Short Sale Sellers; Check your Listing Agents' References! 

Had a listing appointment last week with a potential Short Sale Seller.  He is only 30 days delinquent and his property is spectacular..truly stunning.  The Location is very questionable for a home of this magnitude…

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Palm Springs, California had some interesting sales statistics for June, 2011.  What intrigued me is that my own Sales number almost directly reflect what the CDAR report states..my own business is running almost equal between Equity Sales and Distressed Sales.  The Equity Sales seem to be in the higher end, which means that median number they always throw around should be going up..if other Agents are seeing the same thing I…

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Here I am in beautiful West Vancouver, BC.  I was here last year with clients/friends, but in the Northern Vancouver area.  Both are gorgeous.  As I did last summer, I am experiencing the other side of the Palm Springs, Calif. real estate reality.

No Short Sales!

Strange, but true.  The Banks here are regulated,therefore, no unregulated run up of property value..just a steady, gradual rise.  Now, the Vancouver market appears to be blazing along.  In fact, at a…

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Closed another Short Sale in Rancho Mirage, California.  Recorded yesterday for $265,000.  Bank of America notes at approximately $485,000.  

 

My Seller is a lovely woman who LOVED this condo.  She and her husband spent many happy years there.  Her husband died a couple years ago, and it just became too emotional for her to live there.  Emotional as well as expensive.  She finally gave in and decided to short sale it with me. 

 

My Buyer is a Canadian who was…

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Short Sale in Indian Wells, Calif......APPROVED!  Just received my approval letter yesterday on this one.  From List to 8/15 COE will be approx. 120 days.  It is intriguing to me how some Short Sales sail along and others..seemingly very similar to my eyes, get stuck.  This one is a vacation home for my Seller.  He has two loans with Bank of America.

Primary Loan:  $417,000 due

Second:  $206,000.

APPROVED Sales Price:  $465,000. 

 

I wrote…

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It really doesn't matter how experienced you are as a Short Sale List Agent. It doesn't matter how many CLOSED references you have..again as a Short Sale List Agent.  When it comes to approval, it is a complete crap shoot with the Negotiator holding all the dice.

I can tell from the first e-mail exchange, and often phone conversation if they won't e-mail, whether or not I am dealing with a sane Negotiator. 

The WORST negotiator I have ever had in the past 5 years was a Chase…

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Short Sale pricing is a key..  to a successful closing.  Setting a correct price is a skill that comes with experience.  There is more involved than simply running comps.  With a Short Sale, the Lender(s) involved and the months delinquent on the Seller's part have to be figured in.  The condition of the house, HOA delinquency, repairs required, examination of comps for Short Sale % pricing.  Do I need to establish a Property History?  Is…

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What????  Yes, first time in 5 years of doing loads of Short Sales with different Lenders, different types of Sellers, various emotional situations..pretty much everything I thought....

 

Retired Broker who was not representing herself, but did insist on showing her property herself.  Yikes..alarm bells should've gone off.  But..she was referred by a friend, and really, how bad could it be???  Primary residence, condo, well kept, only one loan with Chase.  Slam dunk,…

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If you like the rush, the careening highs and crashing lows that makes your Adreneline course through your veins like you've being chased by an unknown intruder..try a Short Sale!  What a rush!  What a ride!  Kind of like a huge roller coaster zipping along....up, then down..back up, then down..yippee!

 

Even if you're a list agent used to the…

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Two loans..each with a diffferent Lender.  I have received BOTH approval letters.  COE is 5/27.  Buyers' money in the bank, inspections done, buyers on their way to Palm Springs..BOOM!

My cell rings..

"Hello, this is Kim"

"Yes, Kim, this is Bob, your closer for your loan #______"

"Hey Bob, great to hear from you!  What a surprise!  We're all set up…

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It's one thing to list a short sale and then hand it off to a negotiation company.  It's another to handle it yourself, keep your Seller and also Buyer's agent updated weekly, and then follow it through to a successful CLOSE!  I can do that for you!

 

To view my current listings and their status for the first quarter of 2011, please visit my…

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Jon Stewart at it again...this is so funny and pretty much captures the "Foreclosure Crisis" in a rather lewd way...

Part of rebuilding New Orleans caused residents often to be challenged with the task of tracing home titles back potentially hundreds of years. With a community rich with history stretching back over two centuries, houses have been passed along through generations of family, sometimes making it quite difficult to establish ownership. Here’s a great letter an attorney wrote to the FHA on behalf of a client:



You have to love this lawyer……..



A New Orleans lawyer sought an FHA… Continue

Is there a HUMAN at Freddie Mac? As one of your largest investors, (80% of your stock I believe?), I was so hoping for some help with one of my Short Sales. Your CEO's have apparently decided that CHASE is a good investment as a "servicer" of a bunch of those under performing loans that I, and all of my tax-paying fellow-investors, are now holding the bag on.

I am challenging that decision.…

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This is what I am hearing over and over from my short sale clients..they already tried loan mod and ended up in worse debt than if they had just started their Short Sale in the first place!!!

http://tinyurl.com/2dtc34f

Short Sale Team added to HK Lane Real Estate. Envisioned by owner, Harvey Katofsky, Broker Ron Gerlich and Real Estate Attorney, Paul Bojic, the idea is a "One stop team for Short Sale advice." Two Listing Agents, Kimberley Kelly and Ally Valesquez will be working with them, as well as a Short Sale negotiation team…

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Short Sales reduce numbers of strategic defaults..

Since beginning my short sale career when this mess in the Coachella Valley, CA took hold years ago, it has been my mantra that the Lenders do NOT want to be truthful with their shareholders regarding true values of their housing assets. Now, I am seeing this very idea in various media outlets. I still believe…

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Short Sales in the Inland Empire; Price Points are rising.. I have been watching the numbers, walking the homes, studying the comps and exactly what I felt would happen this year is indeed happening. The high end golf course communities and custom homes are seeing Short Sales and REO's. This is a new phenomenoa for my area of the Inland Empire..Palm Springs, Palm Desert, La…

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