Comments on: Do It Yourself Short Sale http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/ Phoenix Real Estate - Anything & Everything About It. Plus Random Musings... Fri, 10 Feb 2012 03:19:15 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: I Got a Notice of Trustee’s Sale. What Now? http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/#comment-42976 I Got a Notice of Trustee’s Sale. What Now? Mon, 29 Dec 2008 00:48:08 +0000 http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/632#comment-42976 [...] to a short sale, so always consult an attorney or accountant. Trust me when I tell you that you’ll need a seasoned Realtor if your home is in metro Phoenix in order to successfully short sell your house. Homes for sale are at an all time high, while the [...] [...] to a short sale, so always consult an attorney or accountant. Trust me when I tell you that you’ll need a seasoned Realtor if your home is in metro Phoenix in order to successfully short sell your house. Homes for sale are at an all time high, while the [...]

]]> By: Rick Belben http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/#comment-35208 Rick Belben Thu, 10 Jul 2008 10:04:54 +0000 http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/632#comment-35208 Never ceases to amaze me what sellers think sometimes. Hard enough to get these things through when you know what you are doing. Never ceases to amaze me what sellers think sometimes. Hard enough to get these things through when you know what you are doing.

]]> By: Estate Rescue http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/#comment-23042 Estate Rescue Tue, 08 Jan 2008 15:29:10 +0000 http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/632#comment-23042 Good Advice. Going to pass this to some of our agent friends! :) Good Advice. Going to pass this to some of our agent friends! :)

]]> By: John Hunter http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/#comment-22988 John Hunter Sat, 05 Jan 2008 10:43:55 +0000 http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/632#comment-22988 Ignoring the merit of doing a short sale on your own or not, of course the seller has to pay the realtor if they use one. > Reducing (or eliminating) the commission on a short sale only puts > that money in the lender’s pocket, not yours. If, for example, someone sells the house and the total proceeds after everything has been taken out for fees, paying of the mortgage etc. is -$8,000 then they owe that. If it is -$12,000 they owe that. Granted there might be cases where other deals are struck with the bank to avoid foreclosure but in the case where the owner is just selling it themselves then any costs they chose to take on they pay. The difference is not in whether they pay but the form of paying - in one case any costs reduce the check they receive. In the other the costs increase the check they have to write. Ignoring the merit of doing a short sale on your own or not, of course the seller has to pay the realtor if they use one.

> Reducing (or eliminating) the commission on a short sale only puts

> that money in the lender’s pocket, not yours.

If, for example, someone sells the house and the total proceeds after everything has been taken out for fees, paying of the mortgage etc. is -$8,000 then they owe that. If it is -$12,000 they owe that. Granted there might be cases where other deals are struck with the bank to avoid foreclosure but in the case where the owner is just selling it themselves then any costs they chose to take on they pay. The difference is not in whether they pay but the form of paying – in one case any costs reduce the check they receive. In the other the costs increase the check they have to write.

]]> By: Jay - The Phoenix Real Estate Guy http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/#comment-22981 Jay - The Phoenix Real Estate Guy Sat, 05 Jan 2008 01:42:29 +0000 http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/632#comment-22981 Great points Sandi! Thanks for stopping by!! Great points Sandi! Thanks for stopping by!!

]]> By: Sandi Bauman, Chico CA Real Estate http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/#comment-22980 Sandi Bauman, Chico CA Real Estate Fri, 04 Jan 2008 22:56:59 +0000 http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/632#comment-22980 I also don't see any benefits for the homeowner. In fact, I see two additional points that haven't yet been discussed. 1. A good Realtor is a marketing EXPERT. Typically, they do the marketing at their own expense, not the sellers. Why would a homeowner take this chore and expense into their own hands, when the bank will pay a Realtor to handle it professionally? 2. If the homeowner fails in his attempt to market, negotiate, and close the deal, he then has a foreclosure on his hands. Why not hire a professional to give yourself the absolute best chance of selling the home before that happens? The dollar amount that hits the credit report for the forgiven debt doesn't seem to matter. Bottom line is, if you have a short sale showing on your credit report it's not going to do you any favors. I can't see that saving money on a commission is going to make it any less damaging. I also don’t see any benefits for the homeowner. In fact, I see two additional points that haven’t yet been discussed.

1. A good Realtor is a marketing EXPERT. Typically, they do the marketing at their own expense, not the sellers. Why would a homeowner take this chore and expense into their own hands, when the bank will pay a Realtor to handle it professionally?

2. If the homeowner fails in his attempt to market, negotiate, and close the deal, he then has a foreclosure on his hands. Why not hire a professional to give yourself the absolute best chance of selling the home before that happens?

The dollar amount that hits the credit report for the forgiven debt doesn’t seem to matter. Bottom line is, if you have a short sale showing on your credit report it’s not going to do you any favors. I can’t see that saving money on a commission is going to make it any less damaging.

]]> By: Jermon Sims http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/#comment-22973 Jermon Sims Fri, 04 Jan 2008 06:00:58 +0000 http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/632#comment-22973 Thanks Athol pass it on www.simsjermon.blogspot.com..............Jermon Sims Thanks Athol pass it on http://www.simsjermon.blogspot.com…………..Jermon Sims

]]> By: Athol Kay http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/#comment-22972 Athol Kay Fri, 04 Jan 2008 05:46:07 +0000 http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/632#comment-22972 Well when you're smart enough to buy an overvalued property with a teaser ARM, you're probably smart enough to... oh, what? Also... I can't decide which of Jermon Sims three posts I like the best. Well when you're smart enough to buy an overvalued property with a teaser ARM, you're probably smart enough to… oh, what?

Also…

I can't decide which of Jermon Sims three posts I like the best.

]]> By: Darla http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/#comment-22968 Darla Thu, 03 Jan 2008 20:16:34 +0000 http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/632#comment-22968 And they think the industry is screwed up now? ... lol. Just becuase you can doesn't mean you should. And they think the industry is screwed up now? … lol. Just becuase you can doesn't mean you should.

]]> By: Lane Bailey http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/#comment-22957 Lane Bailey Thu, 03 Jan 2008 20:06:45 +0000 http://www.phoenixrealestateguy.com/do-it-yourself-short-sale/632#comment-22957 Even as a reasonably experienced real estate agent, I don't to short sales. They require extra care, planning, and knowledge. The care and planning I can cover, but I haven't taken the time to learn the knowledge. It is just foolhardy to attack a short sale without having experience. Jay is right on the money when he says that there really isn't a good reason for a consumer to play this game on their own. I also would point out that i think there are plenty of consumers that are perfectly capable of handling a real estate transaction on their own. An agent isn't a requirement for all people in all markets... but just like the difference between representing yourself on a parking ticket and representing yourself on a real crime, there is a MAJOR difference between handling a "normal" sale and a short sale. Even as a reasonably experienced real estate agent, I don’t to short sales. They require extra care, planning, and knowledge. The care and planning I can cover, but I haven’t taken the time to learn the knowledge.

It is just foolhardy to attack a short sale without having experience. Jay is right on the money when he says that there really isn’t a good reason for a consumer to play this game on their own.

I also would point out that i think there are plenty of consumers that are perfectly capable of handling a real estate transaction on their own. An agent isn’t a requirement for all people in all markets… but just like the difference between representing yourself on a parking ticket and representing yourself on a real crime, there is a MAJOR difference between handling a “normal” sale and a short sale.

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