Quincy Virgilio

Today I recieved a counter offer from AHMSI on one of my short sale listings that we have been working on since 2001...(well, not quite 2001, it just feels that way)... Along with a "notice of Sale " being filed...go figure.

Ok, not so unusual, but what I am trying to figure out is the following..... AHMSI had a professional licensed reputable appraiser perform her appraisal for them, the value came in at 530k (right about where the contract with the buyer is)...so far so good...Well wait, AHMSI send sends an email saying the offer we have is rejected, because after their "reconciliation" of the appraisal the value is 640k, and that is the counter offer from them to the buyer....oh, and AHMSI is of course cutting the agreed upon commission between seller and listing agent (me) oh, and AHMSI is charging the buyer a 1% short sale fee, that if the buyer cannot or will not pay, they will lower the agreed upon commision by that same 1% fee....

So, like any good REALTOR would do, I ask AHMSI for more information regarding their "reconciliation"...the response? you can send in another full color appraisal for the reconciliation department to review... WHAT???

It seems that AHMSI looks at other properties that are currently listed for sale around this property from 30,000 feet, and says that regardless of condition, regardless of the fact the the listed properties have not sold at the asking price, our property is worth what the other properties are asking for????

AAHHH... I continue....the property we are selling has extreme deferred maintainence, and has one bathroom (out of 2) completely inoperable, a roof that is shot, a leak tha caused the kitchen floor to rot out, and much much more that makes this property significantly less valuable....does AHMSI look at these comparables? NO, only using the AVM (automated Valuation Models) jeez... even Zillow says it's worth less than what the lender is saying....

Unbelievable.....

It's beautiful here in in San Diego where I am attending the business meetings for our state association. This year I serve as the Region 19 chair, one of the remaining duties left over from being the Santa Clara County Association of REALTORS president in 2009.

I fully enjoy participating in the meetings with my fellow state directors, there is just a huge advantage to being able to interact with REALTORS from across the state and share what each of us is experiencing in our markets. There is so much value in gaining those perspectives, contrasting and comparing each of our market places and learning what everyone is doing, that the week away from my hometown is well worth it.

Having dinner last night with 3 of the directors from my region, discussing what is important about organized real estate really gets me thinking. We were talking about leadership, and the need to cultivate new leaders and our responsibility to do so, I was completely touched by what occurred.

It's vital that those of us who participate in our local, state and national boards, share these experiences, encourage our fellow REALTOR members to get involved, not just "DO" real estate but be involved in the world of real estate. Become a part of the decisions that shape our industry, be a part of the solutions to the problems facing our industry and be pro active, create change and embrace the value that each of us brings to our business.....

Ok, lastly, ask a felllow REALTOR to get involved, I would venture to say that all of us serving our members were asked to get involved, don't stop asking!!!!

Why??? Why are they thinking about or even suggesting messing with the mortgage interest deduction (MID)??? Don't they know that Home Ownership Matters to all parts of our country? That just the mere thought of revising or removing this benefit of home ownership is sending huge ripples through the housing industry??

Seriously??? How about this, President Obama convenes a group of independent business minded Americans who are not in an elected office to review what cuts can be made to help the federal deficit first?! I would be the first to step up and volunteer!!! Let's look at how we as Americans are spending the tax and investment revenues that are being collected right now. Look for waste, for excess, for just plain stupid things!! Then, start making some cuts, see what we as Americans can do without first. Remove the pork, remove the fat, remove the waste, streamline process's, look at ways for government to be more efficient (I Know You're Laughing at That One), look at the retirement benefits paid to elected officials no longer serving, look at double dipping, I could go on and on!!!

Tell me that this independent task force could not find much, much more money to save than any task force made up of elected, lobbied, financial supported to get elected officials!!! Tell me that we could not help in ways that will never get looked at by the existing task force.

I know we need to do something about the burgeoning debt, let's get basic, look at how we spend first, just like all the politicians say before they are elected. Then go to the taxpayers for anything that may be needed. After eliminating the excess, the waste, the inefficient, the greed, then, and only then ask the hard working tax paying citizens for their help!!!

Messing with the mortgage interest deduction is not the place to start.....

San Jose Short Sales may have been inpacted by the "time out" called by some of the big lenders and services recently. The help comes in the form of additional time for those who are looking to AVOID FORECLOSURE and have not taken the steps to accomplish that goal.

The appearance that this will allow those not ready in San Jose facing short sale or foreclosure to stay in their homes longer is a false sense of reality. What this "time out" will do is provide the opportunity for those homeowners to find better alternatives to foreclosure.

This will allow the homeowner who may be upside down on their morgage, and facing a hardship, like job loss, family emergency or illness, extra time to obtain valuable information from an educated REALTOR who has been certified as a short sale expert. This is critical, and vital to getting on with a resolution. There are proactive approaches to develop a strategy to get through and past the stress, and the worry of uncertainty, take advantage of the "time out" given and get some valuable, reliable information today!

Last week I wrote about mortgage portability, and thought wow Quincy what a great idea, let's throw this out to the rest of the "in crowd" on social media and see what bubbles up. Well, I got nothing! Not one comment, one reply, one suggestion , not even one "what were you thinking?".

So, am I that far off base to think that we all will be looking at higher interest rates in our future? And the impact on the selling decision if the seller has a 3.5% loan and has to get a 7% or higher loan to buy the next house?

My guess is that we need to be thinking about that now rather than later, come on everyone, help a fella out...let me hear those ideas!