Comments on: I Am Facing Foreclosure – Should I Bother With Trying To Do A Short Sale? http://thesunshinebroker.com/2008/06/25/i-am-facing-foreclosure-should-i-bother-with-trying-to-do-a-short-sale/ The Sunshine Broker | The Desert Ridge Real Estate Blog and Home Search Mon, 29 Jun 2009 19:14:21 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Jessica Sulliman http://thesunshinebroker.com/2008/06/25/i-am-facing-foreclosure-should-i-bother-with-trying-to-do-a-short-sale/comment-page-1/#comment-8 Jessica Sulliman Fri, 04 Jul 2008 08:35:59 +0000 http://thesunshinebroker.com/2008/06/25/i-am-facing-foreclosure-should-i-bother-with-trying-to-do-a-short-sale/#comment-8 Hi Kim, I hope you won't be keeping the names of the banks a secret, I look forward to hearing the success stories and which banks are involved in the success! It's all about getting the approvals, isn't it? How do you think the banks will be or are starting to handle the short sales that are not hardship cases, but folks simply walking away from a loss of equity that could take 10 years to recover? I realize that the MI companies have a lot to do with the ultimate decision, but isn't it still in the bank's best interest to take the short sale if the home is being sold at or near market value? Hi Kim,

I hope you won’t be keeping the names of the banks a secret, I look forward to hearing the success stories and which banks are involved in the success! It’s all about getting the approvals, isn’t it?

How do you think the banks will be or are starting to handle the short sales that are not hardship cases, but folks simply walking away from a loss of equity that could take 10 years to recover? I realize that the MI companies have a lot to do with the ultimate decision, but isn’t it still in the bank’s best interest to take the short sale if the home is being sold at or near market value?

]]> By: Kim Anderson http://thesunshinebroker.com/2008/06/25/i-am-facing-foreclosure-should-i-bother-with-trying-to-do-a-short-sale/comment-page-1/#comment-7 Kim Anderson Sat, 28 Jun 2008 00:46:14 +0000 http://thesunshinebroker.com/2008/06/25/i-am-facing-foreclosure-should-i-bother-with-trying-to-do-a-short-sale/#comment-7 Dawn, I have a couple of those frustrating stories, but I also have some success stories and positive signs about certain banks. I intend to publish some of those (names anonymous of course) and will always continue to be brainstorming way to be more successful on getting short sales approved. I think it is very important if we are ever going to see our inventory levels decrease in the near future. Dawn,

I have a couple of those frustrating stories, but I also have some success stories and positive signs about certain banks. I intend to publish some of those (names anonymous of course) and will always continue to be brainstorming way to be more successful on getting short sales approved. I think it is very important if we are ever going to see our inventory levels decrease in the near future.

]]> By: Dawn Rickabaugh - Pasadena Note Queen http://thesunshinebroker.com/2008/06/25/i-am-facing-foreclosure-should-i-bother-with-trying-to-do-a-short-sale/comment-page-1/#comment-6 Dawn Rickabaugh - Pasadena Note Queen Fri, 27 Jun 2008 07:44:49 +0000 http://thesunshinebroker.com/2008/06/25/i-am-facing-foreclosure-should-i-bother-with-trying-to-do-a-short-sale/#comment-6 I'm glad that you feel like the short sale climate is shifting . . . I can say that I feel like I've been hitting my head against the wall for 18 months now in the short sale arena, always thinking that it had to get better, but not finding a lot of improvement, really. Just had a property in San Bernardino go to Trustee Sale. I gave them multiple offers in the $175K-$200K range, but they kept insisting that they wanted $280K, which was absolutely out of touch. And, they wouldn't acknowledge my comps and analysis no matter how many ways or times I sent it. I'm not sure what it's listed for now, but as there are tons of REOs, they will probably only get $150K for it by the time they're done, (if they're lucky and don't chase the market down). If it goes to REO auction, they'll probably only get $115K or so. I think my frustrations with the lenders over short sales has only fired my resolve to pursue my first love, which is to put deals together without dealing with any financial institutions whatsoever. There are a variety of seller financing strategies out there. I’m glad that you feel like the short sale climate is shifting . . . I can say that I feel like I’ve been hitting my head against the wall for 18 months now in the short sale arena, always thinking that it had to get better, but not finding a lot of improvement, really. Just had a property in San Bernardino go to Trustee Sale. I gave them multiple offers in the $175K-$200K range, but they kept insisting that they wanted $280K, which was absolutely out of touch. And, they wouldn’t acknowledge my comps and analysis no matter how many ways or times I sent it. I’m not sure what it’s listed for now, but as there are tons of REOs, they will probably only get $150K for it by the time they’re done, (if they’re lucky and don’t chase the market down). If it goes to REO auction, they’ll probably only get $115K or so.

I think my frustrations with the lenders over short sales has only fired my resolve to pursue my first love, which is to put deals together without dealing with any financial institutions whatsoever. There are a variety of seller financing strategies out there.

]]> By: Kim Anderson http://thesunshinebroker.com/2008/06/25/i-am-facing-foreclosure-should-i-bother-with-trying-to-do-a-short-sale/comment-page-1/#comment-5 Kim Anderson Fri, 27 Jun 2008 00:10:46 +0000 http://thesunshinebroker.com/2008/06/25/i-am-facing-foreclosure-should-i-bother-with-trying-to-do-a-short-sale/#comment-5 Karl, A lot of the Option Arms that were done did offer those payment scenarios. Unfortunately many people always paid the minimum resulting in several thousand dollars in negative amortization. Not too bad for a short term strategy, but not good for long term. I do agree it is a good structure for a disciplined payer. Karl,

A lot of the Option Arms that were done did offer those payment scenarios. Unfortunately many people always paid the minimum resulting in several thousand dollars in negative amortization. Not too bad for a short term strategy, but not good for long term. I do agree it is a good structure for a disciplined payer.

]]> By: Karl http://thesunshinebroker.com/2008/06/25/i-am-facing-foreclosure-should-i-bother-with-trying-to-do-a-short-sale/comment-page-1/#comment-4 Karl Thu, 26 Jun 2008 19:54:05 +0000 http://thesunshinebroker.com/2008/06/25/i-am-facing-foreclosure-should-i-bother-with-trying-to-do-a-short-sale/#comment-4 I think more banks should adopt payment strategies like the way Wachovia does. In this market it would be better for some cash flow instead of no cash flow. Wachovia has a flex payment plan where you have a choice every month whether you want to pay more principal or pay interest only or even less than interest. These just end up on the back side and collect more interest. Seems like a win win to me. I think more banks should adopt payment strategies like the way Wachovia does. In this market it would be better for some cash flow instead of no cash flow.

Wachovia has a flex payment plan where you have a choice every month whether you want to pay more principal or pay interest only or even less than interest. These just end up on the back side and collect more interest.

Seems like a win win to me.

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