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#361238 - 12/20/10 10:43 AM Lender denying short sales.
MassBPOer Veteran Member Registered: 10/13/08 Posts: 618 Loc: Mass	From today's Boston Globe http://www.boston.com/business/articles/.../?p1=News_links If link doesn't work just go to www.boston.com Edited by MassBPOer (12/20/10 10:46 AM)
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#361280 - 12/20/10 03:38 PM Re: Lender denying short sales. [Re: MassBPOer]
Traveler Major Contributor Registered: 11/14/00 Posts: 2268 Loc: The Coast	Here is what I'm seeing in this area. That the poor condition of the property blows the deal because it decimates the value. If the property was maintained in at least average condition there are plenty of comps to substantiate the values. I'm betting most lenders will accept a 20-30% discount without batting an eye. But 50-60% or more...why even bother?
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#361281 - 12/20/10 03:38 PM Re: Lender denying short sales. [Re: MassBPOer]
BpoBill Major Contributor Registered: 09/24/06 Posts: 1967 Loc: US	Hasn't this been known since short sales first started? Sometimes they go through and sometimes they don't.
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#361338 - 12/20/10 09:47 PM Re: Lender denying short sales. [Re: BpoBill]
KoDa Member Registered: 03/07/08 Posts: 98 Loc: New England	In MA. I would like to see the writer expand research to reflect the more common deal here, REO sale price well over SS offer. Most of my interior SS inspections come with a buyer or agent following me around pointing out things that are "wrong". Latest the Agent told me the highest offer was $150K. 1 day on the market, highly desirable town that I sold an REO on the same street that was a burnt out shell for $165K. Can you say FRAUD.
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#361351 - 12/20/10 11:34 PM Re: Lender denying short sales. [Re: KoDa]
BpoBill Major Contributor Registered: 09/24/06 Posts: 1967 Loc: US	Originally Posted By: KoDa In MA. I would like to see the writer expand research to reflect the more common deal here, REO sale price well over SS offer. Most of my interior SS inspections come with a buyer or agent following me around pointing out things that are "wrong". Latest the Agent told me the highest offer was $150K. 1 day on the market, highly desirable town that I sold an REO on the same street that was a burnt out shell for $165K. Can you say FRAUD. You cant blame some of them. Too many boneheads doing bpos because their other business is slow. I see a lot of low ones too, but most are about right on the money.
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#361359 - 12/21/10 12:02 AM Re: Lender denying short sales. [Re: Traveler]
CandyMan Major Contributor Registered: 07/12/08 Posts: 2480 Loc: California	Originally Posted By: Traveler Here is what I'm seeing in this area. That the poor condition of the property blows the deal because it decimates the value. If the property was maintained in at least average condition there are plenty of comps to substantiate the values. I'm betting most lenders will accept a 20-30% discount without batting an eye. But 50-60% or more...why even bother? In the past year, I've noticed that the "cheat factor" will average around 16% as a high number. I assume the banks factor in cost to foreclose, holding time, and costs to re-market. A few months ago, I completed an order and the value came in at $647k......bank took $595K on a short.....that factors in just a shade over 8% left on the table. _________________________ PONDERISM: "Life isn't about waiting for the storm to pass........It's learning how to dance in the rain".
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