InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] I agree with Dave Posted by GC on April 14, 2008 at 9:15 AM In Reply to: Short sales accelerating price falls posted by Bob (CA) on April 12, 2008 at 11:21 AM Homes were artificially high, and they are not at their lowest yet either. Ofcourse shortsales are going to lower comps, which is why prices are not done going down. GC : Ward, : Real estae agents that have seen their incomes drop are seeming to price homes that are short sales much less than their market values. The sellers appear to have no incentive to attempt to sell at the highest price in which the market will bear thus allowing the home to be priced at any level in order to just get an offer but this is really hurting the comps and other sellers and REO asset managers are using these artificially low prices as comps to price their new inventory. Lenders need to have some leverage in the short sale process to motivate the sellers of these homes to sell at the highest price such as the sellers having to sign a note for the differnce between the amount owed to the lender and the reduced amount received. If the seller was sharing in the loss in some way they probably would pay more attention to try to have the home more presentable, assist with showings and make sure the price was not radically under recent comps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Homes were artificially high, and they are not at their lowest yet either. Ofcourse shortsales are going to lower comps, which is why prices are not done going down. : GC : : : Ward, : : Real estae agents that have seen their incomes drop are seeming to price homes that are short sales much less than their market values. The sellers appear to have no incentive to attempt to sell at the highest price in which the market will bear thus allowing the home to be priced at any level in order to just get an offer but this is really hurting the comps and other sellers and REO asset managers are using these artificially low prices as comps to price their new inventory. Lenders need to have some leverage in the short sale process to motivate the sellers of these homes to sell at the highest price such as the sellers having to sign a note for the differnce between the amount owed to the lender and the reduced amount received. If the seller was sharing in the loss in some way they probably would pay more attention to try to have the home more presentable, assist with showings and make sure the price was not radically under recent comps. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2008, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455