Short Sale Listing Question

sugarspunZ_IHB

sugarspunZ_IHB

New member
This question is for the experienced Realtors on here or for the ones who know what they are talking about.



what would be considered a very fast short sale process from property being listed to closed?



2 months? 3 month?





most of the agents i have spoken with say a typical short sale will take at least 6 months from listing to close? my opinion is that most listing agents have no idea what they are doing.





thoughts?
 
[quote author="sugarspunZ" date=1247016631]This question is for the experienced Realtors on here or for the ones who know what they are talking about.



what would be considered a very fast short sale process from property being listed to closed?



2 months? 3 month?





most of the agents i have spoken with say a typical short sale will take at least 6 months from listing to close? my opinion is that most listing agents have no idea what they are doing.





thoughts?</blockquote>


95% of the shorts don't fly mainly because there is a second and that bank will never allow the deal to go down. You are really wasting your time going after these unless you have a lot of time to burn and don't expect much. Yes most listing agents don't know what they are doing, nothing has changed.
 
[quote author="OCCOBRA" date=1247076806][quote author="sugarspunZ" date=1247016631]This question is for the experienced Realtors on here or for the ones who know what they are talking about.



what would be considered a very fast short sale process from property being listed to closed?



2 months? 3 month?





most of the agents i have spoken with say a typical short sale will take at least 6 months from listing to close? my opinion is that most listing agents have no idea what they are doing.





thoughts?</blockquote>


95% of the shorts don't fly mainly because there is a second and that bank will never allow the deal to go down. You are really wasting your time going after these unless you have a lot of time to burn and don't expect much. Yes most listing agents don't know what they are doing, nothing has changed.</blockquote>
i agree with you. i am very selective as to which lenders i will deal with. if a home owner has a 2nd with hand of lenders it is definitely a dead deal.
 
At first I thought this was Spam, but then I realized how close Irvine, CA is to FL, and I realized what a valuable contribution this first post makes. *cough*IPBAN*cough*
 
[quote author="Daedalus" date=1249396361]At first I thought this was Spam, but then I realized how close Irvine, CA is to FL, and I realized what a valuable contribution this first post makes. *cough*IPBAN*cough*</blockquote>


Dude... if you are from West Bengal, then you have no idea that Irvine is further away from Florida than it is from West Bengal to New Delhi, especially if you have never gone any further than Bangladesh for a vacation. Which BTW, takes just as long to get to and from as Irvine to Florida, you think the public transportation sucks in Irvine... try West Bengal my friend.
 
Just saw from OC register that 43 Bamboo is headed for Auction.



http://irvinehomes.freedomblogging.com/2009/08/06/more-irvine-homes-are-headed-to-auction/#comments



Apparently the money owed is 720K. It has been listed as short sale for 588K forever.

When we wanted to see the property we were told that there have been >20 offers already

(at or above the list price) and have been submitted to the bank. So no need to go see the property.



Now my question is 720-590= 130K loss for the bank if it had accepted any of the

so called 20 offers that were submitted. I would think that this is a good bargain

considering the amount all these banks are loosing because of bad loans and

forclosures. You are still getting back 80% of your money. Why would then the

bank allow this to go to Auction? Would they themselves buy it (at the auction) for some lower

price and then flip it at say 650K(since sales are picking up in Irvine!!!). They may then play

some accounting gimmicks to show profits in their future earnings.



Any ideas !!!!!
 
[quote author="witin4ever" date=1249624565]Why would then the

bank allow this to go to Auction?</blockquote>Does it have a 2nd on it ? Or PMI ?
 
It does have a $169k 2nd lien with BofA, and the first is an option ARM (hence the larger balance due from the original loan amount of $650k) with WAMU, but who knows for sure who holds the first lien (FDIC or Chase). So they could be fighting on who gets what, even though BofA should get $0.



But, more importantly, why have <strong>none</strong> of the homes Erika posted not have an NTS filed on them? It can't go to the auction without one. 149 Treehouse had the NOD filed a year ago, but it looks like it is on the second lien. Looks like Erika has a story on her hands. Now to go post this on her blog...
 
The key is "approved short sale" versus a "here's an offer, lets see what the bank says" short sale. I closed a transaction this past week where the SS was approved, a slightly lower offer was made, the bank took 18 days to review and accept - 30 day close thereafter. That's fast!



Some of the "accepting back up offer" homes that fall out have approved short sale terms from the bank. I'd strongly suggest contacting any home that is currently in escrow on a short sale to see if the buyer is able to close. You could swoop in and take over a deal if the buyer fails.



My .02c



Soylent Green Is People.
 
[quote author="Soylent Green Is People" date=1249631999]The key is "approved short sale" versus a "here's an offer, lets see what the bank says" short sale. I closed a transaction this past week where the SS was approved, a slightly lower offer was made, the bank took 18 days to review and accept - 30 day close thereafter. That's fast!



Some of the "accepting back up offer" homes that fall out have approved short sale terms from the bank. I'd strongly suggest contacting any home that is currently in escrow on a short sale to see if the buyer is able to close. You could swoop in and take over a deal if the buyer fails.



My .02c



Soylent Green Is People.</blockquote>
Just curious, which bank was the lender on the short sale you were involved in on?
 
Original financing was a construction loan taken out in 2006 for 1.28m through WAMU. It could have been an Option ARM but thats speculation only because of available data. The agreed SS amount was in the upper 9's. The SS agreements still say WAMU, not Chase which was unusual.



Soylent Green Is People.
 
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