Comments on: Short Sales: The Buck Stops at the Lender http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/ Phoenix real estate | Search Phoenix Homes for sale | Real Estate Blog Mon, 22 Mar 2010 03:59:27 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Short Sales The Buck Stops at the Lender The Phoenix Real | Shed Kitshttp://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/#comment-53937 Short Sales The Buck Stops at the Lender The Phoenix Real | Shed Kits Wed, 27 May 2009 05:17:55 +0000 http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/902#comment-53937 [...] Short Sales The Buck Stops at the Lender The Phoenix Real Posted by root 1 day 22 minutes ago (http://www.phoenixrealestateguy.com) Had the prices shot through the roof as they are known to have done a 16 gerald romine may 10 2008 at 12 52 pm concerning jeff boyce comment powered by wordpress caffeine and swearing get the thesis theme it rocks Discuss  |  Bury |  News | short sales the buck stops at the lender the phoenix real [...] [...] Short Sales The Buck Stops at the Lender The Phoenix Real Posted by root 1 day 22 minutes ago (http://www.phoenixrealestateguy.com) Had the prices shot through the roof as they are known to have done a 16 gerald romine may 10 2008 at 12 52 pm concerning jeff boyce comment powered by wordpress caffeine and swearing get the thesis theme it rocks Discuss  |  Bury |  News | short sales the buck stops at the lender the phoenix real [...]

]]> By: BPOhttp://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/#comment-52263 BPO Sat, 02 May 2009 19:24:01 +0000 http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/902#comment-52263 BPOs are important its a good idea to a detailed list of every repair and cost for agents if you want a lower value. Every little bit helps. BPOs are important its a good idea to a detailed list of every repair and cost for agents if you want a lower value. Every little bit helps.

]]> By: Dawn Rickabaugh - Pasadena Note Queenhttp://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/#comment-32044 Dawn Rickabaugh - Pasadena Note Queen Tue, 20 May 2008 18:58:39 +0000 http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/902#comment-32044 Yeah, that last link is from me. I did it again. Thanks, Jay Yeah, that last link is from me. I did it again. Thanks, Jay

]]> By: REO Holds Short Sale Hostage - Feeling Foreclosure First Handhttp://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/#comment-32040 REO Holds Short Sale Hostage - Feeling Foreclosure First Hand Tue, 20 May 2008 18:47:47 +0000 http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/902#comment-32040 [...] Short Sales: The Buck Stops With the Lenders, by Jay Thompson [...] [...] Short Sales: The Buck Stops With the Lenders, by Jay Thompson [...]

]]> By: Dawn Rickabaugh - Pasadena Note Queenhttp://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/#comment-31787 Dawn Rickabaugh - Pasadena Note Queen Tue, 13 May 2008 03:46:52 +0000 http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/902#comment-31787 "Amen" to the last couple of comments. It really drives me nuts when people suggest that Mr. Market doesn't have the responsibility of correcting himself. Alcoholics usually don't take recovery seriously until they've "hit bottom." Every time we try to rescue and enable him, it just prolongs the misery, makes a bigger mess of things and delays him getting into that nice half-way house. How 'bout an "intervention" instead?Also, I couldn't agree more with Gerald . . . who needs banks, anyway? There are always ways to put deals together if sellers are willing to be flexible. I got a call today from someone who is selling and carrying paper on a total of 48 residential properties he owns free and clear, and then he plans to sell the note(s)... a simultaneous closing, and stick to commercial development instead.A simul is a little trickier to pull off these days, but it can be done if the deal is put together well, and the seller understands that he will be taking a fair-sized discount no matter what.The note holder may need to be willing to collect 3 months of payments before selling, though, or consider a partial to reduce the discount and get more potential investors on the hook. “Amen” to the last couple of comments. It really drives me nuts when people suggest that Mr. Market doesn’t have the responsibility of correcting himself. Alcoholics usually don’t take recovery seriously until they’ve “hit bottom.” Every time we try to rescue and enable him, it just prolongs the misery, makes a bigger mess of things and delays him getting into that nice half-way house. How ’bout an “intervention” instead?

Also, I couldn’t agree more with Gerald . . . who needs banks, anyway? There are always ways to put deals together if sellers are willing to be flexible. I got a call today from someone who is selling and carrying paper on a total of 48 residential properties he owns free and clear, and then he plans to sell the note(s)… a simultaneous closing, and stick to commercial development instead.

A simul is a little trickier to pull off these days, but it can be done if the deal is put together well, and the seller understands that he will be taking a fair-sized discount no matter what.

The note holder may need to be willing to collect 3 months of payments before selling, though, or consider a partial to reduce the discount and get more potential investors on the hook.

]]> By: Ken in Bartletthttp://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/#comment-31677 Ken in Bartlett Sat, 10 May 2008 20:43:48 +0000 http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/902#comment-31677 "Vote for the Presidential candidate who’ll fix the mortgage mess - PLEASE!!!"Do you seriously by into the idea that the president has anything to do with the mortgage mess or can fix it if they want to? It can't be done, not even with Billions of tax payer dollars will this go away. “Vote for the Presidential candidate who’ll fix the mortgage mess – PLEASE!!!”

Do you seriously by into the idea that the president has anything to do with the mortgage mess or can fix it if they want to? It can’t be done, not even with Billions of tax payer dollars will this go away.

]]> By: Gerald Rominehttp://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/#comment-31675 Gerald Romine Sat, 10 May 2008 19:52:24 +0000 http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/902#comment-31675 Concerning Jeff Boyce's Comment:You've got the wrong approach there my friend. Short sales and foreclosure are not the death of real estate markets they are a result of the current real estate market.The fact is if buyers must have 100% financing to get a loan then MAYBE they shouldn't be buying! Here's a revolutionary idea... how about if people started spending less than they make and saving money so they would have a down payment, rainy day stash, etc.I get that bank financing is hard to come by for most buyers but where one door closes another opens. I have properties I'd like to sell but it is better to hold them now and be in the buying mode looking for deals.And one does not need bank financing to buy properties. Alternatives include cash, subject to, private money, hard money, and owner terms.As an agent a LONG time ago I remember simultaneous note purchases and this is still a possibility for owners and agents if they get creative. Have you ever carried a real estate commission in the form of a note?Wake up, this is nothing new and some of us have been there before and could tell you some real war stories about 23% interest and banks offering financing like it was "you name your terms."Best thing for the market is if the government stays out of it and it is left to correct itself. And PLEASE, what could the President do to fix this mortgage mess? Throw more taxpayer money at it?Gerald Romine www.geraldromine.com Concerning Jeff Boyce’s Comment:

You’ve got the wrong approach there my friend. Short sales and foreclosure are not the death of real estate markets they are a result of the current real estate market.

The fact is if buyers must have 100% financing to get a loan then MAYBE they shouldn’t be buying! Here’s a revolutionary idea… how about if people started spending less than they make and saving money so they would have a down payment, rainy day stash, etc.

I get that bank financing is hard to come by for most buyers but where one door closes another opens. I have properties I’d like to sell but it is better to hold them now and be in the buying mode looking for deals.

And one does not need bank financing to buy properties. Alternatives include cash, subject to, private money, hard money, and owner terms.

As an agent a LONG time ago I remember simultaneous note purchases and this is still a possibility for owners and agents if they get creative. Have you ever carried a real estate commission in the form of a note?

Wake up, this is nothing new and some of us have been there before and could tell you some real war stories about 23% interest and banks offering financing like it was “you name your terms.”

Best thing for the market is if the government stays out of it and it is left to correct itself. And PLEASE, what could the President do to fix this mortgage mess? Throw more taxpayer money at it?

Gerald Romine
http://www.geraldromine.com

]]> By: Cedar Park Real Estate Agenthttp://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/#comment-31658 Cedar Park Real Estate Agent Fri, 09 May 2008 23:06:47 +0000 http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/902#comment-31658 Short sales and foreclosures are going to be the DEATH of real estate values - and consumer buying confidence in Phoenix - and in nearly every market. But the bigger question remains...how in the world are we going to sell-off 6-12 months of excess home inventory when buyers can't get loans and investors can't EITHER!!! Vote for the Presidential candidate who'll fix the mortgage mess - PLEASE!!!Jeff Boyce Realtor http://www.Home-Deals.net Short sales and foreclosures are going to be the DEATH of real estate values – and consumer buying confidence in Phoenix – and in nearly every market. But the bigger question remains…how in the world are we going to sell-off 6-12 months of excess home inventory when buyers can’t get loans and investors can’t EITHER!!! Vote for the Presidential candidate who’ll fix the mortgage mess – PLEASE!!!

Jeff Boyce
Realtor
http://www.Home-Deals.net

]]> By: Alhambra Short Sales, Foreclosures and REOs - April 2008http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/#comment-31164 Alhambra Short Sales, Foreclosures and REOs - April 2008 Fri, 25 Apr 2008 16:40:52 +0000 http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/902#comment-31164 [...] sales can really be a ride. For a great article on short sales, read Jay, the Phoenix Real Estate [...] [...] sales can really be a ride. For a great article on short sales, read Jay, the Phoenix Real Estate [...]

]]> By: Dawn Rickabaugh - Pasadena Note Queenhttp://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/#comment-31085 Dawn Rickabaugh - Pasadena Note Queen Wed, 23 Apr 2008 22:13:14 +0000 http://www.phoenixrealestateguy.com/short-sales-the-buck-stops-at-the-lender/902#comment-31085 This really is a great article, Jay. Hope you don't mind that I linked to it in a post that will publish in a couple of days. Just couldn't think of saying it better than you did! This really is a great article, Jay. Hope you don’t mind that I linked to it in a post that will publish in a couple of days. Just couldn’t think of saying it better than you did!

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