Comments on: Five Reasons Why Short Sales Are Declined http://hereinphoenix.com/2009/12/17/five-reasons-why-short-sales-are-declined/ This Realtor Gal KNOWS Phoenix Real Estate! Tue, 24 Jan 2012 02:45:09 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: The Realtor Gal http://hereinphoenix.com/2009/12/17/five-reasons-why-short-sales-are-declined/comment-page-1/#comment-68 The Realtor Gal Sun, 20 Dec 2009 18:52:34 +0000 http://hereinphoenix.com/2009/12/17/five-reasons-why-short-sales-are-declined/#comment-68 Jason Jason

]]> By: Nick Johnson http://hereinphoenix.com/2009/12/17/five-reasons-why-short-sales-are-declined/comment-page-1/#comment-67 Nick Johnson Sun, 20 Dec 2009 17:54:20 +0000 http://hereinphoenix.com/2009/12/17/five-reasons-why-short-sales-are-declined/#comment-67 Was his name Roland? Was his name Roland?

]]> By: Top 10 real estate posts of the day for 12/18/2009 : Tempe real estate and free home search http://hereinphoenix.com/2009/12/17/five-reasons-why-short-sales-are-declined/comment-page-1/#comment-66 Top 10 real estate posts of the day for 12/18/2009 : Tempe real estate and free home search Fri, 18 Dec 2009 16:07:34 +0000 http://hereinphoenix.com/2009/12/17/five-reasons-why-short-sales-are-declined/#comment-66 [...] Five Reasons Why Short Sales Are Declined – This list of top 5 reasons a short sale is declined is Bank of America’s list, other banks [...] [...] Five Reasons Why Short Sales Are Declined – This list of top 5 reasons a short sale is declined is Bank of America’s list, other banks [...]

]]> By: The Realtor Gal http://hereinphoenix.com/2009/12/17/five-reasons-why-short-sales-are-declined/comment-page-1/#comment-65 The Realtor Gal Fri, 18 Dec 2009 04:34:54 +0000 http://hereinphoenix.com/2009/12/17/five-reasons-why-short-sales-are-declined/#comment-65 Yup, I hear ya - all the parties have to come together on some type of payoff agreement or no deal - the PMI provider is definitely a member of that group since they are paying a claim towards the loss. #5 is VERY tough because it is so case-dependent. The last few times the bank has demanded a Seller contribution from my client, I was able to work out either no contribution, or a nominal amount that the Buyer was willing to contribute. But if that wasn't the case, my Sellers would have declined the deal and let the house go to foreclosure. This list of five came straight from BofA - we all know there are tons of whacked-out stories about short sales gone bad. I tend to believe that BofA wants to approve more short sales - I saw the same transformation at Chase (after making a few well-placed phone calls) - but it isn't going to happen overnight. The growing number of short sales that are closing suggests that banks are finally seeing the light, but I also know that banks are digging in on items like HOA accounts and closing costs. Time will tell...in the meantime, keep the Excederin handy. Yup, I hear ya – all the parties have to come together on some type of payoff agreement or no deal – the PMI provider is definitely a member of that group since they are paying a claim towards the loss. #5 is VERY tough because it is so case-dependent. The last few times the bank has demanded a Seller contribution from my client, I was able to work out either no contribution, or a nominal amount that the Buyer was willing to contribute. But if that wasn’t the case, my Sellers would have declined the deal and let the house go to foreclosure.

This list of five came straight from BofA – we all know there are tons of whacked-out stories about short sales gone bad. I tend to believe that BofA wants to approve more short sales – I saw the same transformation at Chase (after making a few well-placed phone calls) – but it isn’t going to happen overnight. The growing number of short sales that are closing suggests that banks are finally seeing the light, but I also know that banks are digging in on items like HOA accounts and closing costs. Time will tell…in the meantime, keep the Excederin handy.

]]> By: Dean Ouellette http://hereinphoenix.com/2009/12/17/five-reasons-why-short-sales-are-declined/comment-page-1/#comment-64 Dean Ouellette Fri, 18 Dec 2009 03:35:17 +0000 http://hereinphoenix.com/2009/12/17/five-reasons-why-short-sales-are-declined/#comment-64 I think you are missing one big one, PMI and in the case of Indymac/OneWest where they worked out a sweetheart deal with the govt they make much more money doing a foreclosure than a short sale. I know this may be different with BoA, but may effect other banks. #5 is a tough one too because if the buyer is required to sign a note which could often be several tens of thousands of dollars then they just say forget it and let it go to foreclosure. Again I understand bank wanting to get back as much as they can, but the need to realize foreclosure is not best for them too in most cases. As always, great information! I think you are missing one big one, PMI and in the case of Indymac/OneWest where they worked out a sweetheart deal with the govt they make much more money doing a foreclosure than a short sale. I know this may be different with BoA, but may effect other banks.

#5 is a tough one too because if the buyer is required to sign a note which could often be several tens of thousands of dollars then they just say forget it and let it go to foreclosure. Again I understand bank wanting to get back as much as they can, but the need to realize foreclosure is not best for them too in most cases.

As always, great information!

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