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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: short sale stats Posted by Dan Williams on April 22, 2009 at 9:06 AM In Reply to: Re: short sale stats posted by JK (the other JK) on April 21, 2009 at 9:12 PM : : Thanks for your reply. I'm not an agent do not have access to the same MLS data that you do. Without researching it, are you saying that 50% of SS close? : : Home ownership in 2 years vs. 5? Are rents going to be such a bad deal in 5 years in CA? Isn't the "necessity" for home ownership what got most people into this in the first place? Not all, but most. : : : : : : I feel like short sales are being wagged in front of defaulting borrowers but have seen very little evidence that it is worth their time and effort. Not to mention everyone else's. Are there any stats to show the % of SS in CA that close? Kristine : : : : : : : : : : Situation Purchased home in 2005 for $485,000, we currently owe approximately : : : : : : $480, on an 80/20 REFI. House is now worth in the low to mid $300,000s. We can : : : : : : no longer afford our payments, and have decided we would rather just lose the : : : : : : house. : : : : : : We missed our first payment this month and have been getting phone calls from the : : : : : : second lender 1-2 times a day (i have never answered). The first lender has called : : : : : : once or twice only. : : : : : : I would like to know the best course of action to get out of my home without owing : : : : : : any money, I dont care about my credit really, I just dont want to have to be : : : : : : responsible for the bank's loss. : : : : : : Also, what is my best course of action in terms of their calls, should I call them : : : : : : back? Should I ignore them? For how long? : : : : : : I am not going to require them to KICK me out of the house, I have enough income : : : : : : to live elsewhere, I just cant afford this house anymore. Should I call them and offer : : : : : : dead in lieu? or short sale? or what? : : : : : : thanks-NK : : : : : Based upon the info you have provided Short Sale may be the best bet. Short Sale, Foreclosure & Deed-in-Lieu will all have a major negative impact on your credit, but Short Sale will allow you rebuy via Fannie Mae / Freddie Mac guildelines after two years versus five years with a foreclosure. : : : Absolutely, there are stats. Just go through your local MLS look at all the Pendings that were Short Sales for a given month (like December, January or February) and see how many closed. Sorry I have neither the time nor the will to do it. You are right to note that another option would be a loan mod. I'm missing the point about not worth someone's time or effort. 2 years to buy again vs 5 years could be big deal for some families. : I truly have no idea what the % is, so I'm not going to speculate. I know that quite a few Short Sales do close. : As to what rents will be in 2 years vs 5 years, I have no idea. None of us do. We can all guess and speculate, but that is all we would be doing. : " Isn't the "necessity" for home ownership what got most people into this in the first place?" : If you are referring to the housing bubble and collapse, I think the answer is more complex than one a sentence cliche. I would tend to believe that Rick, Ward and bunch of other major players own their primary. I sold mine in 2007, to be a renter and I'm not really happy about it. At the end of both of my one year leases the owners decided to sell (though they both swore up and down they'd rent to me for a minimum of three years). So now facing a third move in 24 months, I'm beginning to think that renting sucks. I know the market will probably decline for another 3-5 years, but I think I'm getting ready to buy a primary again.. : Again, it's all about options. If you are going to let a house go, my personal opinion is a SS is the better move. That is my opinion. We can respectfully agree to disagree. BTW, thanks for not calling me a jack azz just because I don't agree with you. (Yes, I just threw out some troll bait for you know who, but I'm sincere in my gratitude). If the home is your primary residence then there are some advantages for a short sale (no deficency lien). Most RE agents do not have the training or experience to do a short sale effectively. There are several investor companies that specialize in SS and are very sucessful. If keeping your credit from going bad to worse than a short sale, in my opinion is the better option. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Thanks for your reply. I'm not an agent do not have access to the same MLS data that you do. Without researching it, are you saying that 50% of SS close? : : : Home ownership in 2 years vs. 5? Are rents going to be such a bad deal in 5 years in CA? Isn't the "necessity" for home ownership what got most people into this in the first place? Not all, but most. : : : : : : : : I feel like short sales are being wagged in front of defaulting borrowers but have seen very little evidence that it is worth their time and effort. Not to mention everyone else's. Are there any stats to show the % of SS in CA that close? Kristine : : : : : : : : : : : : Situation Purchased home in 2005 for $485,000, we currently owe approximately : : : : : : : $480, on an 80/20 REFI. House is now worth in the low to mid $300,000s. We can : : : : : : : no longer afford our payments, and have decided we would rather just lose the : : : : : : : house. : : : : : : : We missed our first payment this month and have been getting phone calls from the : : : : : : : second lender 1-2 times a day (i have never answered). The first lender has called : : : : : : : once or twice only. : : : : : : : I would like to know the best course of action to get out of my home without owing : : : : : : : any money, I dont care about my credit really, I just dont want to have to be : : : : : : : responsible for the bank's loss. : : : : : : : Also, what is my best course of action in terms of their calls, should I call them : : : : : : : back? Should I ignore them? For how long? : : : : : : : I am not going to require them to KICK me out of the house, I have enough income : : : : : : : to live elsewhere, I just cant afford this house anymore. Should I call them and offer : : : : : : : dead in lieu? or short sale? or what? : : : : : : : thanks-NK : : : : : : Based upon the info you have provided Short Sale may be the best bet. Short Sale, Foreclosure & Deed-in-Lieu will all have a major negative impact on your credit, but Short Sale will allow you rebuy via Fannie Mae / Freddie Mac guildelines after two years versus five years with a foreclosure. : : : : Absolutely, there are stats. Just go through your local MLS look at all the Pendings that were Short Sales for a given month (like December, January or February) and see how many closed. Sorry I have neither the time nor the will to do it. You are right to note that another option would be a loan mod. I'm missing the point about not worth someone's time or effort. 2 years to buy again vs 5 years could be big deal for some families. : : I truly have no idea what the % is, so I'm not going to speculate. I know that quite a few Short Sales do close. : : As to what rents will be in 2 years vs 5 years, I have no idea. None of us do. We can all guess and speculate, but that is all we would be doing. : : " Isn't the "necessity" for home ownership what got most people into this in the first place?" : : If you are referring to the housing bubble and collapse, I think the answer is more complex than one a sentence cliche. I would tend to believe that Rick, Ward and bunch of other major players own their primary. I sold mine in 2007, to be a renter and I'm not really happy about it. At the end of both of my one year leases the owners decided to sell (though they both swore up and down they'd rent to me for a minimum of three years). So now facing a third move in 24 months, I'm beginning to think that renting sucks. I know the market will probably decline for another 3-5 years, but I think I'm getting ready to buy a primary again.. : : Again, it's all about options. If you are going to let a house go, my personal opinion is a SS is the better move. That is my opinion. We can respectfully agree to disagree. BTW, thanks for not calling me a jack azz just because I don't agree with you. (Yes, I just threw out some troll bait for you know who, but I'm sincere in my gratitude). : If the home is your primary residence then there are some advantages for a short sale (no deficency lien). Most RE agents do not have the training or experience to do a short sale effectively. There are several investor companies that specialize in SS and are very sucessful. If keeping your credit from going bad to worse than a short sale, in my opinion is the better option. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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