Real Estate Forums

San Diego Real Estate · 04-22-2007, 09:26 AM

Hello Folks,

Is there anyone out there that would share any good resouces for working Bank REO or Short Sales? We are seeing a lot of clients wanting to take advantage of these Short Sales. However, what we are seeing is that a lot of the banks have not even been made aware of this and are rejecting the offers...

Missouri Real Estate Pro · 05-08-2007, 04:28 PM

Are short sales referring to the amount of time the home is on the market, like a fixer upper that was flipped or does it mean something else? I hate asking but I haven't heard the term before.

Las Vegas Homes · 05-10-2007, 05:26 PM

Yes, the banks here in the Las Vegas real estate market are tough to work with as well in regards to short sales. I have dealt with many foreclosure since the beginning of 2007, where the bank has actually taken over the property, and they have been much easier

glenng · 05-11-2007, 05:40 AM

Quote:

Originally Posted by Missouri Real Estate Pro

Are short sales referring to the amount of time the home is on the market, like a fixer upper that was flipped or does it mean something else? I hate asking but I haven't heard the term before.

A short sale is where the lender will accept an offer that is less than the principal balance outstanding on the loan.

glenng · 05-11-2007, 05:42 AM

Quote:

Originally Posted by Las Vegas Homes

Yes, the banks here in the Las Vegas real estate market are tough to work with as well in regards to short sales. I have dealt with many foreclosure since the beginning of 2007, where the bank has actually taken over the property, and they have been much easier

You will find that banks know that the cost of foreclosures usually run between 20% to 30%. They want to cut their losses.

San Diego Real Estate · 05-13-2007, 04:14 PM

Glenn...are you seeing a lot of Short Sales in your market?

San Diego Homes & Condos · 05-15-2007, 01:26 PM

I have not heard of any positive experiences for buyers with short sales in our San Diego market. It is really hard for a buyer to get a good deal on these. They are usually asking top dollar for our market and it takes forever for the transaction to get done. On top of all that the buyer has to buy the property "As Is" so with our dip in the market it is too much work for not enough of a return for the buyer. I am steering all of my buyers from these because you can get your appraisal and inspections done and still be beat out by a higher bidder if you elect to go through with it. The bank will take the highest offer they get until the loan is funded.

San Diego Real Estate · 05-15-2007, 05:01 PM

SDH&C

Welcome back great to hear from you again...

How true...at least in our market the Short Sales can be a rather frustrating option unless thay have already negotiated the asking price with the bank!

Las Vegas Real Estate · 05-15-2007, 05:08 PM

Yeah, we are having similar issues here in the Las Vegas real estate market. I have started limiting my showings to homes that are already in foreclosure or that specifically say that the listing agent has spoken with the banks.

Mr. Valentin · 08-19-2008, 05:38 PM

check out www .shortsalesforrealestateagents. com