Comments on: When the media and reality collide http://salemoregonrealestatehomes.com/2009/04/30/when-the-media-and-reality-collide/ The home truth and nothing but the truth Tue, 07 Sep 2010 02:05:21 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Current Salem Oregon real estate short sales and distressed homes: June summary http://salemoregonrealestatehomes.com/2009/04/30/when-the-media-and-reality-collide/#comment-617 Current Salem Oregon real estate short sales and distressed homes: June summary Sun, 21 Jun 2009 03:57:06 +0000 http://salemoregonrealestatehomes.com/?p=1848#comment-617 [...] publicized bargains is because there aren’t a lot of them out there.  In the past months, distressed properties have made up 10% of our local Salem Oregon market.  The current rate is 8.3% for the Salem Oregon [...] [...] publicized bargains is because there aren’t a lot of them out there.  In the past months, distressed properties have made up 10% of our local Salem Oregon market.  The current rate is 8.3% for the Salem Oregon [...]

]]> By: Salem Oregon real estate home owners underwater http://salemoregonrealestatehomes.com/2009/04/30/when-the-media-and-reality-collide/#comment-505 Salem Oregon real estate home owners underwater Tue, 12 May 2009 05:07:13 +0000 http://salemoregonrealestatehomes.com/?p=1848#comment-505 [...] all these numbers mean.  Nothing that you don’t already know.  Homeowner are underwater, short sales, foreclosures, unemployment…same ol’ same [...] [...] all these numbers mean.  Nothing that you don’t already know.  Homeowner are underwater, short sales, foreclosures, unemployment…same ol’ same [...]

]]> By: Melina Tomson http://salemoregonrealestatehomes.com/2009/04/30/when-the-media-and-reality-collide/#comment-494 Melina Tomson Wed, 06 May 2009 16:36:33 +0000 http://salemoregonrealestatehomes.com/?p=1848#comment-494 Well that's because you rock as a home inspector... Well that’s because you rock as a home inspector…

]]> By: Jim http://salemoregonrealestatehomes.com/2009/04/30/when-the-media-and-reality-collide/#comment-492 Jim Tue, 05 May 2009 02:30:06 +0000 http://salemoregonrealestatehomes.com/?p=1848#comment-492 Those numbers are surprising! I feel like I have inspected every single one of those homes and a couple of them a few times. Those numbers are surprising! I feel like I have inspected every single one of those homes and a couple of them a few times.

]]> By: Melina Tomson http://salemoregonrealestatehomes.com/2009/04/30/when-the-media-and-reality-collide/#comment-488 Melina Tomson Fri, 01 May 2009 23:39:11 +0000 http://salemoregonrealestatehomes.com/?p=1848#comment-488 <strong>Recent buyer </strong>you have the right attitude for short sales. There is a commission issue which is why many agents do steer clear of them. Legally the listing agent is required to give the compensation outlined in the MLS, but we do have a clause in our by-laws that essentially states that if the listing agent can't get the money, they might be off the hook. Most agents know that short sale commissions can be slashed. If your agent did a good job for you, then tell everyone you know. That will make up any commission losses that the agent incurred. Recent buyer you have the right attitude for short sales. There is a commission issue which is why many agents do steer clear of them. Legally the listing agent is required to give the compensation outlined in the MLS, but we do have a clause in our by-laws that essentially states that if the listing agent can’t get the money, they might be off the hook.

Most agents know that short sale commissions can be slashed. If your agent did a good job for you, then tell everyone you know. That will make up any commission losses that the agent incurred.

]]> By: Dan Simon - Charleston SC Real Estate http://salemoregonrealestatehomes.com/2009/04/30/when-the-media-and-reality-collide/#comment-487 Dan Simon - Charleston SC Real Estate Fri, 01 May 2009 21:43:44 +0000 http://salemoregonrealestatehomes.com/?p=1848#comment-487 Great points, thanks for sharing. We are starting to see an increase in short sales in Charleston SC. There are some great opportunities out there for buyers in today’s market. I get calls daily from buyers interested in putting an offer in on a “short sale” property. As a "buyers agent" with experience in short sales, I really explain the process to a buyer and prepare them for a potentially drawn out and frustrating experience. The banks are not giving these homes away. They risk spending money on inspections etc….. to then have the deal fall through at the last minute. If the buyers have the patience and the property really suits their needs then it might make sense to move forward. If the buyer needs to coordinate the closing of the short sale property with the closing of the sale of their current home they could be in for a bumpy ride. The short sale lender does not care if all your belongings are in moving truck and your dogs are in a kennel. A “short sale” situation does not automatically make a property a “great deal”. After you do all of the repairs that may be needed etc…. what have you really gained? There could be a home listed just down the street with realistic sellers who have taken good care of their home that could just as good an opportunity. A buyer should find an experienced “buyer’s agent” that will explore all the options! Great points, thanks for sharing. We are starting to see an increase in short sales in Charleston SC. There are some great opportunities out there for buyers in today’s market. I get calls daily from buyers interested in putting an offer in on a “short sale” property. As a “buyers agent” with experience in short sales, I really explain the process to a buyer and prepare them for a potentially drawn out and frustrating experience. The banks are not giving these homes away. They risk spending money on inspections etc….. to then have the deal fall through at the last minute. If the buyers have the patience and the property really suits their needs then it might make sense to move forward. If the buyer needs to coordinate the closing of the short sale property with the closing of the sale of their current home they could be in for a bumpy ride. The short sale lender does not care if all your belongings are in moving truck and your dogs are in a kennel. A “short sale” situation does not automatically make a property a “great deal”. After you do all of the repairs that may be needed etc…. what have you really gained? There could be a home listed just down the street with realistic sellers who have taken good care of their home that could just as good an opportunity. A buyer should find an experienced “buyer’s agent” that will explore all the options!

]]> By: Recent buyer http://salemoregonrealestatehomes.com/2009/04/30/when-the-media-and-reality-collide/#comment-486 Recent buyer Fri, 01 May 2009 07:20:28 +0000 http://salemoregonrealestatehomes.com/?p=1848#comment-486 On the other hand, buying a short enabled us to put a bunch of money into upgrades that made the house we wanted even nicer. It was certainly worth the long wait we experienced. The only bad part was that it appears that our real estate agent might have been hosed some --- apparently the banks were trying to make up their losses out of the agent's commission, arguing that since they had no contract with the agents they didn't owe them the usual commissions. I didn't know anything about this until we were nearly closed, and it bothers me. I assume agents talk to each other and will figure out how to straighten that out. From what I can tell, the listing agent has an ethical, if not a legal, duty to make sure that the buyer's agent gets the normal commission expected; otherwise, buyer's agents will steer buyers away from short sales, to the detriment of everyone. The listing agent is the one who accepts the listing and is the only one in a position to negotiate this aspect of the transaction. On the other hand, buying a short enabled us to put a bunch of money into upgrades that made the house we wanted even nicer. It was certainly worth the long wait we experienced. The only bad part was that it appears that our real estate agent might have been hosed some — apparently the banks were trying to make up their losses out of the agent’s commission, arguing that since they had no contract with the agents they didn’t owe them the usual commissions. I didn’t know anything about this until we were nearly closed, and it bothers me. I assume agents talk to each other and will figure out how to straighten that out. From what I can tell, the listing agent has an ethical, if not a legal, duty to make sure that the buyer’s agent gets the normal commission expected; otherwise, buyer’s agents will steer buyers away from short sales, to the detriment of everyone. The listing agent is the one who accepts the listing and is the only one in a position to negotiate this aspect of the transaction.

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