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Old 01-28-2009, 01:50 PM
 
Location: Tampa
7 posts, read 24,885 times
Reputation: 15

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Quote:
Originally Posted by Tampasteve View Post
As an agent in the game, I very much feel your pain. Everyone reads about what a great deal a 'short sale' is and how distressed properties can be acquired at 50 cents on the dollar.

I have several short sale listings and 2 active offers currently on short sale properties--I have even closed on 3 successfully. I can tell you that no 2 have gone the same way. On short sales, it takes patiences and being mindful that the bank is going to do everything they can to reduce their losses. Sometimes this means waiting for an offer that is closer to their appraised value (while the property value continues to slide) or sometimes it means just letting a property foreclose.

If you are in a hurry to get into a house, a short sale is not usually something that can happen quickly. When reviewing short sales, a good note to look for is "approved short sale" which means that someone has already tried to get the property and the bank has agreed to that sale price. Keep in mind, just because it is "approved" that doesn't necessarily mean that this house is being sold as a deal. Evaluate the price and ask your Realtor to provide some competitive data (also do a quick Zillow search). Be mindful also that a price on a "short sale" that has not been "approved" may not equal the value or sales price of that home--generally the bank had done NO due diligence into the home value or what they would be willing to accept as a loss.
Thanks for your reply, TampaSteve.

We've noticed that even approved short sales are listed above their appraised value. Some were approved for short sale several months ago, and values just keep declining. We're afraid of making offers on even approved short sales, because we absolutely do not want to make an offer on something that isn't worth what it was approved for. So, even though they're approved, we fear that making a fair offer for its currently market value, will be cause for the short sale negotiations to start over.

We are steering clear of short sales altogether now, though. Thanks again, and hopefully things become a lot less difficult for buyers, sellers and agents in the very near future.
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Old 04-22-2010, 04:42 PM
 
1 posts, read 924 times
Reputation: 10
I am at my wits end. I have made offer after offer and I can't even be told if they are accepted or not. I have even offered on homes before they are officially listed and have been cast aside due to cash buyers. My fiance and I are just starting our lives together and would love to own our own home. We have the downpayment and closing costs and offer above listing price but we still lose out. I can't prove it but i believe the last offer I made was sat on for awhile while the listing agent lined up buyers of her own. How do I know if and when my offer is submitted? Do I just have to count on the word of a listing agent (an agent who may not be mine)? We are just looking for a level playing field. We are willing to pay both downpayment and closing costs. Any info you could share would be helpful. I am starting to believe that real estate agents are deceitful and corrupt. I hate to think it because you have to trust someone.
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Old 04-22-2010, 09:45 PM
 
Location: Massachusetts
2,971 posts, read 4,308,108 times
Reputation: 4978
I feel for you all. I guess one good thing I can take from all this is that there are at least buyers out there now when once it seemed there were none. Now we just have to find a way to get you all into some houses!

I bought a house here in Tampa about a year ago. I think it was the third place on which I put an offer. It did feel like you needed the start to align. In my case I bought an older home from a couple who had lived here many years and only owed about $50K on it. It had been on the market for over a year and the family was no longer living here. When we put down our offer my realtor got the sense that their realtor planned to have a very frank conversation with them about it. They ended up accepting it, no counteroffer. I think I lucked out in finding a family that had enough equity in their home to be flexible and had been out of it for long enough to understand the reality of the market.

I also was on the other side of this equation about a year and a half ago. When I moved here in 2008 the market was already pretty crummy. Luckily I had enough equity in the house to price it aggressively. I took a decent sized loss, but I actually had a contract less than a week after putting it on the market. I think at that time there were still a lot of people in denial about what their homes were worth and by pricing it right we were able to get out quickly. I recognized that continuing to pay a mortgage in a house I wasn't living in, insurance, electricity, etc. are costs you have to figure in to what you are willing to take, but I think there are still a lot of people who don't give those things enough consideration.
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Old 04-24-2010, 02:06 PM
 
Location: Watkinsville, GA
387 posts, read 982,553 times
Reputation: 432
Quote:
Originally Posted by trixie10 View Post
I am starting to believe that real estate agents are deceitful and corrupt.
Like any other profession, some are.
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Old 04-24-2010, 02:32 PM
 
1,500 posts, read 2,934,692 times
Reputation: 1228
Quote:
Originally Posted by trixie10 View Post
How do I know if and when my offer is submitted?
Could happen but what is to stop you from endrunning the realtor and checking with the owner to see if your offer was ever submitted. I would think the realtor would have that in mind and normally would not take such risk with his licensed livelihood.

As with Crowgirl, I've recently been on both sides of this deal. Bought last year. After searching & researching, I was about to put an offer down when I learned the house was just put under contract. Within two months that contract fell through and it was back on the market. I hadn't stopped looking but did not find a better deal that I liked more during that time. There was now "supposedly" another person already going after it besides me. I felt comfortable that I was not being scammed because during our conversation, a person in the realtor's office told me of the other pending bid when it turned out the realtor handling the property was away from the office for a few days. So unless the entire office was corrupt, things seemed on the up & up.

Now I am selling a house, I priced well below area comps, telling my realtor not to bother bringing me any offers below $x. We got a full price offer within days of listing. If the guy's financing does not go through, I will list for another month for grins, then, if not sold, take it off the market and rent it out until conditions improve.

There are plenty of houses being sold at distressed prices. And everything has to compete with them now. But just because a house is for sale does not mean that someone's offer will be considered. My houses are free and clear so there's not a lot that's going to pressure me to sell aside from a fair market price that coincides with my own willingness to sell. I'm sorry if a buyer has to deal with that inconvenience. But until sold, it is, afterall, my house.
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Old 04-24-2010, 10:04 PM
 
6 posts, read 9,636 times
Reputation: 13
I think it is really important to find an agent who is really on your side. We are in the final stages of buying a house in the Westchase area and if it werent for our agent, it would have been a nightmare. Luckily, the house appraised exactly for the purchase price so we didn't have to worry so much about the bank pulling out.

One piece of advice, don't waste your time with short sales. It seems that there are many more heartbreak stories when dealing with them.

Keep your head up!!
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