Buyer’s need to be educated as to how short sales work. As agents, we need to do a better job educating our clients.
I’ve received many phone calls from buyer’s who are frustrated with the entire process and don’t understand why their offers are not being accepted. They think that their real estate agent is not doing a good job.
Buyer’s are always asking me why short sales take so long.
Currently in San Diego county, the number of available properties below $400,000 is very low. This is creating an environment of multiple offers, thus driving the accepted offer over asking price.
Once the seller has an accepted offer, the short sale package including the offer is faxed to the seller’s lender(s). Many times the lender(s) use this time to start the stalling process. They will claim that the package never arrived and the listing agent will have to re-fax the package sometimes 3 or 4 times before the lender(s) acknowledge receipt of the package. Each time the package is sent, the lender(s) will need up to 15 days for the package to be uploaded into their system. This process can eat up more than 30 days.
Once the short sale package is acknowledged, it can then take more than 30 days for the file to be assigned to a loss mitigation negotiator. So now we are more than 60 days and the negotiations haven’t even begun.
The loss mitigation negotiator is usually given 30 days before they need to get back to the listing agent.
In some institutions, the file is then sent to the investors for final approval. So now, if everything go well, the process has already taken 90 days just to get the go ahead from the lender(s).
When there are more than one lien against the property, all the times lines will be extended.
The short sale approval letter is specific to every buyer. When you see a listing that says the listing has full lender approval that means that a specific buyer has received the approval letter but has cancelled the contract for some reason, usually they just got tired of waiting.
As a buyer, do not enter into a short sale transaction, unless you are willing to wait a long time.
All cash buyers do not receive any better service. The lenders move in their own time frame.
There doesn’t seem to be any motivation for the lenders to move quickly. They are institutions that have internal processes and do not work according to real estate purchase contract timelines.
If you have any questions or concerns, feel free to contact me.
Sincerely,
Barbara Whisenant
Your Friend in the Business
Follow me on Twitter: www.twitter.com/barbarawhis
Be my Friend on Facebook: Barbara Whisenant http://www.facebook.com/barbarawhis
Be my Fan on Facebook: http://www.facebook.com/homes4salesd
Linkedin: http://www.linkedin.com/in/barbarawhisenant
Read my Blog: http://www.barbarawhis.com
Visit my Real Estate website: http://www.Homes4SaleSanDiego.com
Visit my Nu-Skin website: http://barbaraw.nsedreams.com
P.S. It's my intention to build lifelong relationships one client at a time. If you know of a friend, co-worker or family member who has a real estate need, please contact me. Your personal referrals are the greatest compliment I can receive!
A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107 eFax: (760) 496-1649 DRE# 01357594
DO YOU KNOW WHAT A SHORT SALE IS?
DO YOU KNOW WHAT THE DIFFERENCE IS BETWEEN A SHORT SALE, A PRE-FORECLOSURE & A FORECLOSURE??
ARE YOU CURIOUS ABOUT THE DEALS THAT CAN BE HAD IN YOUR OWN NEIGHBORHOOD?
ARE YOU WONDERING ABOUT YOUR FINANCING OPTIONS?
NOW is the perfect opportunity to become a real estate investor!!
Hurry! Limited Seating!! Reserve Your Seat Now!!
Learn what a short sale is and how it is different from a foreclosure in a seminar where all your questions will be answered. You will walk away knowing exactly what you need to know to either buy your first home, or buy your first investment. Those who are having trouble with the loan modifications and don’t know what to do next, will also get their questions answered. A lending specialist will be on hand to inform you about the various loan programs available. All attendees will receive FREE access to ListingBook.com!
This event is not to be missed!
When: Wednesday, September 16, 2009
Where: Richard Realty Group, Inc. Conference Room
5411 Avenida Encinas, Carlsbad, 92008
Time: 6 p.m.
Everything you need to know before buying or selling a short sale or foreclosure and everything a 1st time home-buyer or investor should know:
Enter to win a $50 gas card!**
*This is not a promise to lend.
**Must be present to win.
Barbara Whisenant (DRE# 01357594)
Cathie Nichols (DRE# 01348503)
Nancy Osco (DRE# 00801918)
When I first moved to North San Diego county, a wonder neighbor introduced me to the Moonlight Amphitheatre, located at Brengle Terrace Park right here in Vista.
I fell in love and have been a season ticket holder ever since.
The amphitheatre offers summer musicals with full orchestra and a mixture of professional and local artists.
This summer, there are three staged productions each running for two weeks.
Guests can sit in reserved seats, or sit on the lawn in lawn chairs. Almost everyone brings a picnic dinner (alcohol is allowed). The productions are always first rate and of extremely high quality. There is not a bad seat in the place.
The tickets are very affordable and a good time is had by all, both young and old. Tickets run from $22.00 to $44.00 for a most pleasant fun-filled evening. Season tickets run from $54.00 to $102.00.
The first production is 42nd Street which will run from Jul 15 to Aug 1. Click here for more details.
Second production will be Phantom which will run from Aug 12 to Aug 29. Click here for more details.
The third production is Cats and it's run is Sep 9 to Sep 26. Click here for more details.
Call Vistix 760.724.2110 for more information.
I hope you will give it a try and tell your friends!
Current Market Activivy for Carlsbad, CA 92008 as of 6/4/09.
78 Active Listings
Beds Baths SqFt List Price List Price/SqFt DOM
High 6 6 6,800 $10,800,000 $1,588.23 661
Low 1 1 875 $325,000 $200.32 3
Average 3 3 2,838 $1,370,280 $464.88 95
8 Contingent Listings
Beds Baths SqFt List Price List Price/SqFt Days on Market
High 5 5 4,344 $920,000 $878.51 217
Low 2 1 996 $425,000 $167.82 34
Average 3 2 2,444 $665,862 $331.42 100
14 Pending Listings
Beds Baths SqFt List Price List Price/SqFt Days on Market
High 4 3 3,408 $1,170,000 $678.26 451
Low 3 2 1,102 $349,000 $196.95 2
Average 3 2 1,930 $608,221 $323.23 78
49 Sold Listings
Beds Baths SqFt List Price LP/SqFt Sold Price LP/SqFt SP/LP DOM
High 5 5 3,495 $1,399,000 $842.26 $1,275,000 $767.61 122% 284
Low 2 1 864 $320,000 $162.52 $310,000 $162.52 83% 0
Average 3 2 1,922 $580,351 $315.69 $565,821 $300.53 97% 59
149 Total Listings
Beds Baths SqFt List Price LP/SqFt Sold Price SP/SqFt SP/LP DOM
High 6 6 6,800 $10,800,000 $1,588.23 $1,275,000 $767.61 122% 661
Low 1 1 864 $320,000 $162.52 $310,000 $162.52 83% 0
Average 3 2 2,434 $1,003,923 $395.41 $565,821 $300.53 97% 82
I recently met a wonderful couple who have become clients of mine in the Short Sale process.
Unlike so many others out there, they did not buy more house than they could afford, nor did the main bread winner lose his job. Their only down fall came from being in the US Military.
The husband was going to retire from the military after more than 20 years, but because the job market in his field dried-up, he reenlisted.
Having just recently returned from another tour in Iraq, they are being transfered to yet another location outside of the United States.
Because they purchased their home after the 2007 cut off, they do not qualify for the military to purchase their home.
This couple has tried everything for trying to sell it themselves to trying to lease out the property & of course the ever popular loan modification. Every where they turn, doors have been shut. Thus we are now trying to sell the property in a Short Sale.
Thru their research, this is happening to military families all over the country. All branches and all ranks are being affected.
This is a travesty!
We ask these family to sacrifice so much already and now we are ruining their credit on top of everything else.
North San Diego County, Short Sale & Foreclosure Specialist. Realtor, SRES, GRI. Twitter: barbarawhis Linkedin: http://www.linkedin.com/in/barbarawhisenant
Barbara Whisenant is a professional Realtor, specializing in serving the needs of buyers and sellers in Carlsbad, La Jolla, Vista, Oceanside, San Marcos and other North County San Diego communities.
Barbara Whisenant brings to her profession, both a legal background and a quality of caring for her clients.
While extremely professional, Barbara Whisenant is also quite personable. She likes to think of herself as your lifetime Realtor® as she enjoys working with her clients for not just one transaction, but every real estate transaction in a lifetime.
Respected by her real estate peers, Barbara Whisenant is known for her caring attitude, enthusiasm, integrity and persistence. Barbara believes that the sale or purchase of real estate should be a positive experience and will make it her job to mitigate or eliminate all problems. Through a vast store of knowledge and experience as well as continual updating of knowledge and the use of the latest technology, Barbara Whisenant creates transactions that are quick, smooth, successful and truly enjoyable.
Barbara Whisenant is a member of: The National Association of Realtors; California Association of Realtors; North San Diego Association of Realtors, SRES (Senior Real Estate Specialist), GRI (Graduate Realtor Institute). As a member, she is held to the highest caliber of service.
Member of Board of Directors and office manager of two non-profit corporations. Created policies and procedures with regard for all employees of the corporations. Corresponded with and prepared financial and status reports required for governmental agencies. Conducted radio and newspaper interviews.
As an office manager, I supervised the corporate office of Our Community In Action and American Council of Athletics, and was responsible for the interviewing, hiring and terminating of all office personnel.
I have been performing genealogical research for years and have published three family histories.
Specialties:
Residential Real Estate, Contracts, Foreclosures, Short Sales
Residential Home Sales, Short Sales, Foreclosures
Search For A Foreclosure anywhere in the U.S.A. Receive your FREE website by registering at: http://www.homes4salesandiego.com
Friends Don't Let Friends Foreclose!
Minimize the impact on your credit rating and do a Short Sale B4 Foreclosure. Register at: http://www.homes4salesandiego.com
Mike & Joyce Mitchell
"We wanted to thank you for all your efforts. You spent a lot of time with us and we really appreciate it." Mike & Joyce Mitchell 70210 Colony Dr, Murrieta, CA 92562Shane Sullivan
"I have enjoyed my experiences with Barbara because she is honest and has great integrity. I never feel like I'm getting ripped off or snowed. She has been available to me every time I have needed her. Her enthusiasm is contagious. I feel like I can so do this when I get done talking with her. I really like the fact I don't have to chase after her to see if she is following through on any of my requests. This experience has been very cool!"
e-mail megalithman@yahoo.com
Elaine Pilon
Barb is trustworthy, reliable, and on time. She always shows for appointments and is respectful of my time. She wants to meet people's needs. ElaineSalonServices@yahoo.comFaye Price
I would recommend Barbara to others. Barbara takes her services very serious and it's very important to her. She works very hard to please and takes pride in her work and in helping other people. Barbara has a wonderful personality. She is very honest, trustworthy & very compassionate. Faye Price 4015 Angela Lane, Gilroy, CA 95020Wayne Clawson
Barbara is accountable to a poisitive set of values. If she commits to an action, you can rest assured she will strive deligently to ensure it is accomplished. wclawson@canby.comCarole Katayama
I always felt in compentent hands. Barbara was always looking out for my best interest. I would highly recommend her to anyone looking to buy or sell a home. P.O. Box 1497, Tustin, CA 92781
Mike Westman
I would recommend Barbara's services to anyone. She is honest, trustworthy & compassionate. She will always take care of you.Michele Rubino & Landon Dowlen
"We wanted to express how much we appreciate your help over the last year. It has been such a pleasure talking with you, looking at properties and receiving your educational articles. Landon and I are always impressed with the high level of service you extend to your clients. You have an open heart, amiable personality and passion for helping people. You answered all our questions, no matter how naive they may have been, and gave us sound advice on which neighborhoods would and would not be a good match."
"Thank you for providing such excellent service! I would highly recommend you to anyone looking for a caring realtor with expertise in North San Diego County realty. If we can ever act as a reference for you, please don't hesitate to let us know. Wishing you all the blessings that Summer brings and I hope we stay in touch!"
Landon Dowlen & Michele Rubino, 902 C - Caminito Madrigal ,Carlsbad, CA 92011
John & Mary Simmers
We highly recommend Barbara as a Realtor. We met Barbara at an Open House she was holding. After we left, we commented to one another about our favorable impression of her as a Realtor. Since we were house-hunting, we decided to give her a call to help us out and she then worked with us for the next six months or so to continue our search. What we both liked about Barbara was her honesty and integrity. She did not talk in "realtor-eez" and did not tell us just what we wanted to hear, nor did she try to steer us to her listings only. She was very responsive and we found it refreshing to get straight answers and prompt replies to our concerns. Oceanside, Ca
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
