Short "NO" Sales

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Real Estate Agent with Realty World Select
The going trend in our local market these days seems to be every sale is a short sale or foreclosure. I have done and do quite a bit of both but the short sales are starting to look like an even bigger pain in the rump now than ever. I have had 3 different short sale contracts in the last month that were good contracts with good buyers that we have actually been able to keep holding on for 5 or 6 weeks while we wait on the lender just to have the lender reject the offers and counter back over our list price. I had one house listed at $250,000 and got an offer at $240,000, the bank countered back at $280,000. The buyer walked and 6 weeks later the home was foreclosed on and put on the market at $210,000! Today I got an email from a short sale company that I sometimes use informing me that Ocwen Loan Servicing will no longer negotiate short sales at all. With these kind of practices, it's no wonder so many lenders are bellying up!!
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Dan Lesher Realtor, Principal Broker, CRS, ABR, ePro, PSC, Member NRBA

Realty World Select

Licensed in the Commonwealth of Virginia

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Rainer
17,676
Kristal Reid
Zebulon, GA
Coldwell Banker Bullard Realty
Amazing!  This happened to me as well, and the story is coming in my blog soon, so I won't give away many details.  Thanks for sharing!
March 20, 2008 07:59 PM
Rainer
55,481
Diane Lombardino
Keller Williams Realty of Jupiter
I avoid all "short sales" as I find them extremely "long" and complicated! 
March 20, 2008 08:02 PM
Rainer
39,633
Jeff Lund
Jeff Lund-Income Property Specialist- Bellabay Realty LLC

dan,

Short sales are a different kind of transaction... and we all need to inform our buyers of what crazy things banks are doing... it seems as if they don't even want to diminish their portfolios!

Jeff Lund

Five Star Real Estate

March 20, 2008 08:37 PM
Rainmaker
340,180
Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners

Ocwen Loan Servicing will no longer negotiate short sales at all. With these kind of practices, it's no wonder so many lenders are bellying up!!

I heard this rumor the other day.. only to Push a package under their nose about 30 mins later I get a "short sale" pkg from OCWEN asking me to complete the follow forms. I called and asked .. Wait you said you don't do short sale and now you have my clients completing a "short sale" agreement form whats the deal. They said that reveiw them on a case by case bases. We will see.

March 20, 2008 08:44 PM
Rainer
3,642
The Craft Team - Realtors Serving Stafford & Spotsylvania Va.
Coldwell Banker Elite
I have had the same problem but the lender was GMAC, our first offer was sent up for review on 12 Sept. 10 weeks later still no reply. We have since moved on and the property is still listed as active. I avoid short sales if at all possible and my clients feel the same, they do not want to deal with the headaches and do not mind one bit.
March 24, 2008 08:56 PM
Rainmaker
129,089
Kevin McGrath
Long & Foster Real Estate Companies
Long & Foster Real Estate Companies- Fredericksburg/Spotsylvania

I hear a lot of stories out there, and I think the bottom line is that the he/she who yells loudest gets noticed. We, and I really mean Jane, are 3 for 3 this year on short sales, so they can be done. I now call her Tenacious J, as that is what it seems to take.

June 15, 2008 09:10 AM
Anonymous
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Rainer
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Dan Lesher

Broker, CRS, ABR, e-Pro, RDCPro
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