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I feel like a blogging oxymoron.

July 20, 2010

Orange man with questionsI feel like a blogging oxymoron.  You know, like… act naturally, absolutely unsure, agree to disagree, almost pregnant, you get the idea, a walking, talking, blogging oxymoron.

This morning I posted about a short sale which truly has very little value. We see better foreclosures than this house. What a difference a few hours make as I am now on the other side of my own short sale coin.

I received a phone call, I was to expect an offer on another short sale I have. I explained the process this lender has laid out for the short sale one more time, I think this was actually the 4th time I explained the process to this particular agent. I was slow, patient, clear, concise, asked if there were any questions…. really I did.

This particular home is truly spectacular. There is much interest in it, I have done my home work and feel that I know the approximate price it will appraise at. Coming to the price has been agonizing, this home has so many details that make it stand out, then there is the location. I am watching the market, speaking to the home owners about reductions, we have our plan in place and we want to sell.

This lender has a very specific and what I consider to be a very good way of handling short sales. As soon as we get an offer that the seller accepts we are required to get a certified appraisal for the home. That ends any guess work there. An appraiser will tell the lender what it is worth before they even think of negotiating the offer.

I advised the agent that this meant she would have to do her own homework and come up with a price close to what an appraiser would give for the property. I did not, however, think I had to say that we cannot give the house away, the lender will know what an appraiser thinks of the home before they even think of approving the short sale. How easy is that?

She shared with me where the offer will come in. All my explanations were for nothing. Somehow the buyers are under the impression that they can low ball this and get the house of their dreams. When I say low ball, I mean a real gutter ball. They can get a run of the mill 20 year old colonial with a lower level garage for the price they will offer on this spectacular home. You see, I was told this is all they can pay for now, unless of course their own home sells. But they really want this house!

I really do feel like an oxymoron. After complaining this morning about an out of town agent doing a bad BPO on a short sale, really bad, I am now facing an buyers agent and clients who believe that buying a short sale is like buying a foreclosure.

And may I say that I am ever so grateful to all my friends here on ActiveRain who have prepared me for the short sale market. But I still feel like a blogging oxymoron.

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