Success in Short Sales

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My wife and I got our offer approved on a short sale in Tustin Field just last week. About $40K lower than asking price. It took over two months and

dozens of phone calls from our agent, but we lost interest and have moved on to look at other properties. Frankly, we were surprised that

the banks involved took the offer...it ended up being about $260 per sqFt. There were two other offers on the table, apparently ours was

highest (at $40K under asking).
 
IR3--are you re-interested.



Call them back and say ok, but the mkt is dropped and now your offer is down another $40k.



Heeheehee haa.



The strategy of delay might work, except that you'd have to stretch it out by years, not months.



they don't have that long.



Anybody have a thought of how the stock mkt will do tomorrow with Citi cutting 6500 jobs?
 
Just over a year ago we looked at a short sale property up here in Sacramento. We heard that it sold a few months after we looked at it. Six months later it was back on the market as a bank owned foreclosure.



I have no idea what happened to the short sale but it does make me wonder how many of the short sales that went off the market because they were sold will reappear on the market as foreclosures. Even if it's only a small fraction of the short sales in this area that's still a heavy load for an already over saturated market to bear.
 
Updated: Looks like some more short sales are beginning to be worked out. Avg for successfully closed short sales is 76 DOM. For REOs avg is 44 DOM.



<strong>Total Sales since 1/1/2008 in Irvine according to SoCalMLS:</strong>



<pre class="code">Active - 783 Properties Found

Pending Sale - 154 Properties Found

Backup Offers - 147 Properties Found

Sold - 871 Properties Found</pre>



<strong>Short Sales since 1/1/2008 in Irvine according to SoCalMLS:</strong>



<pre class="code">Active - 151 Properties Found (19.3%)

Pending Sale - 28 Properties Found (18.2%)

Backup Offers - 57 Properties Found (38.8%)

Sold - 70 Properties Found (8.0%)</pre>



<strong>REOs since 1/1/2008 in Irvine according to SoCalMLS:</strong>



<pre class="code">Active - 17 Properties Found (2.2%)

Pending Sale - 31 Properties Found (20.1%)

Backup Offers - 9 Properties Found (6.1%)

Sold - 92 Properties Found (10.6%)</pre>
 
[quote author="SacRenter" date=1214259287]Just over a year ago we looked at a short sale property up here in Sacramento. We heard that it sold a few months after we looked at it. Six months later it was back on the market as a bank owned foreclosure.



I have no idea what happened to the short sale but it does make me wonder how many of the short sales that went off the market because they were sold will reappear on the market as foreclosures. Even if it's only a small fraction of the short sales in this area that's still a heavy load for an already over saturated market to bear.</blockquote>


I had a neighbor who bought a short sale last year only to have it repo'd about 3 weeks ago. Not sure there's a term for it but maybe FBx2?
 
[quote author="IrvineRealtor" date=1217310500]Updated: Looks like some more short sales are beginning to be worked out. Avg for successfully closed short sales is 76 DOM. For REOs avg is 44 DOM.

</blockquote>


No offense IR2 but the MLS is useless for data. The realtors are free to game the system to make their stats look good and many do.



FreedomCM, do you remember what 2172 Orange used to look like 2 or 3 years ago?
 
[quote author="No_Such_Reality" date=1217332007][quote author="IrvineRealtor" date=1217310500]Updated: Looks like some more short sales are beginning to be worked out. Avg for successfully closed short sales is 76 DOM. For REOs avg is 44 DOM.

</blockquote>


No offense IR2 but the MLS is useless for data. The realtors are free to game the system to make their stats look good and many do.



FreedomCM, do you remember what 2172 Orange used to look like 2 or 3 years ago?</blockquote>
Please explain how reatlors can "game" MLS? There are hefty fines for MLS violations so why would realtors risk it?
 
[quote author="No_Such_Reality" date=1217332007][quote author="IrvineRealtor" date=1217310500]Updated: Looks like some more short sales are beginning to be worked out. Avg for successfully closed short sales is 76 DOM. For REOs avg is 44 DOM.

</blockquote>


No offense IR2 but the MLS is useless for data. The realtors are free to game the system to make their stats look good and many do.



FreedomCM, do you remember what 2172 Orange used to look like 2 or 3 years ago?</blockquote>


OMG! Is that what used to be the falling down trashed out bright PINK house????
 
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