Comments on: Short Sales and REOs from the Buyer’s Perspective http://www.phoenixrealestateguy.com/short-sales-and-reos-from-the-buyers-perspective/ Phoenix real estate | Search Phoenix Homes for sale | Real Estate Blog Sat, 20 Mar 2010 06:20:16 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: carolinehttp://www.phoenixrealestateguy.com/short-sales-and-reos-from-the-buyers-perspective/#comment-51023 caroline Sat, 11 Apr 2009 22:49:35 +0000 http://www.phoenixrealestateguy.com/?p=1277#comment-51023 Just wondering how it's going in the Metro Phoenix area lately? I have a Realtor that told me that short sale homes are closing much more quickly after an offer is presented... I have a REALLY nice big house in a great neighborhood in the up and coming Queen Creek area that I'm going to have to short sale because of my husband’s work (or should I say lack of work) in the auto industry. No work = No pay. And now medical bills are pilling over $12,000.00 as of late. We have 3 children all under 13 and can no longer make the bills. We've tried to work with the bank and are over $80K upside-down. They got their bail money, but don't want to part with it!!! They only let us cut our first mortgage payments in half for 6 months and tagged the balance on the end of the loan. They are also so generous that they are ruining our credit in the process by reporting the payments as late and majorly "dinging" our FICA score...by screwing up our credit. We used the second mortgage as a down payment on the house to make it look as if 20% were being put down, not as an equity line or anything like that. We could afford our home for the first 20 months. Then no one was buying any work that was needed on their cars/trucks since the economy crash. My husband is a Master Auto Tech for Toyota. He gets NO guaranteed hours... He only gets paid on the work he completes. No work = No pay..... We also pay for our own medical insurance. Not to mention the now piling credit card debt just to buy groceries and pay co-payments for the doctors......WHERE THE HELL IS OBAMHA NOW???!!! Just wondering how it’s going in the Metro Phoenix area lately? I have a Realtor that told me that short sale homes are closing much more quickly after an offer is presented… I have a REALLY nice big house in a great neighborhood in the up and coming Queen Creek area that I’m going to have to short sale because of my husband’s work (or should I say lack of work) in the auto industry. No work = No pay. And now medical bills are pilling over $12,000.00 as of late. We have 3 children all under 13 and can no longer make the bills. We’ve tried to work with the bank and are over $80K upside-down. They got their bail money, but don’t want to part with it!!! They only let us cut our first mortgage payments in half for 6 months and tagged the balance on the end of the loan. They are also so generous that they are ruining our credit in the process by reporting the payments as late and majorly “dinging” our FICA score…by screwing up our credit. We used the second mortgage as a down payment on the house to make it look as if 20% were being put down, not as an equity line or anything like that. We could afford our home for the first 20 months. Then no one was buying any work that was needed on their cars/trucks since the economy crash. My husband is a Master Auto Tech for Toyota. He gets NO guaranteed hours… He only gets paid on the work he completes. No work = No pay….. We also pay for our own medical insurance. Not to mention the now piling credit card debt just to buy groceries and pay co-payments for the doctors……

WHERE THE HELL IS OBAMHA NOW???!!!

]]> By: Long Beach real estate guyhttp://www.phoenixrealestateguy.com/short-sales-and-reos-from-the-buyers-perspective/#comment-43704 Long Beach real estate guy Wed, 04 Feb 2009 01:22:41 +0000 http://www.phoenixrealestateguy.com/?p=1277#comment-43704 I made an offer on a short sale 10 months ago and the home has still not closed escrow. We educate our clients now about the pitfalls of short sales all the time. Bank foreclosure homes that I am writing offers on have multiple offers in Long Beach now more then ever. It is crazy. I made an offer on a short sale 10 months ago and the home has still not closed escrow. We educate our clients now about the pitfalls of short sales all the time. Bank foreclosure homes that I am writing offers on have multiple offers in Long Beach now more then ever. It is crazy.

]]> By: Chris@Residential phone service.http://www.phoenixrealestateguy.com/short-sales-and-reos-from-the-buyers-perspective/#comment-43130 Chris@Residential phone service. Sat, 03 Jan 2009 13:54:05 +0000 http://www.phoenixrealestateguy.com/?p=1277#comment-43130 The banks want the most money they can get for any home now. Considering they are one of the main reason homes went way up in price and now down you figure they would learn they can not inflate a home price but they still want to. If they just moved as many of the homes off thier balance sheet and started lending to people who qualify for a home in that price we would all be better off. Waiting that long for offers show they do not want to get rid of the homes they still think they should make the money.*<em>*<em>Chris´s last blog post..<a href="http://phoneservice.tblog.com/post/1969912953">georgia local phone service provider</a></em></abbr></abbr></em> The banks want the most money they can get for any home now. Considering they are one of the main reason homes went way up in price and now down you figure they would learn they can not inflate a home price but they still want to. If they just moved as many of the homes off thier balance sheet and started lending to people who qualify for a home in that price we would all be better off. Waiting that long for offers show they do not want to get rid of the homes they still think they should make the money.

**Chris´s last blog post..georgia local phone service provider

]]> By: Jennifer in Lexingtonhttp://www.phoenixrealestateguy.com/short-sales-and-reos-from-the-buyers-perspective/#comment-42742 Jennifer in Lexington Tue, 16 Dec 2008 14:07:20 +0000 http://www.phoenixrealestateguy.com/?p=1277#comment-42742 We're seeing a lot of the same issues here in Kentucky. Banks seems to be tightening up dramatically on price/terms. If its not darn close to a full price offer with favorable terms, many times it just gets rejected and they just wait a few weeks or even months for something that they consider acceptable to come in. We’re seeing a lot of the same issues here in Kentucky. Banks seems to be tightening up dramatically on price/terms. If its not darn close to a full price offer with favorable terms, many times it just gets rejected and they just wait a few weeks or even months for something that they consider acceptable to come in.

]]> By: Barry@Scottsdale Real Estatehttp://www.phoenixrealestateguy.com/short-sales-and-reos-from-the-buyers-perspective/#comment-40124 Barry@Scottsdale Real Estate Fri, 26 Sep 2008 22:21:04 +0000 http://www.phoenixrealestateguy.com/?p=1277#comment-40124 Lisa,You're mistake is that you're thinking rationally. Why would you want to do such a thing? :-) Lisa,

You’re mistake is that you’re thinking rationally. Why would you want to do such a thing? :-)

]]> By: Lisa in CAhttp://www.phoenixrealestateguy.com/short-sales-and-reos-from-the-buyers-perspective/#comment-40113 Lisa in CA Thu, 25 Sep 2008 20:40:31 +0000 http://www.phoenixrealestateguy.com/?p=1277#comment-40113 Very interesting article. In the process of BUYING a short-sale (ha!). It's been in the works since June 22nd and we got the notice Sept. 11th that it'd be going to auction on Oct. 1st (yep, next week). We've been working like dogs to try to get the lender to postpone.It's just insane to me that people like us, who are putting a LOT of money down, are being put on the back-burner by the lender. Don't they WANT the $$? If this house wasn't so perfect I think we would've said the heck with it a loooong time ago. :( Very interesting article. In the process of BUYING a short-sale (ha!). It’s been in the works since June 22nd and we got the notice Sept. 11th that it’d be going to auction on Oct. 1st (yep, next week). We’ve been working like dogs to try to get the lender to postpone.

It’s just insane to me that people like us, who are putting a LOT of money down, are being put on the back-burner by the lender. Don’t they WANT the $$? If this house wasn’t so perfect I think we would’ve said the heck with it a loooong time ago. :(

]]> By: Nate@Eden Prairie Real Estatehttp://www.phoenixrealestateguy.com/short-sales-and-reos-from-the-buyers-perspective/#comment-40009 Nate@Eden Prairie Real Estate Sat, 20 Sep 2008 20:01:18 +0000 http://www.phoenixrealestateguy.com/?p=1277#comment-40009 Great article, will show this article to my buyers. They all read the news and figure they can 'steal' a short sale or reo. Seems like by the time you fix them back to an acceptable condition, you didn't get such a great deal anyway. It's hard to convince some buyers of that however until they go thru the process. I am still working on a ss we wrote last May! I read that less than 20% of short sales actually come together and close.*<em>Nates last blog post..<a href="http://www.natethompson.net/chaska-home/">Two story Chaska home for sale!</a></em></abbr> Great article, will show this article to my buyers. They all read the news and figure they can ’steal’ a short sale or reo. Seems like by the time you fix them back to an acceptable condition, you didn’t get such a great deal anyway. It’s hard to convince some buyers of that however until they go thru the process. I am still working on a ss we wrote last May! I read that less than 20% of short sales actually come together and close.

*Nates last blog post..Two story Chaska home for sale!

]]> By: Barry@Scottsdale Real Estatehttp://www.phoenixrealestateguy.com/short-sales-and-reos-from-the-buyers-perspective/#comment-39974 Barry@Scottsdale Real Estate Fri, 19 Sep 2008 00:40:57 +0000 http://www.phoenixrealestateguy.com/?p=1277#comment-39974 Usually, I give the listing agent a mini interview prior to submitting offers on the short sale homes that my buyers are interested in. This seems to help, but my batting average is still very low regarding these transactions. When you get one to go through it's almost like winning the lotto.I guess the silver lining is that if the home goes to foreclosure, you have a chance to snatch it up when it gets relisted as an REO. Usually, I give the listing agent a mini interview prior to submitting offers on the short sale homes that my buyers are interested in. This seems to help, but my batting average is still very low regarding these transactions. When you get one to go through it’s almost like winning the lotto.

I guess the silver lining is that if the home goes to foreclosure, you have a chance to snatch it up when it gets relisted as an REO.

]]> By: James@Houston Real Estate Forumhttp://www.phoenixrealestateguy.com/short-sales-and-reos-from-the-buyers-perspective/#comment-39971 James@Houston Real Estate Forum Thu, 18 Sep 2008 20:11:59 +0000 http://www.phoenixrealestateguy.com/?p=1277#comment-39971 Well I am wondering if there happens to be some things that we as agents can do to expediate the process for the lenders. If those in default have risen to 3-4% of homewoners then it is easy to see how the lenders would be unable to afford to hirer more people to handle these cases. Since they are unable to hirer more personel then it seems like those handling the files are just over burdened. That being the case and our line of work entails getting properties sold I would say we need to find ways to pick up the slack. There is just know way for them to speed up the process and from the few I have done I notice that many times it isnt the lender holding things up it is PMI companies. I know that these transactions are a complete bear but we have got to find a way to see that more of them get completed if we do not this stuff will drag out for years. As more lenders fail credit will get tighter. This is not a good scenario for anyone. Lets work on ideas of how we can assist our over burdened team mates instead of just complaining about them. The lenders ultimately want the same things that we do. So, lets help them get it done.*<em>Jamess last blog post..<a href="http://houstonhomessource.com/forum/showthread.php?t=198&goto=newpost">Articles for the Houston First Time Home Buyer</a></em></abbr> Well I am wondering if there happens to be some things that we as agents can do to expediate the process for the lenders. If those in default have risen to 3-4% of homewoners then it is easy to see how the lenders would be unable to afford to hirer more people to handle these cases. Since they are unable to hirer more personel then it seems like those handling the files are just over burdened. That being the case and our line of work entails getting properties sold I would say we need to find ways to pick up the slack. There is just know way for them to speed up the process and from the few I have done I notice that many times it isnt the lender holding things up it is PMI companies. I know that these transactions are a complete bear but we have got to find a way to see that more of them get completed if we do not this stuff will drag out for years. As more lenders fail credit will get tighter. This is not a good scenario for anyone. Lets work on ideas of how we can assist our over burdened team mates instead of just complaining about them. The lenders ultimately want the same things that we do. So, lets help them get it done.

*Jamess last blog post..Articles for the Houston First Time Home Buyer

]]> By: ERIC OLSONhttp://www.phoenixrealestateguy.com/short-sales-and-reos-from-the-buyers-perspective/#comment-39970 ERIC OLSON Thu, 18 Sep 2008 19:39:02 +0000 http://www.phoenixrealestateguy.com/?p=1277#comment-39970 Short sales are a lot of work and if it weren't for the tough times we are experiencing and the need for business it wouldn't be my first choice for a listing. I have learned how to work these types of sales out of necessity as have many other agents. It seems like the bank could come up with a more stream lined way to complete short sales. Short sales are a lot of work and if it weren’t for the tough times we are experiencing and the need for business it wouldn’t be my first choice for a listing. I have learned how to work these types of sales out of necessity as have many other agents. It seems like the bank could come up with a more stream lined way to complete short sales.

]]>