Comments on: Short Sale Vs. Bank Owned, REO or REPO http://www.centraloregonbuzz.com/blog/short-sale-vs-bank-owned-reo-or-repo For more real estate information please call Thesa at (541) 771-7064 Tue, 24 Aug 2010 17:12:32 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Martha Bailey http://www.centraloregonbuzz.com/blog/short-sale-vs-bank-owned-reo-or-repo/comment-page-1#comment-4328 Martha Bailey Sun, 03 Jan 2010 18:39:52 +0000 http://www.centraloregonbuzz.com/blog/?p=412#comment-4328 Great article. I have a question about the short sale process. What if a sellers agent asks for the buyers personal info, even before accepting the buyers offer before the buyer opens escrow? Is this common? I have an offer on a short sale and am told I need to give this info, but don't feel comfortable doing it. Great article. I have a question about the short sale process. What if a sellers agent asks for the buyers personal info, even before accepting the buyers offer before the buyer opens escrow? Is this common? I have an offer on a short sale and am told I need to give this info, but don’t feel comfortable doing it.

]]> By: Thesa Chambers, Broker, ABR http://www.centraloregonbuzz.com/blog/short-sale-vs-bank-owned-reo-or-repo/comment-page-1#comment-3713 Thesa Chambers, Broker, ABR Tue, 17 Feb 2009 05:39:22 +0000 http://www.centraloregonbuzz.com/blog/?p=412#comment-3713 This is why in a short sale everything is contingent on the lender's approval. It seems foolish to loose the transaction and not move forward but to the bank this is just black and white and the HOA was not part of their original deal - is there a chance that the HOA will become a lien on the property? I had one such transaction that the HOA did lien the property - which at that time the lender had to accept the past due to clear the title - It sounds like you represent the seller on this transaction - is there a way to get the buyer, buyer's agent, you and the seller to pony up and come together to get these funds together? I understand you got them more then they were expecting - but sometimes that means nothing - it is amazing what lenders look at to put together a short sale..... some that I think will never go - are easy and some I think are going to be easy never come together. I would look for the win win - the object in this transaction is to get the deal done.... This is why in a short sale everything is contingent on the lender’s approval. It seems foolish to loose the transaction and not move forward but to the bank this is just black and white and the HOA was not part of their original deal – is there a chance that the HOA will become a lien on the property? I had one such transaction that the HOA did lien the property – which at that time the lender had to accept the past due to clear the title –

It sounds like you represent the seller on this transaction – is there a way to get the buyer, buyer’s agent, you and the seller to pony up and come together to get these funds together? I understand you got them more then they were expecting – but sometimes that means nothing – it is amazing what lenders look at to put together a short sale….. some that I think will never go – are easy and some I think are going to be easy never come together. I would look for the win win – the object in this transaction is to get the deal done….

]]> By: Derek Carlson http://www.centraloregonbuzz.com/blog/short-sale-vs-bank-owned-reo-or-repo/comment-page-1#comment-3712 Derek Carlson Tue, 17 Feb 2009 01:21:37 +0000 http://www.centraloregonbuzz.com/blog/?p=412#comment-3712 I have a situation with a short sale that seems strange. The lender stated that they would accept $105k NET for the property. My seller is past due on their Home Owner Association dues by $3,500. However, after commission, past due HOA's, closing costs, etc., I actually got the lender a NET of $107,000. I submitted the final documents, including the HUD for review. The lender came back and said that they would not accept the deal due to the fact that the investor was not going to pay the Home Owner Association anything more than 10 percent of what was past due. They are NOT reconsidering. It seems strange that I got them $2k more than the BPO, but they are willing to let this foreclose months from now over a stipulation that they created and control. Thoughts? I have a situation with a short sale that seems strange. The lender stated that they would accept $105k NET for the property. My seller is past due on their Home Owner Association dues by $3,500. However, after commission, past due HOA’s, closing costs, etc., I actually got the lender a NET of $107,000. I submitted the final documents, including the HUD for review. The lender came back and said that they would not accept the deal due to the fact that the investor was not going to pay the Home Owner Association anything more than 10 percent of what was past due. They are NOT reconsidering. It seems strange that I got them $2k more than the BPO, but they are willing to let this foreclose months from now over a stipulation that they created and control. Thoughts?

]]> By: Thesa Chambers, Broker, ABR http://www.centraloregonbuzz.com/blog/short-sale-vs-bank-owned-reo-or-repo/comment-page-1#comment-3707 Thesa Chambers, Broker, ABR Fri, 06 Feb 2009 07:05:47 +0000 http://www.centraloregonbuzz.com/blog/?p=412#comment-3707 Kristina - I have ran into one listing agent in my dealings with short sales that does this - however - the one I dealt with did have a 72 hour clause to the folks in first to put in the offer - trying to get a bidding war. Short sales are a frustrating process.... I personally agree with you - all offers should be submitted - and let the bank put out a highest and best request - meaning to notify each party there are multiple offers and they want one offer from each of you with your highest and best offer. One way an agent gets an offer or multiple offers on a home is to price the home very low - so low the bank will not consider it... then the bank will either counter or not respond at all. I wonder when I hear stories like this who is being represented - because it certainly is not the seller - if the listing agent is not going to get the highest offer for the seller and bank - the seller stands to loose - this is my personal opinion. Long story short - I agree with you. Talk to your agent Kristina – I have ran into one listing agent in my dealings with short sales that does this – however – the one I dealt with did have a 72 hour clause to the folks in first to put in the offer – trying to get a bidding war. Short sales are a frustrating process…. I personally agree with you – all offers should be submitted – and let the bank put out a highest and best request – meaning to notify each party there are multiple offers and they want one offer from each of you with your highest and best offer.

One way an agent gets an offer or multiple offers on a home is to price the home very low – so low the bank will not consider it… then the bank will either counter or not respond at all. I wonder when I hear stories like this who is being represented – because it certainly is not the seller – if the listing agent is not going to get the highest offer for the seller and bank – the seller stands to loose – this is my personal opinion. Long story short – I agree with you. Talk to your agent

]]> By: Kristina http://www.centraloregonbuzz.com/blog/short-sale-vs-bank-owned-reo-or-repo/comment-page-1#comment-3706 Kristina Fri, 06 Feb 2009 06:28:10 +0000 http://www.centraloregonbuzz.com/blog/?p=412#comment-3706 Thesa- I put an offer on a short sale home and the listing agent is telling my realtor that since it was a second offer that it will not be presented to the lender unless the first one is declined. From all of the information that I have read it states that all offers have to be presented to the lender at once so they can make a desicion on the best offer. I feel like the listing agent is putting us in a bad position and I think that it might make us lose the deal in the long run. Thesa- I put an offer on a short sale home and the listing agent is telling my realtor that since it was a second offer that it will not be presented to the lender unless the first one is declined. From all of the information that I have read it states that all offers have to be presented to the lender at once so they can make a desicion on the best offer. I feel like the listing agent is putting us in a bad position and I think that it might make us lose the deal in the long run.

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