Insider short sale circles where a buzz in California over the past few weeks about legislation that was allegedly to force lenders to respond to short sale offers within 21 days. As humorous as this sounds – legislation being able to force a lender to respond within a certain time frame would seriously compromise the lender’s ability to process the massive volume of foreclosure deals and short sales that they have in their systems – common sense was the winner.
Now the blogs are full of apologies, and it seems that particularly agents and attorneys have to back paddle for jumping the gun and creating false hopes and expectations. I will be honest I was one of those people
Many of us saw this, and read it as a solution to California’s short sale nightmare, but then all the questions came in about why this was just for California why not the rest of the country? We all know how long short sales take, how extremely difficult it is to have these buyers stay until the closing, we also know that buyers put in offers on many different short sale properties, and the excitement can wear off when you don’t get a response for several months. We then say bye-bye commission!!!
These buyers from all walks of life are urgent to buy, because they see the opportunity in this foreclosure market, and are still trying to take advantage of the tax credit that was recently extended.
Many Realtors Jesus Yinh, Susan Park say “this service of an investor who puts in an all cash offer on their short sales will become allies for Realtors. Realtors know they can count on an investor to complete the transactions before the trust deed sale to save the Realtors commission. Everyone knows that the Realtors time, work, efforts will be lost if the property is sold at Trust Deed Sale.
Jeff Coga “says there is a negative connotation many times with Realtors thoughts about investors putting in a low ball offer. Jeff assures the Realtor it is just to get the negotiations started, and Jeff said he has never gotten a low ball offer accepted from the bank, but it’s a great starting point.” Jeff now has agents calling him day and night to buy their short sale, so that the Realtors can get a commission instead of it being lost, due to foreclosure. Jeff has partnered with Exit Real Estate Group, Short Sale Wealth Builders, and the California Housing Revitalization Group to have a major impact on the number of saved homes here in Southern California. The goal is to save 90 homes in 90 days, and they now have the perfect team in place to handle the new volume of transactions.
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