Comments on: Men Like Ravenous Fishes Feed on One Another http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html Redfin Corporate Blog Sun, 22 Nov 2009 20:09:04 -0800 http://wordpress.org/?v=2.8.1 hourly 1 By: Danielle Loranger http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html/comment-page-1#comment-5334 Danielle Loranger Thu, 26 Feb 2009 23:40:14 +0000 http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html#comment-5334 I've just put in an offer on a short sale and then found it on redfin. Interesting thing is that there are 2 mortgages on the property and the listing agent is obviously clueless about short sales. Hmmmm seems like redfin's short sale policies are not really being enforced. I know it's difficult to double check these things but about 90% of the short sale listings I've found on redfin in my target neighborhood are in violation of at least 2 of the 4 restricitons listed in this blog. Oh and for Orange County, CA buyers it's common to find short sales listed for less than 50% of the amount of the mortgage(s) on the property. The one I'm going for is priced at 180k and has almost 400k in mortgages on it. 65 days on redfin and I'm the second person who even scheduled a viewing. Depressing for sellers GREAT for the buyer. I’ve just put in an offer on a short sale and then found it on redfin. Interesting thing is that there are 2 mortgages on the property and the listing agent is obviously clueless about short sales. Hmmmm seems like redfin’s short sale policies are not really being enforced. I know it’s difficult to double check these things but about 90% of the short sale listings I’ve found on redfin in my target neighborhood are in violation of at least 2 of the 4 restricitons listed in this blog.

Oh and for Orange County, CA buyers it’s common to find short sales listed for less than 50% of the amount of the mortgage(s) on the property. The one I’m going for is priced at 180k and has almost 400k in mortgages on it. 65 days on redfin and I’m the second person who even scheduled a viewing. Depressing for sellers GREAT for the buyer.

]]> By: Elizabeth http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html/comment-page-1#comment-5235 Elizabeth Tue, 10 Feb 2009 05:01:40 +0000 http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html#comment-5235 I found a house that I like, but it's a short sale. I'm still considering making an offer, with the understanding that it may take a while to hear back. My question is, should I offer the full asking price? I'd prefer to make s lower offer, probably 5% below asking price, but don't know if that's reasonable to do. The house is priced pretty fairly and similar to comps in the area although most other houses are larger or on less busy streets, so it's tough to compare. thanks. I found a house that I like, but it’s a short sale. I’m still considering making an offer, with the understanding that it may take a while to hear back. My question is, should I offer the full asking price? I’d prefer to make s lower offer, probably 5% below asking price, but don’t know if that’s reasonable to do. The house is priced pretty fairly and similar to comps in the area although most other houses are larger or on less busy streets, so it’s tough to compare.

thanks.

]]> By: Kathy http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html/comment-page-1#comment-5083 Kathy Wed, 14 Jan 2009 17:47:31 +0000 http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html#comment-5083 The key to a good short sale (in my opinion) is a good loss mitigation firm. They know what they are doing and how to get the bank to accept a reasonable compromise with the best interests of the homeowner and broker in mind. They have more man power and can get the short sale property settled and sold much quicker than doing it yourself, and you still get paid for your client. optionnext.com or email kruthford@optionnext.com The key to a good short sale (in my opinion) is a good loss mitigation firm. They know what they are doing and how to get the bank to accept a reasonable compromise with the best interests of the homeowner and broker in mind. They have more man power and can get the short sale property settled and sold much quicker than doing it yourself, and you still get paid for your client. optionnext.com or email kruthford@optionnext.com

]]> By: Online Real Estate Tools Mini-Hall of Fame + Home-Buying Class Powerpoint | Redfin Corporate Blog http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html/comment-page-1#comment-4732 Online Real Estate Tools Mini-Hall of Fame + Home-Buying Class Powerpoint | Redfin Corporate Blog Fri, 05 Dec 2008 01:20:37 +0000 http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html#comment-4732 [...] Sales: We explained the seven signs a short sale isn’t deal going to happen, with a tip of the hat to our friend Frank in [...] [...] Sales: We explained the seven signs a short sale isn’t deal going to happen, with a tip of the hat to our friend Frank in [...]

]]> By: Jon Christopher http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html/comment-page-1#comment-4018 Jon Christopher Wed, 08 Oct 2008 17:54:31 +0000 http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html#comment-4018 Short sales are key to surviving in this down market. Because home values have dropped a short sale is the best way for someone to sell a house that is worth less than what is owed. Short sales are key to surviving in this down market. Because home values have dropped a short sale is the best way for someone to sell a house that is worth less than what is owed.

]]> By: lousie http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html/comment-page-1#comment-3383 lousie Wed, 09 Jul 2008 20:45:58 +0000 http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html#comment-3383 We put in a offer in on June 8,2008 and have not heard anything. We put in a offer in on June 8,2008 and have not heard anything.

]]> By: lousie http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html/comment-page-1#comment-3382 lousie Wed, 09 Jul 2008 20:44:58 +0000 http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html#comment-3382 How long does it to get an answer back if you want to buy a short sale? How long does it to get an answer back if you want to buy a short sale?

]]> By: First-Hand Advice on Short Sales from Redfin Forums | Redfin Corporate Blog http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html/comment-page-1#comment-3156 First-Hand Advice on Short Sales from Redfin Forums | Redfin Corporate Blog Thu, 19 Jun 2008 15:02:51 +0000 http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html#comment-3156 [...] about short sales on Redfin’s Bay Area Forums, from the rare bird who successfully completed a short sale (which is when you buy a home for less than what is owed on the mortgage, requiring bank approval) [...] [...] about short sales on Redfin’s Bay Area Forums, from the rare bird who successfully completed a short sale (which is when you buy a home for less than what is owed on the mortgage, requiring bank approval) [...]

]]> By: Dave http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html/comment-page-1#comment-3120 Dave Mon, 09 Jun 2008 07:23:32 +0000 http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html#comment-3120 Has the success ratio on short sales increased since this article was posted? I have been wondering whether the reality of the current market conditions is sinking in across the board and causing lenders to be more willing to accept short offers. Has the success ratio on short sales increased since this article was posted? I have been wondering whether the reality of the current market conditions is sinking in across the board and causing lenders to be more willing to accept short offers.

]]> By: Glenn Kelman http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html/comment-page-1#comment-3118 Glenn Kelman Sun, 08 Jun 2008 02:51:01 +0000 http://blog.redfin.com/blog/2008/04/short_sales_real_estate.html#comment-3118 Great point. We wish we could identify short sales Greg, but most MLSs mix them in with other types of listings. Often the agent-only view, which MLS rules don't allow us to share with clients anyway, doesn't indicate whether a sale is a short sale. As a result, every broker struggles with clients who want to buy a home that is difficult to buy. Our only option has been to call the listing agent before showing a property or putting in an offer, to make sure the home has a reasonable chance of being bought by anyone prior to the foreclosure auction. Regards, Glenn Glenn Kelman, CEO, Redfin Great point. We wish we could identify short sales Greg, but most MLSs mix them in with other types of listings. Often the agent-only view, which MLS rules don’t allow us to share with clients anyway, doesn’t indicate whether a sale is a short sale. As a result, every broker struggles with clients who want to buy a home that is difficult to buy. Our only option has been to call the listing agent before showing a property or putting in an offer, to make sure the home has a reasonable chance of being bought by anyone prior to the foreclosure auction.

Regards, Glenn

Glenn Kelman, CEO, Redfin

]]>