Katie Minkus's Discussions

Aloha, Susanna... great to see you on Zillow! :) It's my current belief that the best values are to be found with motivated sellers that still have equity in their property. That being said, my personal experience is that while short sales probably offer the best price opportunity, most of them take so ridiculously long (and only about 5% actually close, which is a crazy statistic) that at some point the Buyer and their Rep start to question the dollar per hour value of trying to work with the lenders for hundreds of hours to make a deal happen... and then on top of it, we're being strangled as professionals by Act 137 if the short sale becomes a "Distressed Property" (admittedly, this process is worse for the listing agent and seller). Bank-owned property (REOs) at least offer the opportunity to buy and close on a property in a "normal" amount of time, and I've found that it's still possible to negotiate price with the bank - at least a small amount (better than nothing!). I think this distinction will become infinitely more important when interest rates start to climb back up again, because what buyer is going to want to wait six months for an answer to a short sale offer when rising interest rates make their offer more expensive by the day? (Except cash buyers, of course.) Just my 2 cents!! Happy Aloha Friday! Katie

I would have thought Countrywide!! Just closed an escrow 29-days late because the lender couldn't get their act together "too many refi's going on right now, I was told." How's that? Ahhh, yes, I see the logic, refis, in which the bank actually LOSES money, takes precedence over a brand new loan, which brings them new money... just another reason we're in such a big mess! Rob - who do you work for on Maui? I'm on the Big Island - gorgeous day today! We probably shouldn't tell "them" about the temperature... ;) Happy Aloha Friday everyone! Katie Minkus, R(B)