Well my Home is Offically for Sale

[ChadC]

Yeah, I just went and looked at the pictures too, awesome job Chad, looks like a completely different house now!

Yeah, thanks to these guys

Bwahahhahahahha

[jstrutt]

Yeah, I just went and looked at the pictures too, awesome job Chad, looks like a completely different house now!

Yeah, thanks to these guys

Bwahahhahahahha

[Ted Y]

Back on topic... Any activity on the sale?

[ChadC]

5 showings since friday. I hope to get an offer within the next 7 to 10 days.

[wickedfastvette]

That's great Chad!

[Eddie44]

Great response but I wouldn't expect anything less with the condition you got that place into. To me it's also a good sign that the economy is coming back if the buyers are out there in those numbers. It's not just bargain hunters looking at short sales.

[Bigfoot]

To me it's also a good sign that the economy is coming back if the buyers are out there in those numbers. It's not just bargain hunters looking at short sales.

Dunno Eddie. The couple across the street is trying to sell theirs. I asked her how it was going and she said all of the buyers only want to do short sale. This couple does not need that. He works in Florida and doesn't want to retire, so they are just selling so she can move down there with him. At first she thought he'd retire soon and "move" back home, but he's not willing to do that yet so they're just going to sell instead.

[ChadC]

To me it's also a good sign that the economy is coming back if the buyers are out there in those numbers. It's not just bargain hunters looking at short sales.

Dunno Eddie. The couple across the street is trying to sell theirs. I asked her how it was going and she said all of the buyers only want to do short sale. This couple does not need that. He works in Florida and doesn't want to retire, so they are just selling so she can move down there with him. At first she thought he'd retire soon and "move" back home, but he's not willing to do that yet so they're just going to sell instead.

its a lot more complicated than that. Also how homes were sold in the past (10 years, 5 years or 2 years ago) are sold in a different mannor today.

if the lady across teh street is saying buyers only want short sales then she is sadely mis informed.

I see a listing for a small er 1500sqft home however its only been only the market for 5 days.

however it in forescloser and it kinda out of her hands already .

[Bigfoot]

Ok, lets put it this way. Everyone interested in her home wants to do a short sale. Theirs is not in any kind of forclosure.

[ChadC]

well now im confiused.. the buyer does not dictate if a home is short sale/ standard sale/ foreclosure. Its the seller and their bank that determins that. now a buyer may be 'looking' for a short sale, but the home status will be listed long before the possible buyer ever showes up. again, I think she is misinformed and/or has a shitty listing agent.

[anmracing2]

It's a shame that so many sellers have been screwed by the short sale process. People who could possibly get out from under a mortgage do a short sale and when they have a possible buyer they have to wait for the bank to involve every department in the company before they give the ok. By that time the potential buyer is still looking at other houses for one reason or another and end up finding a better deal. So they walk away from the original offer just because the bank was dragging their feet. Now the seller needs to forclose because they can no longer afford the mortgage, even though they had a buyer for their home! Terrible…… Yup, the economy is a mess and the banks don't seem to be helping the situation.... Of course, I could be wrong........

[wickedfastvette]

It's a shame that so many sellers have been screwed by the short sale process. People who could possibly get out from under a mortgage do a short sale and when they have a possible buyer they have to wait for the bank to involve every department in the company before they give the ok. By that time the potential buyer is still looking at other houses for one reason or another and end up finding a better deal. So they walk away from the original offer just because the bank was dragging their feet. Now the seller needs to forclose because they can no longer afford the mortgage, even though they had a buyer for their home! Terrible…… Yup, the economy is a mess and the banks don't seem to be helping the situation.... Of course, I could be wrong........

No Andrew you are right, I as a cash buyer have made offers on homes for full asking price no reduction and the banks screw around with so much crap that I eventually just move on to something else.

[jstrutt]

No Andrew you are right, I as a cash buyer have made offers on homes for full asking price no reduction and the banks screw around with so much crap that I eventually just move on to something else.

I agree. Banks are only interested in themselves and not the customer trying to better themself or the potential buyer. Welcome to the real world. I deal strickly with a member owned small Credit Union that can do most anything right away without all the bureaucracy.

[ChadC]

all right devils advocate

there is more to the short sale than you think.

ONE: a short sale was very rare in the past perhaps there was only 2 per month for bank X. Now there are 12,000 per month. the tranined staff cannot compete with the influx of intense paperwork and process.

TWO (you are going to think im kissing ass for the banks on this one): It not always the banks fault. When a bank does a home loan that actual cash is not theirs. They do not 'own' it persay. Instead they are the 'Steweards' of the cash for investors. The investors own the cash. With a Short sale, or a Loan Remodification the bank has to get approval from the Investor if they want to take a loss now (and get 60% of the money back) or hold Hold out for the long run (and see if they get 100% of the money back with interest). The investor has no required time table and plus they need to perform their own risk analysis and to determine if they will get covered by their insurance.

THREE: Any tom, dick, or joe can claim a short sale. The Price listed on a short sale is done by THE SELLER and not the bank. .. How do you know the seller is not 'emeotionally wound up' in the home and asking more than what teh marked will bear? Banks need to know this. So to prevent the banks (and their investors) from loosing their shorts they require that the home owner prove finical hardship by the banks standars. Just because you home was bought for $250k is now worth $115K AND you can still make the payments on a $250K loan does NOT prove finical hardship. It only proves, bad luck, greed, or stupitidy.

Like any intense audit the 'proof of hardship' takes time and not every one (relators, loan officers, and bank personell) is expirenced in the porcess.

WICKEDFAST-KNARLEY-VETTE/cheriellele,

I bet a wooden nickel that if the short sale you make an offer on was a "Pre-Approved" short sale (ie the seller has already been throught the finical hardship AND the bank has approved the price) your cash offer would have been much faster.

im not beating the Pro-Bank drum here, i simply stating that when I buy my next home I know the beast that is Home Buying

Standard sales = fast 30-45 day clsoing

Foreclousers = 3 day approval on some banks. 3 month approval on others (chase i think?). Can you guess on who I will be avoiding? Then the normal 30 to 45 day closing. no contingensys (sp?), no CLUE or SPDS and taken "As-Is". the price will reflect the increased risk that I am taking (generaly 10% to 15% for a distressed properity).

Short sale = If the home owner has not been 'vetted' I wont consider it for my needs. I have no desire to stay at an appartment for 6 months wating for the current owner to get their paperwork together.

[wickedfastvette]

Just to clarify Chad all the homes I have bought recently or tried to buy have been bank owned foreclosures no occupants in the home etc, they lose the paperwork, don't read the paper work forget all kinds of things, the last one I bought last month, they ended up paying 8,000 out of their own funds on top of what I paid them for the house to close because no one read the contract at least not very well and here is the kicker, I also got an extra lot in the deal that they didnt know they also owned that was connected to the property, they were informed but said the contracts were signed and let it go. Score for me!

[Big Poppa]

Dood, the place does look great!!! It looks like a different house than the last time I was there. I think the money is a bit high, but I am totally not a real estate professional, and I hope you get every penny.

[Eddie44]

I won't defend the banks just because I work for one. Chad hit one nail right on the head. Most banks aren't staffed for doing short sales. It is a realatively new thing to them. Most have had to hire incompetent out of work souls to fill a few additional spots. That's one reason for the wait. I will also say banks have run across a lot of folks that have been doing a "short sale" to their aunt or uncle, etc and then buying it back at a reduced price 6 mos later. If you happen to be upside down in your house what a way to dump it and run but then buy it back.

[ChadC]

I will also say banks have run across a lot of folks that have been doing a "short sale" to their aunt or uncle, etc and then buying it back at a reduced price 6 mos later. If you happen to be upside down in your house what a way to dump it and run but then buy it back.

..I did not think about that scam.. dammm

however If I dump my house in a short sale, how Will I establish good credit to get a home loan in 6 mo?

[c7speed]

No Andrew you are right, I as a cash buyer have made offers on homes for full asking price no reduction and the banks screw around with so much crap that I eventually just move on to something else.

I agree. Banks are only interested in themselves and not the customer trying to better themself or the potential buyer. Welcome to the real world. I deal strickly with a member owned small Credit Union that can do most anything right away without all the bureaucracy.

Credit Unions do not need to follow the same rules as banks, at least here in the states. I guess by "Banks" you mean bank shareholders?

Just to clarify Chad all the homes I have bought recently or tried to buy have been bank owned foreclosures no occupants in the home etc, they lose the paperwork, don't read the paper work forget all kinds of things, the last one I bought last month, they ended up paying 8,000 out of their own funds on top of what I paid them for the house to close because no one read the contract at least not very well and here is the kicker, I also got an extra lot in the deal that they didnt know they also owned that was connected to the property, they were informed but said the contracts were signed and let it go. Score for me!

I hope your title policy covered this extra lot...

I will also say banks have run across a lot of folks that have been doing a "short sale" to their aunt or uncle, etc and then buying it back at a reduced price 6 mos later. If you happen to be upside down in your house what a way to dump it and run but then buy it back.

..I did not think about that scam.. dammm

however If I dump my house in a short sale, how Will I establish good credit to get a home loan in 6 mo?

ah, you won't, you'll be renting. Remember who will be paying for every short sale and foreclosure...

Back on topic, any news?

[ChadC]

nope. but Ill touch base on Wed or Thurs If I have not heard anything.

[wickedfastvette]

Yes my title policy covers the extra lot and the title company was who found the extra lot was attached.

[Don&Patty]

Good luck on the sale. After our house being on the market two months we finally got an offer and accepted the contract today. The people who bought are from Canada and never saw the house just the pics on the web. It's a full cash offer so should go through the bank process fairly quick, I hope.