My Motto

To Live, Laugh and Learn, and in no specific order

Thursday, July 29, 2010

still trying to closing a short sale

You guessed it, no closing yet but we are getting closer. If I could share some good comments about doing a short sale, I sure would pass them on to you, but right now I know of none. According to the lender as of 6:00 this evening we should have the package to close on Monday Aug 1, but I am not holding my breath.

Are we at the bottom of this real estate crisis, or will the entire real estate market turn into short sales. If this is the way of the future, someone needs to step up and educate some of these Lenders on how this process needs to go to get these closed. Luckily i have only been working on this since April, but another agent in our office has been working on hers since January! There is no excuse in that. How can a buyer make plans to vacate their current residence to move in the home they are purchasing when this type of sale is so up in the air? The buyer on my short sale is renting on a month to month lease, but what if you sold your home to coincide with the closing of the short sale you are trying to purchase. It's impossible to do. You have to put your stuff in storage and either move in with friends/family or at the worst a motel.

At the end of the day, buyers are walking away from the short sale when it continues to go on for months and months. And who wins then.......nobody.

Sunday, July 25, 2010

still trying to close on a short sale

On my last post I was talking about the short sale that I had been working on since April and that we were supposed to go to closing on Friday. Well I'm not sure exactly who's fault it was that we didn't close, but I can tell you in all honesty it wasn't mine. The underwriter was asking for more information 1 hour before we wer set to close. Now that our agreement has expired from Bank of America, I'm not sure were we stand. More phone calls and pleading is I guess what I will be doing tomorrow. i can tell you this thou, the commission split isn't quite fair on this as during a short sale the listing agent does all of the work. Oh well, it will all even out in the end. Hopefully I will be on the buyer side of one of these someday, and I will just sit back and enjoy (or pull my hair out) the ride.

Thursday, July 22, 2010

My very first blog

Hello world, this is my first attempt using a blog. All I hear in the real estate world is that you need a blog to stay current, so here goes.

I've been working on a shortsale on a listing of mine since April, and if all goes well we are supposed to close tomorrow at 2:00. This was my first short sale, and actually it wasn't too bad. I had a great contact at Bank Of America (Equator is the third part site they are now using for short sales) that has explained step by step how this will work. So keep your fingers crossed, but its all up to the buyers lender right now.

Actually short sales is a great way to get a wonderful home at a greatly discounted price if you have the time and patience to work thru the system. Not everybody can wait 3-4 months and sit on pins and needles until its finalized. The buyer in this case has been renting, and is on a month to month lease, so this process was great for them. It wouldn't work as well if you sold your home and need to be out before the short sale process is finished unless you can go into storage and find a short term rental. So for those of you that can be flexible.....take a good look at buying a short sale home.