Zillow Advice: Buying Foreclosures - Do you want an average agent representing you with a short sale here in Santa Clarita, Ca?

We have done five short ...

Thu, 16 Jul 2009 15:24:00 GMT

We have done five short sales this year most of those had two lenders involved. The longest approval took 21 days I just don't understand how some agents can drag this process out for months.

The first thought is: What ...

Tue, 07 Jul 2009 23:00:00 GMT

The first thought is: What is an average agent? One who takes your listing and waits for something to happen? One who takes you to only the homes you find through various websites?

Why would you want an average agent representing you in any real estate transaction, buying or selling?

What you should want is a proactive agent who listens to what you want and what you need and applies that to your individual situation. This should occur if it is a short sale or a normal sale. Every real estate transaction is different. The two most common words in real estate are "It depends".

When you interview agents, and you should talk to a few, are they listening you or are they telling you why you should use them. Do they point out the size of their staff and is this the only time you might see him or her? Or are they hands-on?

I agree with Terri. Homeowners ...

Mon, 04 May 2009 16:09:00 GMT

I agree with Terri. Homeowners must consult with a tax accountant before making any decisions. The first issue that homeowners needs to address is can they do a loan modification. If not then its time to address the other paths ie; short sale, foreclosure or bankrupcy.

Terri,I agree homeowners ...

Mon, 04 May 2009 16:04:00 GMT

Terri,
I agree homeowners must consult their tax accountants before proceeding with a short sale. Sometimes a short sale is not the best route for the homeowner, it maybe a loan modification, bankrupcy or other options.

Short sales do sell and close. ...

Sun, 03 May 2009 23:26:00 GMT

Short sales do sell and close. Why would a buyer wait for such?
Because it is a home that has met most, if not all their criteria and is located in the area the buyer seeks to live. The price is right.

If as a buyer you are impatient and seek to close in 30-45 days a short sale may not be your best option.

Unfortunately these agents ...

Sun, 03 May 2009 23:23:00 GMT

Unfortunately these agents with the so called certifications in short sales have encouraged their sellers to do a short sale and file for bankruptcy later if the bank comes back after the seller when in fact that seller should have identified that home on bankruptcy since the bank ruptcy laws have changed. This does not affect the buyers however Sellers you need to review ALL of your options before listing your home as a short sale.
You may be surprised to find out you have better protections foreclosing and in some cases filing bankruptcy. ALWAYS seek the advice of a real estate tax attorney and/or at the very least a qualified CPA so you know what to expect and what penalties you face.
We have had at least 7 clients seek legal counsel at our request before listing their home where a short sale was not in their best interest.
One of which I encouraged to go for a loan modification even if she was stopping payments and just received email a loan modification was accepted and they get to keep the house and all foreclosure activity was stopped.

Arnie,It depends on the area ...

Thu, 30 Apr 2009 19:49:00 GMT

Arnie,
It depends on the area in Santa Clarita whether a short sale or a bank owned property is a better value. The stats are changing monthly here,REO's are not always the better deal many have multiple offers and they are being bidded up $$$. If there are homes on the market for several months generally the listing agent couldn't either get the negotiator to the approval point or the buyer has walked.

How about some strategy tips ...

Thu, 30 Apr 2009 19:34:00 GMT

How about some strategy tips to buying short sales then??

I get your point. However, ...

Thu, 30 Apr 2009 16:40:00 GMT

I get your point. However, with 85% distressed homes on the market whats the hurry? I have kept an eye on "short sales" that have said pending sale, and for some it has said that for up to 7 months now. Why mess with a short sale when bigger, better, cheepier listing price's & newer homes are being listed every day????

Arnie84 is the exact reason ...

Thu, 30 Apr 2009 15:50:00 GMT

Arnie84 is the exact reason why I asked this question. There are many agents out there that are not seeking the training on how to handle short sales, they are causing issues for the sellers, buyers and the negotiators who are trying to close these transactions. It's understandable why buyers are feeling frustrated when their offfers dont go through, there are a number of reasons. The Santa Clarita inventory has about 85% distressed properties listed. My point with the average agent is times have changed and agents need to progress with them. Doing short sales is very rewarding, helping one family at a time. There is nothing wrong with REO's, we all have our niches. And, there was never a claim of being the best here, but when one is confident with their training the consumer takes comfort in knowing they are in good hands.