Comments on: Short Sales, A Buyer’s Perspective http://thephoenixagents.com/short-sales-a-buyers-perspective/ Chris Butterworth - sharing thoughts on real estate (and everything else.) Mon, 06 Feb 2012 05:42:25 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Joanna Zajusz http://thephoenixagents.com/short-sales-a-buyers-perspective/comment-page-1/#comment-2256 Joanna Zajusz Sat, 26 Sep 2009 03:55:22 +0000 http://thephoenixagents.com/?p=5945#comment-2256 Maybe that would not be such a hopeless experience, if the buyers were educated by their agents what to expect. And the listing agents were doing their job. I wrote two contracts from short sales in April and still nothing, but it seems that the Prudential agent is doing much better than the XYZ law firm that was assigned to "professionally negotiate" the short sale. At least we are getting the updates! While the "attorney" yelled at me last week that I am asking her too many questions. What are they doing better that we agents can't do? What is there to "negotiate"? Talking about expectations: after the contract is signed by the seller and sent to the bank, the buyer cancels the contract after three weeks, deeply upset that in such a long time they heard nothing... .. I just wonder what can you tell them? Whom did they hire to be their agent? ... Maybe that would not be such a hopeless experience, if the buyers were educated by their agents what to expect. And the listing agents were doing their job.
I wrote two contracts from short sales in April and still nothing, but it seems that the Prudential agent is doing much better than the XYZ law firm that was assigned to “professionally negotiate” the short sale. At least we are getting the updates! While the “attorney” yelled at me last week that I am asking her too many questions.
What are they doing better that we agents can’t do? What is there to “negotiate”?
Talking about expectations: after the contract is signed by the seller and sent to the bank, the buyer cancels the contract after three weeks, deeply upset that in such a long time they heard nothing…
.. I just wonder what can you tell them? Whom did they hire to be their agent? …

]]> By: Randy Hooker http://thephoenixagents.com/short-sales-a-buyers-perspective/comment-page-1/#comment-1865 Randy Hooker Sat, 29 Aug 2009 06:15:29 +0000 http://thephoenixagents.com/?p=5945#comment-1865 Outstanding post, Heather! Short sales, IMHO, should be banned. Most folks could do better in the Casinos in Vegas. And it's such a travesty against the public. My question >>> where in the hell is the Dept of Real Estate? ...randy Outstanding post, Heather! Short sales, IMHO, should be banned. Most folks could do better in the Casinos in Vegas. And it’s such a travesty against the public. My question >>> where in the hell is the Dept of Real Estate?
…randy

]]> By: Doug Francis http://thephoenixagents.com/short-sales-a-buyers-perspective/comment-page-1/#comment-1851 Doug Francis Fri, 28 Aug 2009 22:08:43 +0000 http://thephoenixagents.com/?p=5945#comment-1851 When they work out, and your client gets a home at a price that you can't believe then you have a client for life. The biggest issues are keeping your client's expectations in check, and making sure the listing agent is making calls to get the deal done. When they work out, and your client gets a home at a price that you can’t believe then you have a client for life.

The biggest issues are keeping your client’s expectations in check, and making sure the listing agent is making calls to get the deal done.

]]> By: Michele Guss http://thephoenixagents.com/short-sales-a-buyers-perspective/comment-page-1/#comment-1849 Michele Guss Fri, 28 Aug 2009 18:43:40 +0000 http://thephoenixagents.com/?p=5945#comment-1849 Heather- Another great post about the realities of short sales. I try to discourage my buyer clients from considering short sales as well. Will once again direct them to your short sale blog posts! Heather-
Another great post about the realities of short sales. I try to discourage my buyer clients from considering short sales as well. Will once again direct them to your short sale blog posts!

]]> By: Matt Wilkins http://thephoenixagents.com/short-sales-a-buyers-perspective/comment-page-1/#comment-1839 Matt Wilkins Fri, 28 Aug 2009 15:34:46 +0000 http://thephoenixagents.com/?p=5945#comment-1839 Finally someone else who agrees with pre-approving short sales before listing. From both helping buyers and doing BPOs I see the gamut of listings that make me wonder where they pulled the list price from (many times they just list the property at tax assessment). Once I tell my buyers how a short sale works, many shy away from them or put those properties at the bottom of their list. The other hindering factor I find with many short sales is the listing broker/agent. Many seem to show very little care about their listings (could that be because of the high chance of non-closing?) and how they operate hinders helping the buyer acquire the property especially if its something they REALLY want. Finally someone else who agrees with pre-approving short sales before listing.

From both helping buyers and doing BPOs I see the gamut of listings that make me wonder where they pulled the list price from (many times they just list the property at tax assessment).

Once I tell my buyers how a short sale works, many shy away from them or put those properties at the bottom of their list. The other hindering factor I find with many short sales is the listing broker/agent. Many seem to show very little care about their listings (could that be because of the high chance of non-closing?) and how they operate hinders helping the buyer acquire the property especially if its something they REALLY want.

]]> By: Chris Butterworth http://thephoenixagents.com/short-sales-a-buyers-perspective/comment-page-1/#comment-1837 Chris Butterworth Fri, 28 Aug 2009 15:02:30 +0000 http://thephoenixagents.com/?p=5945#comment-1837 @ Daren - good question. While I'm willing to bet there are some agents out there who merely want a sign in the yard (at any price) to try to find buyers, I think there are other factors in play.. I've heard many (short) sellers say the bank won't start approving a short sale process until they have an offer in hand. If you're trying to beat out a foreclosure you need to get an offer quickly, what's the best method for getting a quick offer? A low price! We're also witnessing a reduced demand phenomenan. It's becomming more common to see buyers avoiding looking at short sales all together. Reduced demand forces lower prices - good ol supply & demand economics. I would love to see a rule where banks have to pre-approve a short sale, including the price, before a home is listed for sale. That would change everything instantly... @ Daren – good question. While I’m willing to bet there are some agents out there who merely want a sign in the yard (at any price) to try to find buyers, I think there are other factors in play..

I’ve heard many (short) sellers say the bank won’t start approving a short sale process until they have an offer in hand. If you’re trying to beat out a foreclosure you need to get an offer quickly, what’s the best method for getting a quick offer? A low price!

We’re also witnessing a reduced demand phenomenan. It’s becomming more common to see buyers avoiding looking at short sales all together. Reduced demand forces lower prices – good ol supply & demand economics.

I would love to see a rule where banks have to pre-approve a short sale, including the price, before a home is listed for sale. That would change everything instantly…

]]> By: Top 5 real estate posts for 8/28/2009 http://thephoenixagents.com/short-sales-a-buyers-perspective/comment-page-1/#comment-1836 Top 5 real estate posts for 8/28/2009 Fri, 28 Aug 2009 14:55:13 +0000 http://thephoenixagents.com/?p=5945#comment-1836 [...] Short sales, a buyers perspective – Great advice from Heather. If the price on that short sale appears to be to good, it probably [...] [...] Short sales, a buyers perspective – Great advice from Heather. If the price on that short sale appears to be to good, it probably [...]

]]> By: Daren http://thephoenixagents.com/short-sales-a-buyers-perspective/comment-page-1/#comment-1835 Daren Fri, 28 Aug 2009 14:01:43 +0000 http://thephoenixagents.com/?p=5945#comment-1835 So the real question is who is setting these unrealistic prices? At a minimum it seems unethical to set list prices at a point where it's pretty certain banks won't accept even a "full price" offer. Seems like the agents setting these prices are really just looking to pick up buyers to make a quick buck. Reminds me of what the mortgage brokers were doing several years ago which is one of the contributing factors to this entire mess... So the real question is who is setting these unrealistic prices? At a minimum it seems unethical to set list prices at a point where it’s pretty certain banks won’t accept even a “full price” offer. Seems like the agents setting these prices are really just looking to pick up buyers to make a quick buck. Reminds me of what the mortgage brokers were doing several years ago which is one of the contributing factors to this entire mess…

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