[SD Realtor]

Generally there are commissions involved in both REO and short sales. However I have found them to be a 50/50 split at about 4.5% which is 2.25 per side. This is only on some of the cases I have been involved in so please do not generalize. JC if you like the job your realtor has done then I would assume your realtor is experienced and will make sure that there is a coop commission offered, especially if that realtor is doing a foreclosure search for you.

As for the other topic about short sales not being worth the time, for the most part there are alot of short sales that are priced very low indeed simply to get the paperwork in and start the process without much intent for the lender to actually accept the offer. However more and more of them are indeed getting accepted.

One thing that experienced hunters know is that it takes time and patience. If you are truly serious about trying to save alot of money or get a screaming deal, then be prepared to try as many avenues as you can. Submit a hundred lowballs and you will most likely get a hundred no thank yous. However if you don’t try you will absolutely get nothing.

Personally I don’t think they are a waste of time. You just have to try and if they say no then check back in a few months.

Disclaimer – this is not an it is time to buy posting. It is just addressing that short sales, while frustrating and mostly tough to deal with, can indeed yield a deal in some cases.

SD Realtor

[SD Realtor]

Generally there are commissions involved in both REO and short sales. However I have found them to be a 50/50 split at about 4.5% which is 2.25 per side. This is only on some of the cases I have been involved in so please do not generalize. JC if you like the job your realtor has done then I would assume your realtor is experienced and will make sure that there is a coop commission offered, especially if that realtor is doing a foreclosure search for you.

As for the other topic about short sales not being worth the time, for the most part there are alot of short sales that are priced very low indeed simply to get the paperwork in and start the process without much intent for the lender to actually accept the offer. However more and more of them are indeed getting accepted.

One thing that experienced hunters know is that it takes time and patience. If you are truly serious about trying to save alot of money or get a screaming deal, then be prepared to try as many avenues as you can. Submit a hundred lowballs and you will most likely get a hundred no thank yous. However if you don’t try you will absolutely get nothing.

Personally I don’t think they are a waste of time. You just have to try and if they say no then check back in a few months.

Disclaimer – this is not an it is time to buy posting. It is just addressing that short sales, while frustrating and mostly tough to deal with, can indeed yield a deal in some cases.

SD Realtor

[SD Realtor]

Generally there are commissions involved in both REO and short sales. However I have found them to be a 50/50 split at about 4.5% which is 2.25 per side. This is only on some of the cases I have been involved in so please do not generalize. JC if you like the job your realtor has done then I would assume your realtor is experienced and will make sure that there is a coop commission offered, especially if that realtor is doing a foreclosure search for you.

As for the other topic about short sales not being worth the time, for the most part there are alot of short sales that are priced very low indeed simply to get the paperwork in and start the process without much intent for the lender to actually accept the offer. However more and more of them are indeed getting accepted.

One thing that experienced hunters know is that it takes time and patience. If you are truly serious about trying to save alot of money or get a screaming deal, then be prepared to try as many avenues as you can. Submit a hundred lowballs and you will most likely get a hundred no thank yous. However if you don’t try you will absolutely get nothing.

Personally I don’t think they are a waste of time. You just have to try and if they say no then check back in a few months.

Disclaimer – this is not an it is time to buy posting. It is just addressing that short sales, while frustrating and mostly tough to deal with, can indeed yield a deal in some cases.

SD Realtor

[SD Realtor]

croupier I didn’t want to divulge any information about the slab when I found out in light of the recent lawsuit that happened to ocrenter. Where you the first or the second offer accepted? I heard there was an offer accepted, then after the physical, they backed out, then a second offer accepted, then the same thing happened. It was only after that that the listing agent told me about the cracked slab. I think it was good of you to back out. Also it would pretty much have been a show stopper unless you are a cash buyer. You cannot get homeowners insurance with a cracked slab. If you cannot get insured, you will not get financing. So either the slab would need to be fixed prior to coe or you would have needed to pay cash. Usually contractors and such buy homes with cracked slabs and such.

SD Realtor

[SD Realtor]

croupier I didn’t want to divulge any information about the slab when I found out in light of the recent lawsuit that happened to ocrenter. Where you the first or the second offer accepted? I heard there was an offer accepted, then after the physical, they backed out, then a second offer accepted, then the same thing happened. It was only after that that the listing agent told me about the cracked slab. I think it was good of you to back out. Also it would pretty much have been a show stopper unless you are a cash buyer. You cannot get homeowners insurance with a cracked slab. If you cannot get insured, you will not get financing. So either the slab would need to be fixed prior to coe or you would have needed to pay cash. Usually contractors and such buy homes with cracked slabs and such.

SD Realtor

[SD Realtor]

croupier I didn’t want to divulge any information about the slab when I found out in light of the recent lawsuit that happened to ocrenter. Where you the first or the second offer accepted? I heard there was an offer accepted, then after the physical, they backed out, then a second offer accepted, then the same thing happened. It was only after that that the listing agent told me about the cracked slab. I think it was good of you to back out. Also it would pretty much have been a show stopper unless you are a cash buyer. You cannot get homeowners insurance with a cracked slab. If you cannot get insured, you will not get financing. So either the slab would need to be fixed prior to coe or you would have needed to pay cash. Usually contractors and such buy homes with cracked slabs and such.

SD Realtor

[SD Realtor]

croupier I didn’t want to divulge any information about the slab when I found out in light of the recent lawsuit that happened to ocrenter. Where you the first or the second offer accepted? I heard there was an offer accepted, then after the physical, they backed out, then a second offer accepted, then the same thing happened. It was only after that that the listing agent told me about the cracked slab. I think it was good of you to back out. Also it would pretty much have been a show stopper unless you are a cash buyer. You cannot get homeowners insurance with a cracked slab. If you cannot get insured, you will not get financing. So either the slab would need to be fixed prior to coe or you would have needed to pay cash. Usually contractors and such buy homes with cracked slabs and such.

SD Realtor

[SD Realtor]

croupier I didn’t want to divulge any information about the slab when I found out in light of the recent lawsuit that happened to ocrenter. Where you the first or the second offer accepted? I heard there was an offer accepted, then after the physical, they backed out, then a second offer accepted, then the same thing happened. It was only after that that the listing agent told me about the cracked slab. I think it was good of you to back out. Also it would pretty much have been a show stopper unless you are a cash buyer. You cannot get homeowners insurance with a cracked slab. If you cannot get insured, you will not get financing. So either the slab would need to be fixed prior to coe or you would have needed to pay cash. Usually contractors and such buy homes with cracked slabs and such.

SD Realtor

[SD Realtor]

Peak Debt –

It may be intentional but not for the reasons you state at all. Think about it in this manner…. Loan servicing organizations and such have been losing money in a big way in the past few years right? So they are getting hammered on the books AND they have exponentially more work for departments that used to be pretty much miniscule correct? So they don’t have enough staff, nor do they have money or time to staff up these departments. They have already laid off loan processors during the transitional period a few years ago when the business slowed but the deluge of foreclosures began. So the end result is they are ill equipped to handle the volume.

Finally there are not many loans insured by PMI when compared to the overall volume. Also I am not so sure that a PMI claim will be denied on a short sale. I am not an expert in the field but someone who actually works in a loss mitigation group would be well suited to comment.

Actually there is no mystery about a short sale. They can be a boon to any buyer but most buyers are not prepared to deal with them both emotionally and practically. Most people do not understand that you cannot just find a short sale, make an offer on it and get into escrow. Nothing actually starts on a short sale until your offer is accepted by the lender. Once accepted then things start however that acceptance takes anywhere from a few weeks (rarely) to a few months (much more common). I have a short sale listing that god willing will close in a few weeks and another short sale where I am representing the buyer that also will hopefully close in a few weeks. Both have been quite a burden.

Now there is NO DOUBT AT ALL, that an REO is much quicker and alot less work. Short sales are more work but no they are not a complete waste of time.

SD Realtor

[SD Realtor]

Peak Debt –

It may be intentional but not for the reasons you state at all. Think about it in this manner…. Loan servicing organizations and such have been losing money in a big way in the past few years right? So they are getting hammered on the books AND they have exponentially more work for departments that used to be pretty much miniscule correct? So they don’t have enough staff, nor do they have money or time to staff up these departments. They have already laid off loan processors during the transitional period a few years ago when the business slowed but the deluge of foreclosures began. So the end result is they are ill equipped to handle the volume.

Finally there are not many loans insured by PMI when compared to the overall volume. Also I am not so sure that a PMI claim will be denied on a short sale. I am not an expert in the field but someone who actually works in a loss mitigation group would be well suited to comment.

Actually there is no mystery about a short sale. They can be a boon to any buyer but most buyers are not prepared to deal with them both emotionally and practically. Most people do not understand that you cannot just find a short sale, make an offer on it and get into escrow. Nothing actually starts on a short sale until your offer is accepted by the lender. Once accepted then things start however that acceptance takes anywhere from a few weeks (rarely) to a few months (much more common). I have a short sale listing that god willing will close in a few weeks and another short sale where I am representing the buyer that also will hopefully close in a few weeks. Both have been quite a burden.

Now there is NO DOUBT AT ALL, that an REO is much quicker and alot less work. Short sales are more work but no they are not a complete waste of time.

SD Realtor

[SD Realtor]

Peak Debt –

It may be intentional but not for the reasons you state at all. Think about it in this manner…. Loan servicing organizations and such have been losing money in a big way in the past few years right? So they are getting hammered on the books AND they have exponentially more work for departments that used to be pretty much miniscule correct? So they don’t have enough staff, nor do they have money or time to staff up these departments. They have already laid off loan processors during the transitional period a few years ago when the business slowed but the deluge of foreclosures began. So the end result is they are ill equipped to handle the volume.

Finally there are not many loans insured by PMI when compared to the overall volume. Also I am not so sure that a PMI claim will be denied on a short sale. I am not an expert in the field but someone who actually works in a loss mitigation group would be well suited to comment.

Actually there is no mystery about a short sale. They can be a boon to any buyer but most buyers are not prepared to deal with them both emotionally and practically. Most people do not understand that you cannot just find a short sale, make an offer on it and get into escrow. Nothing actually starts on a short sale until your offer is accepted by the lender. Once accepted then things start however that acceptance takes anywhere from a few weeks (rarely) to a few months (much more common). I have a short sale listing that god willing will close in a few weeks and another short sale where I am representing the buyer that also will hopefully close in a few weeks. Both have been quite a burden.

Now there is NO DOUBT AT ALL, that an REO is much quicker and alot less work. Short sales are more work but no they are not a complete waste of time.

SD Realtor

[SD Realtor]

Peak Debt –

It may be intentional but not for the reasons you state at all. Think about it in this manner…. Loan servicing organizations and such have been losing money in a big way in the past few years right? So they are getting hammered on the books AND they have exponentially more work for departments that used to be pretty much miniscule correct? So they don’t have enough staff, nor do they have money or time to staff up these departments. They have already laid off loan processors during the transitional period a few years ago when the business slowed but the deluge of foreclosures began. So the end result is they are ill equipped to handle the volume.

Finally there are not many loans insured by PMI when compared to the overall volume. Also I am not so sure that a PMI claim will be denied on a short sale. I am not an expert in the field but someone who actually works in a loss mitigation group would be well suited to comment.

Actually there is no mystery about a short sale. They can be a boon to any buyer but most buyers are not prepared to deal with them both emotionally and practically. Most people do not understand that you cannot just find a short sale, make an offer on it and get into escrow. Nothing actually starts on a short sale until your offer is accepted by the lender. Once accepted then things start however that acceptance takes anywhere from a few weeks (rarely) to a few months (much more common). I have a short sale listing that god willing will close in a few weeks and another short sale where I am representing the buyer that also will hopefully close in a few weeks. Both have been quite a burden.

Now there is NO DOUBT AT ALL, that an REO is much quicker and alot less work. Short sales are more work but no they are not a complete waste of time.

SD Realtor

[SD Realtor]

Peak Debt –

It may be intentional but not for the reasons you state at all. Think about it in this manner…. Loan servicing organizations and such have been losing money in a big way in the past few years right? So they are getting hammered on the books AND they have exponentially more work for departments that used to be pretty much miniscule correct? So they don’t have enough staff, nor do they have money or time to staff up these departments. They have already laid off loan processors during the transitional period a few years ago when the business slowed but the deluge of foreclosures began. So the end result is they are ill equipped to handle the volume.

Finally there are not many loans insured by PMI when compared to the overall volume. Also I am not so sure that a PMI claim will be denied on a short sale. I am not an expert in the field but someone who actually works in a loss mitigation group would be well suited to comment.

Actually there is no mystery about a short sale. They can be a boon to any buyer but most buyers are not prepared to deal with them both emotionally and practically. Most people do not understand that you cannot just find a short sale, make an offer on it and get into escrow. Nothing actually starts on a short sale until your offer is accepted by the lender. Once accepted then things start however that acceptance takes anywhere from a few weeks (rarely) to a few months (much more common). I have a short sale listing that god willing will close in a few weeks and another short sale where I am representing the buyer that also will hopefully close in a few weeks. Both have been quite a burden.

Now there is NO DOUBT AT ALL, that an REO is much quicker and alot less work. Short sales are more work but no they are not a complete waste of time.

SD Realtor

[SD Realtor]

Don’t mistake this practice as something that is just between the banks or loan servicers and homeowner. Realize that all parties need to play a part in order to avoid lawsuits. Thus the real point of contention is will the investors allow this. Also trying to recast a single mortgage when it may be chopped into bacon bits and sprinkled throughout several other obligations seems to be quite unrealistic to me. Yet make no mistakes I have heard of them successfully being recast but I don’t have details of any of them such as how unpaid fines, and other issues were indeed resolved.

As far as the property taxes go there really is not any correlation. The assessment that the county makes on your home is somewhat orthogonal to what you owe a lender. Don’t confuse the two. Your assessment is based on what the county thinks your home is worth and it is up to you to change the assessment by proving the devaluation of your home based on comps. If you are someone who has had a reworked loan I am sure providing the county that information will help your reassessment but you will still most likely need comps from other homes which shouldn’t be to hard to find.

Kewp – In theory there really is no difference in this practice or the bank letting the home go to foreclosure and selling it as an REO. In practice though, my OPINION which is not worth much is that I bet the recidivisim (sorry for butchering the word) is most likely high even after the loan workout.

SD Realtor

[SD Realtor]

Don’t mistake this practice as something that is just between the banks or loan servicers and homeowner. Realize that all parties need to play a part in order to avoid lawsuits. Thus the real point of contention is will the investors allow this. Also trying to recast a single mortgage when it may be chopped into bacon bits and sprinkled throughout several other obligations seems to be quite unrealistic to me. Yet make no mistakes I have heard of them successfully being recast but I don’t have details of any of them such as how unpaid fines, and other issues were indeed resolved.

As far as the property taxes go there really is not any correlation. The assessment that the county makes on your home is somewhat orthogonal to what you owe a lender. Don’t confuse the two. Your assessment is based on what the county thinks your home is worth and it is up to you to change the assessment by proving the devaluation of your home based on comps. If you are someone who has had a reworked loan I am sure providing the county that information will help your reassessment but you will still most likely need comps from other homes which shouldn’t be to hard to find.

Kewp – In theory there really is no difference in this practice or the bank letting the home go to foreclosure and selling it as an REO. In practice though, my OPINION which is not worth much is that I bet the recidivisim (sorry for butchering the word) is most likely high even after the loan workout.

SD Realtor

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