Wednesday, August 5, 2009

Short Sale Saga Continues

Escrow on Azalea finally closed today. What a wonderful feeling.

Getting Cedar River Court SS approval this week. Went to clean up the messes today. Too bad this process took so long, the lawn is brown and one of the trees is dead.
The house still looks so nice inside. Now I hope the buyer is still interested after all those months.

I might have to get another client that have been looking for home for 3 months to go and submit an offer on it. The only problem is that they want to live in Murrieta and not SUN CITY. Although Sun City and Menifee is growing nicely. A new Loma Linda Medical Center (Hospital) is being built and the facility is coming along together really quickly.

I got dizzy in the last few days and earlier today from reviewing the 20 offers for Camino Nunez home. I love it though.......... Although I feel sorry for the buyers and the agents when I have to reject their offer. (See early posted Blog yesterday)

1 comment:

RELady-ITpro said...

I have a short sale for a nice home under $300K and I have 29 offers. The highest one plus the other two lower ones are all CASH offers. Amazing. The bank is co-operating and approved the short sale exactly 2 months after I requested it. We are in Escrow now. That is a great story.
However, there are 1000 of homes waiting for bank approval for the short sale and by the time they approve it, the buyers are no longer there, some of the homes go into foreclosure. Short Sale Real Estate Agents worked so hard and lost the sales and not making any income. In the mean time, REO Agents are making fast money. They get 5 to 10 properties to sell from the bank at one time - what a crazy time we are in. If the banks move faster, there would be less foreclosures and bank owned properties and the value of the properties would not be in the TANK as the way it is now.
REO properties are moving fast, they are on the markert for less than 10 days and they are SOLD immediately. That is good for the bank and the Listing Agents but it is quite devastating to the neighbors. They told me they are dreadging to hear how much the home are sold for. Some of them paid $450,000 and they are now living next door to the REO property that got sold for $189,000!