Orange County Short Sale Lenders Can Be Very Unrealistic
I work Orange County Short Sale Listings quite a bit. More than I would have ever thought, actually. I have a wonderful team which helps me manage the process and paperwork and we are very successful. But sometimes I just wonder what the Asset Managers are thinking.
I find more and more the approval price seems to depend less on the value of the home and more on the amount of loss the short sale lender is willing to take.
This number does not matter to the buyer!
One of my Orange County Short Sale Listings just went into escrow after 8 months of trying to sell it. I don’t know why. It’s in decent shape, vacant (easy to show), priced very competitively (there are several recent sales of the same floor plan in the complex to compare to) and nicely located. So I really don’t understand why I’ve needed to do as many price reductions as I have.
Problem is that the Orange County Short Sale Lender has a trustee sale date and won’t postpone without a buyer, offer and proof of funds. I have been steadily dropping the price in our MLS while making sure in the agent comments that I disclose the sales price which has been approved. I just can’t get an offer at that price. So…..what do they want me to do?
Obviously we all know that if I can’t sell the home for what the Orange County Short Sale Lender wants, neither can they after a foreclosure. But the Asset Manager simply says “we aren’t willing to take that large of a loss on the mortgage.” Ok…..then I guess it is what it is!
I bumped into your blog while searching short sales. Here in the Dallas / Ft. Worth area we have not felt the pain of the recent market anywhere near what you have in Orange County and other parts of the country. If it’s any consolation, we did share a crummy market with you in the late ’80′s tho, when TX had more foreclosures than the rest of the country combined. But we do have our share of foreclosures and short sales, just the same.
I just wanted to say I agree, it sometimes seems asset managers are determined to set values with no rhyme or reason. I’m sure it’s because they’re forced by their uninformed investors to hold to a bottom line, or perhaps company guidelines require a sales price wihin a certain percentage of the most recent (and no doubt by the time subject property comes to market – outdated) appraisal. But you would think that asset managers across the country would have banned together by now to shout to those in charge… “We can’t sell anything until you allow us, those on the front line, to have a bit more say in the process…” Or maybe they have, and no one listened.
I agree goofy, inconsistent pricing is a problem. Here in Dallas / Fort Worth as it apparently is in Orange County as well. But I think the problem starts higher up than the asset manager.
Cindy Allen
Coldwell Banker – Dallas/Ft. Worth