A wild week is finally over, how do we survive? We work together! Also, after the dust has settled. What are we really looking at in terms of the new FHA requirements.
Links & Docs
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Save Borrower Choice R1366- Reg. Z- Comment Now
Short Sale and Foreclosure Resource Certification
First Time Buyer Tax Credit Form 5405:
Referrals:
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Real Estate Photography Service
Wagner & Associates Insurance & Financial Services
Clean That Listing- email: rose_re@comcast.net
For questions about specific topics or loan scenarios email me at: jeff@calljeffmiller.com
Hi Jeff,
I’m a big fan of your Daily Rants, weather I agree with you or not. I think it’s great to hear what other people in the industry are going thru. I am out in the rural areas and haven’t seen that jump in sales that was being talked about. Of course after yesterday’s stats, I guess nobody else did either. I look forward to other peoples comments on here as well. It gives a good snap shot of our local economy. I am wondering if anyone has seen the banks step up their short sales departments? I think if they would take these short sales and start working with them instead of leaving those offers spinning around for months until the buyer is sick of waiting, and the seller is so defeated that they let it go back to the bank, we would obviously see a decline on the foreclosures. As far as them spinning thru the entire cycle and coming out as a vacant, bank owned, rock bottom price. Some of them will still do that, but if the bank steps it up on their end and works with people, alot of this can slow down. And, I think a leveling off on price. It is just good business sense, in my opinion. But then, what does good business sense have to do in any of this anyway.
Have a great w/e!
Gabi-
here’s my take on the whole short sale thing…. it is a joke. More times than not I have seen these things fail because, like you say the buyer and seller loose heart because the process is so drawn out. I am willing to guess that only 50% of short sale offers submitted actually close. I have even had short sales where the seller has decided to file bankruptcy so they could stay in the house longer even after they were in contract to sell, because the bank was taking so long. Then from the banks side you have to realize that these lenders have no incentive to do short sales just like they no incentive to modify the loans. Lenders purchase insurance for their portfolios above and beyond normal PMI. The housing industry is over 200 years old and stopping the titanic on a dime is a difficult task. Lenders can make more money by foreclosing and selling quick and cheap (in most cases) than agreeing to a short sale. They get the money from the quick sale and then also get the insurance claim money from the AIG’s of the world. So when they do the numbers it is easier and sometimes more profitable to foreclose and sell cheap then to pay for people to examine short sale packages and agree to these deals. Hope that lends a little insight to what I think the main issue with short sales are. Thanks again for your comments keep it up.
Jeff, where do you find the time? I do appreciate your positive reporting of our industry even if I do not always agree with your point of view. Keep it coming!! Thanks
Betsy,
Thanks, finding the time has been a challenge, my family has been very supportive as late nights and weekends have become the norm for me…. but, I love what I do and what this “forum” has become. Thanks for supporting it with your comments. Dissenting opinions are the fabric of becoming educated. And this is what we need, education. Keep the comments rolling in. We need everyone’s take on all these issues. Somewhere within all the ideas and viewpoints is a solution to this mess. Keep it up!
I came to this link to watch a video, but there were nothing to watch.
Not sure what the issue was I checked it out and the video is there to view. I can see it on my end… you can also go to you tube and watch my “channel” http://www.youtube.com search for daily mortgage rant and you will see it there if you are still having issues. let me know!