Short Sale, Foreclosure, Hope

By
Real Estate Sales Representative with Heritage

SHORT SALES!

At first I could not STAND to hear the word! Now however, after seeing how successful agents have been selling short sales...I am glad to have the extra business.

I have a wonderful information from one of our closing attorneys in GA, I will post the information tomorrow.

I decided to blog on active rain after just reading another active rain agents comment///short sales arent so short! How True!

I have been licensed since 1988 and I have never seen a market so slow. In the late 80's early 90's, our Metro Atlanta Market was slow...but the rest of the country was not slow...so we hoped and prayed for the relos.  Now, I hope and pray more and more young couples will get married and buy their first home!

There is hope, out of our 90+ agents ~~3 have had their best year yet! One of our agents has sold over 34 homes ytd and she does NOT list subdivisions! Most of her business is resale! There is hope!!

Let me know your thoughts,

Susan Van Dyke~Heritage Real Estate Brokers, Inc. Marietta, GA 30062.

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Rainmaker
1,353,764
Vickie Nagy
Vickie Nagy, Broker Associate Realty ONE Group BMC Associates | BRE#01363932 - San Ramon, CA
Broker for San Ramon, Danville, Dublin, Pleasanton

Susan, I can't wait to see your blog tomorrow with good information from one of your closing attoneys.

Dec 09, 2008 12:22 AM #1
Rainmaker
662,613
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

All it will take is to get an offer on the table --- whether or not it's a good offer ---- to get the short sale process moving. The asset manager gets a BPO which will serve as additional basis to determine how much they will set as the minimum they will accept.

My three most recent short sales turned out to be the shortest -- literally --- short sales for the buyers' agents. All listings went into contract. In each case, I sent the short sale package to the lender who set the minimum they want to net after expenses.

Previous buyers backed out for different reasons (couldn't get financing), so the properties went back on the market. Shortly after that, other buyers and their agents wrote offers. Since the offers met lenders' requirements, they were immediately approved. One short sale closed in less than 3 weeks after acceptance.

The buyers' agents were overjoyed for the really short period to close the short sales.

Dec 09, 2008 01:20 AM #2
Rainer
338,459
Yvette & Dennis Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to the Active Rain community. This is a great site with lots of information.  Have fun with it and hope to see more of your blogs soon! 

Dec 09, 2008 07:40 AM #3
Rainer
75,888
Jason Ellis
Coastal REO Solutions - Myrtle Beach Short Sales & REO's - Myrtle Beach, SC

great start to AR -- great 1st post --- best of luck -- JE

Dec 09, 2008 09:45 AM #4
Rainer
156,739
Sandy Childs
Keller Williams Realty - Spartanburg, SC
Realtor - Spartanburg, SC

Congratulations on joining Active Rain. This is a great professional networking site. Hope you enjoy this site as much as I do.

Dec 09, 2008 10:49 AM #5
Rainmaker
257,394
Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Susan - Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here - it is a great education and lots of fun.  Looks like you're off to a great start...keep it up!

Dec 09, 2008 11:58 AM #6
Rainer
80,229
David Painter
Keller Williams Realty - Spartanburg, SC

Good to have you on Active Rain.  This is a good site for gathering information and interesting to see what others are blogging about.

Dec 09, 2008 06:41 PM #7
Ambassador
317,472
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Hello and welcome to Active Rain! I encourage you to learn from others, share your knowledge and experiences with all of us, enjoy yourself, and try to log in and join us in the Active Rain community as frequently as possible. I look forward to your future blogs and comments! Take care, --Kirk.

Dec 09, 2008 10:04 PM #8
Rainer
1,434
Susan Van Dyke
Heritage - Marietta, GA

Hi Everyone!

I wanted to include a little special stipulation we use in GA for our short sale contract. This is approved and written by GAR/attorneys. Every now and then we still have the buyer's agent or listing agent that "forgot" the bank must approve the sale otherwise ~no deal. This clause protects both sides. I have told our agents to "make sure" when representing the buyer to ask the listing agent (sometimes twice) is this a short sale? Is the Seller behind on payments? Are you sure..Mr/Mrs Listing Agent...please double check...so many times we bind a contract only to find out too late that the listing agent had no idea what they were doing and the seller is too far behind in payments to sell without bank approval.  IN addition ~regarding foreclosures, dont forget to MAKE SURE to check w/the bank if you have husband/wife or divorce situation and home in both names, bank must foreclose/notice BOTH. We just missed a closing because the banks attorney did not notify ALL parties~ Ugh!

SHORT SALE Stipulation~of course ask your broker/attorney but I find this helpful.

Buyer acknowledges that the sale of the Property will not generate sufficient cash to pay off the mortgages on the Property and the other obligations of Seller with respect to this purchase and sale transaction. This Agreement is therefore contingent upon Seller's mortgage lender(s) agreeing to: (1) take a reduced pay off on its mortgage(s) in an amount sufficient such that the purchase price of the Property pays off the reduced amount of the mortgage(s), any other liens, judgments and other encumbrances on the Property, the real estate commission(s) owing to the Broker(s) and the other expenses of sale for which Seller is obligated under this Agreement without Seller having to pay any additional sums; and (2) release Seller from any claim, cause of action, suit or judgment for the amount of the reduction in the payoff on said mortgage(s). In the event, the mortgage lender(s) do not agree to such reductions at least _____ days prior to closing, either Seller or Buyer may terminate this Agreement without penalty upon notice to the other party    

Thanks Susan at HeritageGeorgia.com

Dec 09, 2008 10:07 PM #9
Ambassador
2,035,496
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

I think we have all come to realize that we need to work with Short Sales and Foreclosures in order to survive. But, I agree this last year has been my best also. I think if don't worry about the market and go out and look for the business it is there for the taking.

Welcome to Activerain and really look forward to reading about your success in the world of short sales. (1-8)

Todd Clark, Helping Families Home - www.IFoundYourNewHome.com

Dec 10, 2008 10:07 AM #10
Rainmaker
410,755
Bill Kennedy
Keller Williams Realty - Greenville, SC
Homes For Sale Greenville SC

Welcome to Active Rain! This is a great website for building your business, as well as learning from others.  Pat yourself on the back, because you made a GREAT choice in joining the blogosphere!

Write often, and write whatever comes to mind.  Blogs about personal topics and non-real estate items are often the best.  It helps your readers to bond with you, and ends up bringing you a lot of business!

Good luck with your future blogging.  If you'd like more info on points in Active Rain, I wrote a blog about it (click here). Feel free to ask me any questions if you need a hand!

Dec 10, 2008 09:51 PM #11
Rainer
300,058
Vicente A. Martinez
Prudential Douglas Elliman Licensed Real Estate Salesperson - Woodhaven, NY
Realtor, Brooklyn - Long Island - Queens Homes

Hi Susan and welcome to active|rain.

How true! Shortsales are here to stay (for the next few years at least) and those who can adapt will be successful. Most of the homes we sold over the past several years are a great source of income today.

Well, browse around and enjoy the site.

There are thousands of tips, tools, and tricks of the trade here. Be sure to check them out. Best of luck and see you around.

Dec 14, 2008 03:07 AM #12
Anonymous
Anonymous
Jeff Sweatt

My family and I have just recently sold our home via Short Sale Method. We have moved due to my job taking us away from the local area. We are approved of a VA loan however I just called our bank that we used for the previous mortgage and they said that we have to wait 2 years before we can buy conventionally or via VA. Is this a bank stipulation fo SS or is this a Federal Law? 

Jul 28, 2011 12:47 PM #13
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