Comments on: 5 Reasons Why Buyers (And Their Agents) Hate Short Sale Real Estate Listings http://siliconvalleyrealestateinfo.com/5-reasons-why-buyers-and-their-agents-hate-short-sale-real-estate-listings.html Los Altos Realtor Serving Silicon Valley Buyers and Sellers by Combining Local Insight With Professional Representation Sat, 10 Jul 2010 00:30:58 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Chuck Bianchi http://siliconvalleyrealestateinfo.com/5-reasons-why-buyers-and-their-agents-hate-short-sale-real-estate-listings.html/comment-page-1#comment-570 Chuck Bianchi Thu, 14 May 2009 03:06:52 +0000 http://siliconvalleyrealestateinfo.com/5-reasons-why-buyers-and-their-agents-hate-short-sale-real-estate-listings.html#comment-570 And it doesn't get a whole lot better with REO's. We just wrote on a REO and the response time to be allowed jumped from 3 days to a week in 24 hours because the bank wants an open house to take place. I'll be very interested to see if that even takes place this weekend. Or if its a new stall tactic. I've yet to see an REO open on a weekend. And it doesn’t get a whole lot better with REO’s. We just wrote on a REO and the response time to be allowed jumped from 3 days to a week in 24 hours because the bank wants an open house to take place. I’ll be very interested to see if that even takes place this weekend. Or if its a new stall tactic. I’ve yet to see an REO open on a weekend.

]]> By: Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker http://siliconvalleyrealestateinfo.com/5-reasons-why-buyers-and-their-agents-hate-short-sale-real-estate-listings.html/comment-page-1#comment-568 Dave Blockhus, Los Altos CA Real Estate Specialist, Coldwell Banker Wed, 13 May 2009 21:18:48 +0000 http://siliconvalleyrealestateinfo.com/5-reasons-why-buyers-and-their-agents-hate-short-sale-real-estate-listings.html#comment-568 Arn, I wish the traditional press would "get the word out" (with more gusto) that short sales aren't the huge windfall they are made out to be. I also think fault lays within the real estate community. Sometime agents are chasing that next deal and don't really examine the reality of the situation and either unknowingly (most of the time) or knowingly (some of the time) take a listing on a short sale property that they know will never close (hoping to get secondary business off of that listing). Old school agents think it is better to have a listing that might (or might not) sell versus passing on it and only working on saleable listings. Just my opinion. Arn,

I wish the traditional press would “get the word out” (with more gusto) that short sales aren’t the huge windfall they are made out to be.

I also think fault lays within the real estate community. Sometime agents are chasing that next deal and don’t really examine the reality of the situation and either unknowingly (most of the time) or knowingly (some of the time) take a listing on a short sale property that they know will never close (hoping to get secondary business off of that listing).

Old school agents think it is better to have a listing that might (or might not) sell versus passing on it and only working on saleable listings.

Just my opinion.

]]> By: Arn Cenedella http://siliconvalleyrealestateinfo.com/5-reasons-why-buyers-and-their-agents-hate-short-sale-real-estate-listings.html/comment-page-1#comment-567 Arn Cenedella Wed, 13 May 2009 05:29:42 +0000 http://siliconvalleyrealestateinfo.com/5-reasons-why-buyers-and-their-agents-hate-short-sale-real-estate-listings.html#comment-567 Dave I understand your frustration trying to sell short sales. The owner occupants have very little incentive to show the property. The listing agents tpyically do not provide good service to the sellers becuase the sellers don't care and won't do anything to put the property in marketable condition. But the big problem is the lender themselves. They take 2 months or more to respond to an offer and generally they come back with a ridiculous proposal - either asking the buyer to come up with more money or asking the seller to sign a note for the balance owed. And if you have two lenders, the problem is exponentially harder. The lenders are stupid because they turn down short sales and then foreclose and sell the property for less than the short sale offer 6 months earlier. With such a low rate of success, it is easy to understand why agents and sellers do not go out of their way to make it happen. Most times, it is a waste of time. I just listed a short sale in San Mateo and I told the owner I am not going to spend thousands trying to advertize the property. They understood they said they weren't going to spend any money to fix the property up. Once the lenders start moving more quickly and more reasonably, you will find agents and sellers picking up their game. Dave
I understand your frustration trying to sell short sales. The owner occupants have very little incentive to show the property. The listing agents tpyically do not provide good service to the sellers becuase the sellers don’t care and won’t do anything to put the property in marketable condition. But the big problem is the lender themselves. They take 2 months or more to respond to an offer and generally they come back with a ridiculous proposal – either asking the buyer to come up with more money or asking the seller to sign a note for the balance owed. And if you have two lenders, the problem is exponentially harder. The lenders are stupid because they turn down short sales and then foreclose and sell the property for less than the short sale offer 6 months earlier. With such a low rate of success, it is easy to understand why agents and sellers do not go out of their way to make it happen. Most times, it is a waste of time. I just listed a short sale in San Mateo and I told the owner I am not going to spend thousands trying to advertize the property. They understood they said they weren’t going to spend any money to fix the property up. Once the lenders start moving more quickly and more reasonably, you will find agents and sellers picking up their game.

]]> By: Alex H. Wang http://siliconvalleyrealestateinfo.com/5-reasons-why-buyers-and-their-agents-hate-short-sale-real-estate-listings.html/comment-page-1#comment-566 Alex H. Wang Tue, 12 May 2009 17:59:05 +0000 http://siliconvalleyrealestateinfo.com/5-reasons-why-buyers-and-their-agents-hate-short-sale-real-estate-listings.html#comment-566 Great article. Definitely experiencing the same frustrations on my end. Great article. Definitely experiencing the same frustrations on my end.

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