Comments for New York Short Sale Blog

Comment on How Much of a Loss Will The Bank Accept in a Short Sale? by Andy Faria

Andy Faria — Tue, 09 Aug 2011 13:36:57 +0000

Great post. I’ve seen a lender accept a short sale at 45% of what they’re owed without batting an eylash…. and I’ve seen other lenders refuse to accept anything less than 90%. You’re absolutely correct, it’s all in the BPO.

Comment on Please Take Off Your Clothes by Eric Michael

Eric Michael — Fri, 04 Mar 2011 21:35:35 +0000

Phil, very good post. Congrats on taking the class. I’ve been a CDPE for about a year and a half now. Very good info.

Comment on Please Take Off Your Clothes by Sara Bonert

Sara Bonert — Fri, 04 Mar 2011 20:33:52 +0000

This is a great analogy! People need to understand that you (and the doctor) aren’t asking to judge, but rather to help.

Comment on Please Take Off Your Clothes by Jeff Belonger

Jeff Belonger — Fri, 04 Mar 2011 13:11:26 +0000

Phil,

Wow, excellent post with an great analogy. Well said… I can certainly relate when I have to not only ask for a clients social security number, which is not so bothersome anymore, but asking details about how much cash they have total, even if they don’t want to use it all. Which I even explain this as I ask the question, so they understand it better. But you still get people that question why I need to know about every penny. So I loved how you compared your questions to that of a doctor. Again, great job. Jeff

Comment on How Do You Price a Short Sale? by Frank Helderle

Frank Helderle — Wed, 08 Dec 2010 17:28:21 +0000

Starting at a price point that is at the top of market value and making frequent price drops every few weeks is the worst way to get a short sale sold. Recently, I’ve discovered pricing at the low market value with price drops every 30-45 days seems to get more activity at each price reduction. Thanks for sharing.
Frank J. Helderle
St Louis, MO

Comment on How Do You Price a Short Sale? by Tim Blankenship

Tim Blankenship — Tue, 16 Nov 2010 15:11:35 +0000

Hi Philip, I agree that it is irresponsible to low ball the price. It frustrates selling agents and their buyers. An usually in the end results in a counter offer from the short sale bank much higher than the original offer and closer to market value. One thing I have found that works well is in meeting the appraiser or agent working the BPO and bringing them comps to review. We as the local short sale agents, usually know the area better than an appraiser who comes in and is going to spend less than 10 minutes at the property. I wrote a similar article that i think compliments yours. http://www.scvshortsalecenter.com/valencia-short-sale-pricing-strategies/

Comment on How Do You Price a Short Sale? by Renee Burrows

Renee Burrows — Mon, 15 Nov 2010 03:11:30 +0000

This is true! I don’t do short sales myself but I do a ton of BPOs. When you look at the history of a sold short sale, this is the strategy used – most of the time!

Comment on Stress: The Worst Part of a Short Sale by How Do You Price a Short Sale? « New York Short Sale Blog

How Do You Price a Short Sale? « New York Short Sale Blog — Mon, 15 Nov 2010 02:34:09 +0000

[...] have blogged before on the stress that a short sale can put on a home seller. They are typically in default, getting collection calls and letters from the bank, facing the [...]

Comment on Foreclosure Moratorium Will Boost New York Short Sales by Reggie

Reggie — Fri, 15 Oct 2010 04:16:10 +0000

This should help jump start our real estate markets back to recovery.

Comment on Who Pays the Commission in a Short Sale? by Gloria Singer

Gloria Singer — Wed, 13 Oct 2010 19:58:48 +0000

It is amazing how much misinformation about short sales exists. And also how many unscrupulous “short sale mitigation” companies have cropped up, charging sellers for a process which shouldn’t cost them at all. I actually have a short sale closing in South Florida in a couple of weeks where the seller is receiving $5000 back from the lender as an incentive to complete a short sale and not allow the house to go into foreclosure.