Comments on: 11 Reason’s Short Sales Take FOREVER http://www.pcbdaily.com/11-reasons-short-sales-take-forever Panama City Beach Information, news, and updates including Pier Park and the Panama City Airport Sat, 11 Feb 2012 04:10:41 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: 11 Reasons Short sales take so long | Karen's Blog http://www.pcbdaily.com/11-reasons-short-sales-take-forever#comment-14800 11 Reasons Short sales take so long | Karen's Blog Tue, 07 Jul 2009 11:40:58 +0000 http://pcbdaily.com/?p=4873#comment-14800 [...] by Karen Smith 9 Comments Last Updated: July 1, [...] [...] by Karen Smith 9 Comments Last Updated: July 1, [...]

]]> By: karen smith http://www.pcbdaily.com/11-reasons-short-sales-take-forever#comment-14799 karen smith Tue, 07 Jul 2009 11:35:45 +0000 http://pcbdaily.com/?p=4873#comment-14799 Hey Yall I have been out and about showing property so not much time at the computer sounding board. I think Terry said something as to what is in it for buyers??? I guess the main thing is you can get a good deal IF you are willing to wait it out and I do encourage my buyers to have a plan B and at the very least I am always scouting for them. I know I may be yelled at for this one but I am getting a little dismayed and when I can I encourage my buyers to find something that is NOT a short sale. Frankly you can get a great deal in today's market short sale or NOT. They do have their place and that is why I have spent so much time writing about it lately because I do think it is always a better option than foreclosure. I know that I was once a part of a community that was struggling because of all the people not paying their association fees but now that has gotten much better because people are buying all of the properties now. It really is such an EXCITING time to be a buyer and a REALTOR if you enjoy the challenge and adventure and I do.. off and running.. great day to all you deep thinkers. I love all your comments, if fires me up. Hey Yall
I have been out and about showing property so not much time at the computer sounding board. I think Terry said something as to what is in it for buyers??? I guess the main thing is you can get a good deal IF you are willing to wait it out and I do encourage my buyers to have a plan B and at the very least I am always scouting for them. I know I may be yelled at for this one but I am getting a little dismayed and when I can I encourage my buyers to find something that is NOT a short sale. Frankly you can get a great deal in today’s market short sale or NOT. They do have their place and that is why I have spent so much time writing about it lately because I do think it is always a better option than foreclosure. I know that I was once a part of a community that was struggling because of all the people not paying their association fees but now that has gotten much better because people are buying all of the properties now. It really is such an EXCITING time to be a buyer and a REALTOR if you enjoy the challenge and adventure and I do.. off and running.. great day to all you deep thinkers. I love all your comments, if fires me up.

]]> By: James http://www.pcbdaily.com/11-reasons-short-sales-take-forever#comment-14721 James Sat, 04 Jul 2009 21:57:05 +0000 http://pcbdaily.com/?p=4873#comment-14721 Gregg, It is currently against Florida Law for an association to cut off an owner's utilities. Karen is correct in stating that the a short sale is a better option for all parties. Unfortunately, there are many cases where the owner is not attempting to work with the bank to try to sell the property for less than what he owes. Instead, they're just sitting back collecting rent, paying nothing to the association, or bank, don't even have their property listed for sale, and just waiting to see how long it takes for the bank to take action. There was an article about this on TV recently. These types of owners are referred to as "squatters". There may be courses of action that I am not aware of to deal with these folks. Gregg,

It is currently against Florida Law for an association to cut off an owner’s utilities.

Karen is correct in stating that the a short sale is a better option for all parties. Unfortunately, there are many cases where the owner is not attempting to work with the bank to try to sell the property for less than what he owes. Instead, they’re just sitting back collecting rent, paying nothing to the association, or bank, don’t even have their property listed for sale, and just waiting to see how long it takes for the bank to take action. There was an article about this on TV recently. These types of owners are referred to as “squatters”. There may be courses of action that I am not aware of to deal with these folks.

]]> By: Terry http://www.pcbdaily.com/11-reasons-short-sales-take-forever#comment-14712 Terry Sat, 04 Jul 2009 17:40:20 +0000 http://pcbdaily.com/?p=4873#comment-14712 Thanks for your reply Karen. Okay the seller and the bank seem to have a vested interest in the short-sale option, but what about the buyer? It seems to me they simply want what they feel is a good deal and this process could easily be a fruitless exercise, as I doubt they could put offers on any other property while this exercise runs it's course. Thanks for your reply Karen.

Okay the seller and the bank seem to have a vested interest in the short-sale option, but what about the buyer?

It seems to me they simply want what they feel is a good deal and this process could easily be a fruitless exercise, as I doubt they could put offers on any other property while this exercise runs it’s course.

]]> By: karen smith http://www.pcbdaily.com/11-reasons-short-sales-take-forever#comment-14702 karen smith Sat, 04 Jul 2009 02:51:26 +0000 http://pcbdaily.com/?p=4873#comment-14702 Terry, Believe it or not a short sale as difficult as they can be are still always a better option than foreclosure for all parties. A foreclosure is a greater cost to every one. I addressed these issues in an article several weeks ago and for the seller it is not quite as bad on their credit and many times a foreclosure will end up in a huge judgement against the seller. Not to mention that a bank will get more money for the property in a short sale as compared to a foreclosure. It is a challenging and different time for all of us. We are all learning as we go. The funny thing about it is that I very boldly sat at a conference table a couple of years ago and said, "I know one thing I am sure not going to mess with any short sales!!!!" Needless to say they are a huge part of my file cabinet at this time. Terry,
Believe it or not a short sale as difficult as they can be are still always a better option than foreclosure for all parties. A foreclosure is a greater cost to every one.
I addressed these issues in an article several weeks ago and for the seller it is not quite as bad on their credit and many times a foreclosure will end up in a huge judgement against the seller. Not to mention that a bank will get more money for the property in a short sale as compared to a foreclosure.

It is a challenging and different time for all of us. We are all learning as we go. The funny thing about it is that I very boldly sat at a conference table a couple of years ago and said, “I know one thing I am sure not going to mess with any short sales!!!!” Needless to say they are a huge part of my file cabinet at this time.

]]> By: Gregg http://www.pcbdaily.com/11-reasons-short-sales-take-forever#comment-14700 Gregg Sat, 04 Jul 2009 02:03:05 +0000 http://pcbdaily.com/?p=4873#comment-14700 There ought to be something the HOA can do other than sit back and let it happen. In our particular case all the utilities are included in our quarterly fees, I would think the HOA could get everything shut off due to non-payment. There ought to be something the HOA can do other than sit back and let it happen. In our particular case all the utilities are included in our quarterly fees, I would think the HOA could get everything shut off due to non-payment.

]]> By: karen smith http://www.pcbdaily.com/11-reasons-short-sales-take-forever#comment-14699 karen smith Sat, 04 Jul 2009 01:57:57 +0000 http://pcbdaily.com/?p=4873#comment-14699 Hey all I am loving all this back and forth feedback and always enjoy it because I am constantly learning. To add to the short sale saga.. I called the company that I talked about in the article and they informed me yesterday that they rejected the short sale from almost 4 months ago. I called again today and spoke to someone else and they said NO that they were still looking at it. I liked the second answer better so I am hopeful. My latest tip is... Always call them EVERY week and sometimes recall to make sure the answer you received was the right one. Again this is not intended to shed a negative light on those companies because they are doing the best they can with what they have. So I say lets just keep on finding the bright spot and keep on keeping on. Keep on commenting and blessing this page!!!! Hey all I am loving all this back and forth feedback and always enjoy it because I am constantly learning. To add to the short sale saga.. I called the company that I talked about in the article and they informed me yesterday that they rejected the short sale from almost 4 months ago. I called again today and spoke to someone else and they said NO that they were still looking at it. I liked the second answer better so I am hopeful.

My latest tip is… Always call them EVERY week and sometimes recall to make sure the answer you received was the right one. Again this is not intended to shed a negative light on those companies because they are doing the best they can with what they have. So I say lets just keep on finding the bright spot and keep on keeping on. Keep on commenting and blessing this page!!!!

]]> By: James http://www.pcbdaily.com/11-reasons-short-sales-take-forever#comment-14695 James Fri, 03 Jul 2009 23:43:18 +0000 http://pcbdaily.com/?p=4873#comment-14695 Not enough. You can't cut off their utilities, or prevent them from renting or using the condo or amenities. You place a lien on the unit, then a "notice of lis pendens", then a "summary judgment" and finally take title (temporarily) to the unit. The association can then rent the unit to try to recoup the lost fee revenue. Each step cost money, which is added to the owner's account; however, you're very unlikely to collect any of this because the bank is going to eventually wake up and foreclose and take title back. The Association will then only get 6 months of back assessments and none of the legal costs. I'm new at looking into all of this, but I really don't believe that there is a good course of action. The best case scenario is for the banks to act quickly, complete the foreclosure process, and list the property at today's market value (which means they take a big hit on the loan) with a local realtor in the Bay Co. MLS and get a new owner for the property. Not enough. You can’t cut off their utilities, or prevent them from renting or using the condo or amenities. You place a lien on the unit, then a “notice of lis pendens”, then a “summary judgment” and finally take title (temporarily) to the unit. The association can then rent the unit to try to recoup the lost fee revenue. Each step cost money, which is added to the owner’s account; however, you’re very unlikely to collect any of this because the bank is going to eventually wake up and foreclose and take title back. The Association will then only get 6 months of back assessments and none of the legal costs. I’m new at looking into all of this, but I really don’t believe that there is a good course of action. The best case scenario is for the banks to act quickly, complete the foreclosure process, and list the property at today’s market value (which means they take a big hit on the loan) with a local realtor in the Bay Co. MLS and get a new owner for the property.

]]> By: Terry http://www.pcbdaily.com/11-reasons-short-sales-take-forever#comment-14647 Terry Thu, 02 Jul 2009 16:12:34 +0000 http://pcbdaily.com/?p=4873#comment-14647 Karen, based on your story and as someone not well versed in how all this works it seems to me that it would better for all concerned to let most of these short sales go into foreclosure. Karen, based on your story and as someone not well versed in how all this works it seems to me that it would better for all concerned to let most of these short sales go into foreclosure.

]]> By: Gregg http://www.pcbdaily.com/11-reasons-short-sales-take-forever#comment-14639 Gregg Thu, 02 Jul 2009 11:27:24 +0000 http://pcbdaily.com/?p=4873#comment-14639 What course of action is available to the HOA's to deal with these "dead beats"? The ones that collect rent etc. but don't pay their fees? What course of action is available to the HOA’s to deal with these “dead beats”? The ones that collect rent etc. but don’t pay their fees?

]]>