Posted by: dagmarsands | April 20, 2010

Short Sales, Short Sales, Short Sales…..

Well, I spent my Saturday this week at another class – learning more about Short Sales.

I have to say that my instructor was the BEST in the business – Angie Mezza Smith with Virtual Properties. She is truly a great instructor. But as she said… in today’s market – what is happening today in our market is like CANCER… and it is spreading, spreading and spreading more and more and growing arms and
legs. Banks are overwhelmed, they are not answering all the offers, agents are frustrated and they are not used to doing business in this crazy environment when you have so many changes daily.

Mortgage fraud is becoming huge… investors are greedy sometimes… agents want to just get it over and sellers have no shame in filing for a short sale even though they are still making money and can hold on to homes.

I can’t believe how many agents in our class were shaking their heads when they learned that some of the contracts they currently have are either
no good, voidable or just simply not going to close.

My opinion – is let’s don’t allow BANKS to list their properties in FMLS nor the listing agents handling short sales UNTIL they have a true price the bank will accept and ONLY then can they put these listings in the FMLS. Get the law passed that the bank has 10 days to reply to an offer – either YES or NO or what is the true counter-offer… Let’s do the WHAM BAM,….
thank you MAA’M… and use the four letter word… NEXT!

Only when these things will change will our economy start recovering.
Everyone has to do their part. One thing is for sure… until we get a system, checklists and rules that everyone lives by… we will have more frustartion
and less closings.

Dagmar Sands- Real Estate International, Inc.

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