Michelle Murphy Jopp

I am seeing a trend of Short Sale and REO Realtors whining because they are slow..... Maybe I am jealous of the money you have all made during this time of REO and Short Sales. I never really broke into the REO listings of 50+. I shlepped BPO's for the last few years.But I will say I have worked with many, many Buyers selling your listings and I can tell you, it is about time you worked those listings for the clients ( buyers)

I have been on the other end of this trend, working with buyers who are determined to get the deals on REO and short sale properties. Maybe, while times are slower, the MLS listings will be more accurate, with directions that are accurate, and homes that are cleaned up and don't look trashed. The gravy train is slowing for those that have a back door relationship to Asset Managers and Realtors that are truly commited to clients and selling homes the traditional way will prevail once again...

Do you remember how to list and sell properties the old fashioned way??

Slapping the property on MLS with bad pictures ( or no pictures) and marking a property down systematically until you get an offer is not going to fly in the new normal...

Remember the ridiculous money you have made, came at a price, for millions of homeowners who had to short sell and foreclose because of real hardship....

stop whining.

My car was recently totaled and now I am in the market for a new car. I drove a Lexus SUV, that I really enjoyed. I had purchased it in cash, and it was 5 years old. It had great value, so I am committing myself to only use the cash from the insurance company.Times are different now, and I feel that the current economy does play a factor in determining what vehicle, I am going to buy. I am in Minnesota, which I also feel plays a part in the type of vehicle I buy ( I won't drive a rear wheel drive). I want my car ( I am switching to a sedan) to be very reliabile, of top quality, stylish, perform well, and have a high value proposition. Just the traits I attribute to my Real Estate business. I do feel that people want to work with successful people, but should it matter if I have a clean premium Honda Accord or a Lexus? Audi is a great car, but expensive to repair, and always in the shop. I have not read comments on this topic in 2010, so I am curious what everyone thinks? Is it wise in this economy to drive a high end car? Do people really judge you if you drive US or foreign? Please be specific in your car suggestions, not just "a nice car".

http://www.dsnews.com/articles/index/surge-in-short-sale-requests-unlikely-to-impact-housing-market-2010-01-21

This is a great, timely article on short sales. Everyone is wondering how this new year will shake out. As Realtors, how can we best prepare for this new "normal" of doing business? What is the best accredidation to receive to best serve the clients who need our help? Is every bank different? Is every deal different? It is clear that we are not through the shadow foreclosures that are bound to hit our market this year. We need to sharpen our organizational skills, learn the best way to expedite the sale and help clients who have financial hardships quickly.

Has anyone heard of a homeowner who has been successful at actually getting a loan modification? It seems that the hoops are unrealistic for these homeowners to actually satisfy the mortgage company requirements. Some of these people should put there home on the market and try for a short sale. By prolonging the inevitable is this pouring salt in the wound? Do we know how this will affect their credit??

I am also seeing internet companies trying to make money on these homeowner's suffering? How can we stop these predators? This is a blemish on our industry.

I think now is the time to be realistic, if you are so upside down that you will never see your home value coming back in the life you will be in your home, SELL!!!SELL!!SELL!!!

After working with a nice young couple, we found a home to write a PA on. Yes, they said they could afford more than they actually could, but this was cleared up during pre approval. After settling on a price, we had issues with the appraisal. The appraisal came in $5,000 too low, on a $220k sales price, on an FHA appraisal. I raised Hell and after 2 appraisals, the underwriter would not budge. Because the Buyer's back up home was handled by a different Realtor ( family purchase) we already were pushing the closing date out 2 weeks. The Seller's had moved out of the home and were furious. I negotiated a reduction in sales price from, he didn't "feel" that it was the right thing. The deal was dead. The FHA appraisal stays with the home for 6 months, the Listing Realtor had to go Conventional. The home was sold for $217,000. After 1 month , the home was on the market again with another Broker and sold for $230,000. I lost my commission. The home , in this market, flipped within 2 months and for $15,000 more than the FHA appraisal, that I fought, tooth and nail against.

Is the system broken ?? What are your thoughts??