 2011 at 6:37 AM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #656769ParticipantFantastic speech.
Once again, everything you said has nothing to do with short sales. These are things that can happen in any transaction. You know that is a 100% true fact.
I am sure you are very successful lately and have given quality representation. Your style of badgering people is a perfect fit for the job as obviously you know what is best for everyone.
Enjoy your front row seat.
January 21, 2011 at 6:37 AM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #657368ParticipantFantastic speech.
Once again, everything you said has nothing to do with short sales. These are things that can happen in any transaction. You know that is a 100% true fact.
I am sure you are very successful lately and have given quality representation. Your style of badgering people is a perfect fit for the job as obviously you know what is best for everyone.
Enjoy your front row seat.
January 21, 2011 at 6:37 AM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #657506ParticipantFantastic speech.
Once again, everything you said has nothing to do with short sales. These are things that can happen in any transaction. You know that is a 100% true fact.
I am sure you are very successful lately and have given quality representation. Your style of badgering people is a perfect fit for the job as obviously you know what is best for everyone.
Enjoy your front row seat.
January 21, 2011 at 6:37 AM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #657837ParticipantFantastic speech.
Once again, everything you said has nothing to do with short sales. These are things that can happen in any transaction. You know that is a 100% true fact.
I am sure you are very successful lately and have given quality representation. Your style of badgering people is a perfect fit for the job as obviously you know what is best for everyone.
Enjoy your front row seat.
January 20, 2011 at 7:56 PM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #656668ParticipantWay to much to read and write.
My god. First off, you are veering well off the subject. Everything you mentioned with regards to all these problems a seller may have… not a damn thing to do with a short sale. These are pitfalls that could affect ANY transaction and would affect any buyer in the exact same manner regardless of whether the sale is short or not.
If we want to stay on topic, which was short sales….
why would anybody, anybody commit any money to inspections or any other fees before they get the pr.
How many short sales have you done? My god?
Lets work backwards… to submit a short sale offer to a lender you need to get an estimated hud. To get an estimated hud you need a pr.
As a buyer you are still months away from committing a penny to the deal.
You are going on and on about buyers spending all this money but any decent buyers agent has found out about all this stuff well before the buyer has spent a penny.
Nevermind… go ahead and think whatever you want to think….at this point it is really a waste of my time.
************
January 20, 2011 at 7:56 PM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #656729ParticipantWay to much to read and write.
My god. First off, you are veering well off the subject. Everything you mentioned with regards to all these problems a seller may have… not a damn thing to do with a short sale. These are pitfalls that could affect ANY transaction and would affect any buyer in the exact same manner regardless of whether the sale is short or not.
If we want to stay on topic, which was short sales….
why would anybody, anybody commit any money to inspections or any other fees before they get the pr.
How many short sales have you done? My god?
Lets work backwards… to submit a short sale offer to a lender you need to get an estimated hud. To get an estimated hud you need a pr.
As a buyer you are still months away from committing a penny to the deal.
You are going on and on about buyers spending all this money but any decent buyers agent has found out about all this stuff well before the buyer has spent a penny.
Nevermind… go ahead and think whatever you want to think….at this point it is really a waste of my time.
************
January 20, 2011 at 7:56 PM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #657328ParticipantWay to much to read and write.
My god. First off, you are veering well off the subject. Everything you mentioned with regards to all these problems a seller may have… not a damn thing to do with a short sale. These are pitfalls that could affect ANY transaction and would affect any buyer in the exact same manner regardless of whether the sale is short or not.
If we want to stay on topic, which was short sales….
why would anybody, anybody commit any money to inspections or any other fees before they get the pr.
How many short sales have you done? My god?
Lets work backwards… to submit a short sale offer to a lender you need to get an estimated hud. To get an estimated hud you need a pr.
As a buyer you are still months away from committing a penny to the deal.
You are going on and on about buyers spending all this money but any decent buyers agent has found out about all this stuff well before the buyer has spent a penny.
Nevermind… go ahead and think whatever you want to think….at this point it is really a waste of my time.
************
January 20, 2011 at 7:56 PM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #657466ParticipantWay to much to read and write.
My god. First off, you are veering well off the subject. Everything you mentioned with regards to all these problems a seller may have… not a damn thing to do with a short sale. These are pitfalls that could affect ANY transaction and would affect any buyer in the exact same manner regardless of whether the sale is short or not.
If we want to stay on topic, which was short sales….
why would anybody, anybody commit any money to inspections or any other fees before they get the pr.
How many short sales have you done? My god?
Lets work backwards… to submit a short sale offer to a lender you need to get an estimated hud. To get an estimated hud you need a pr.
As a buyer you are still months away from committing a penny to the deal.
You are going on and on about buyers spending all this money but any decent buyers agent has found out about all this stuff well before the buyer has spent a penny.
Nevermind… go ahead and think whatever you want to think….at this point it is really a waste of my time.
************
January 20, 2011 at 7:56 PM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #657797ParticipantWay to much to read and write.
My god. First off, you are veering well off the subject. Everything you mentioned with regards to all these problems a seller may have… not a damn thing to do with a short sale. These are pitfalls that could affect ANY transaction and would affect any buyer in the exact same manner regardless of whether the sale is short or not.
If we want to stay on topic, which was short sales….
why would anybody, anybody commit any money to inspections or any other fees before they get the pr.
How many short sales have you done? My god?
Lets work backwards… to submit a short sale offer to a lender you need to get an estimated hud. To get an estimated hud you need a pr.
As a buyer you are still months away from committing a penny to the deal.
You are going on and on about buyers spending all this money but any decent buyers agent has found out about all this stuff well before the buyer has spent a penny.
Nevermind… go ahead and think whatever you want to think….at this point it is really a waste of my time.
************
January 20, 2011 at 5:21 PM in reply to: What’s preventing listing realtors (on short sale homes) from favoring friends or relatives? #656601ParticipantMy discussion was entirely focusing on property taxes. Frequently the IRS liens are a different beast and much harder to identify and find. In fact I can honestly say I have NEVER seen any money in a sale of any type, short or otherwise have any proceeds at all paid to the IRS. Nor is there ANY obligation by ANY seller to disclose to the buyer or realtor that they are in trouble with the IRS. If there is a lien that has been placed on the home THEN they have to disclose that.
Of course the IRS can put a lien on your home for unpaid federal taxes if they want. The IRS can go ahead and does have the right of redemption and in the state of California that is 90 days after the recorded sale regardless of the type of sale. Furthermore a lender CANNOT (I believe) file a NOD on you if you have fallen behind and are in trouble with the IRS. I am pretty sure that is only applicable to property taxes. Your tactic to interrogate someone thoroughly especially about sensitive information such as tax history is laughably out of line. It is up to the title company to find out all of the needed information about any liens. Any decent listing agent would already have found out about any former spouses simply for the need to have a quit claim needed. Similarly that is also asked by escrow when the initial escrow package is delivered. So these gaping holes that you seem to think exist in reality do not.
Property tax liens are easily identified and never are they found out in the 11th hour. If there are other liens discovered in the 11th hour then that is a tough break but happens. If the buyer wants to deal with it and get the home then the buyer will deal with it. It has absolutely nothing to do with helping the credit score of the seller. It has to do with releasing the lien. This is how it is with short sales but I feel your posts on this and many other posts here are distorting the majority of short sales.
Similarly you make it sound as if no agents talk to clients before taking the listing which is inappropriate. Once more, the majority of them indeed do have conversations with the sellers. What tends to happen more is that sellers don’t tell the listing agent all of the information that is needed. They either minimize it, or gloss over it, and then when a pr is run and you show it to them and ask what this or that lien is about they may magically remember.
At any rate, once the pr is ready, then all should be identified. Conversely, if you are the buyer and your agent does not ask the listing agent for a copy of the estimated HUD and the PR from which it was derived then shame on your agent, not the listing agent.
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