Home Buying in 32164>Question Details

Nicole Smith, Renter in Palm Coast, FL

Short sale 2 part question.

Asked by Nicole Smith, Palm Coast, FL Sat Jan 12, 2013

Do buyers tend to view houses more on weekends/week days?Is it better to live elsewhere when showing a short sale property?

Help the community by answering this question:

Answers

8
BEST ANSWER
Shorts sales are perpetuating the foreclosure market. The majority of short sales end up in foreclosure. Agents continue to under price properties to get a listing and a buyer. The Government now saying on their loans the sellers of short sales no longer have to stop making mortgage payments. And they will be more aggressive in asking for cash assets from the seller at closing on a short sale.

Since 2008 the REALTOR organization has pushed short sales. Before that underwater property owners brought cash to closing to save their credit. REALTORS obtained a Stay on the Federal MARS Disclosure Law to exempt real estate agents from telling the seller their credit will be hurt by doing a short sale, they could get future judgments, the seller can cancel the short sale at anytime and the seller does not have to agree to the terms of a short sale when approved by the lender. Therefore, many seller's have been mislead down the path to foreclosure rather than loan modification. Legally in Florida the real estate agent can only do a short sale. It is illegal for them to help a seller with a loan modification.

Agents doing short sales need to reevaluate their market, they will find more short sales backfiring as property values continue to increase or the time it takes to complete a short sale.

Read The 20 Things That Listing Agents Don't Tell You About Short Sales and Short Sale Fraud at http://www.FloridaBuyerBroker.com along with:

The #1 Mistake Real Estate Buyers Make


Beverly Howe, CIPS, ABR, GRI, TRC
Florida Buyer Broker
Email: broker@floridabuyerbroker.com
Local Direct: 239-601-2013
Toll Free US and Canada: 1-800-283-7393
0 votes Thank Flag Link Sat Jan 12, 2013
In my experience local buyers prefer to look on weekends because they work, but out of state buyers take more time and look over the week, then vacation on weekends. (Perhaps that is only here near Disney).

Any home will sell faster if empty....because it is much easier to show. Homes that are nicely staged also sell faster. So take advantage of both factors. Since you are living there, keep it nicely staged all hours of the day and allow for showings from 9am to 7pm - 7 days a week with 1 or 2 hour lead time....you should have a contract in hand fast....and then there is no need to pay for a rental until it actually sells. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
La Rosa Realty
1 vote Thank Flag Link Sat Jan 12, 2013
My house is perfectly staged and has received many compliments from the agents.The problem is trying to work around nap times for my 1 year old.I had all my 1st week showings on week days and nothing this weekend.It's only week 1 so we shall see.Thank you.
Flag Sun Jan 13, 2013
I would say that most of the time more buyers will view homes more on the weekends than on the weekdays and yes it is better to at least not be in the home when buyers are viewing it. If you can move out it is even better because you can have all of your personal items out of the home and potential buyers can imagine themselves living there a lot easier.
1 vote Thank Flag Link Sat Jan 12, 2013
The house is completely de-personalized.It shows very well and so far I've had all weekday showings.It's been on the market 5 days and has had 3 showings.It would be easier to be elsewhere,then I don't have to keep the house so perfect all the time.It's a challenge w/ small children.
Flag Sat Jan 12, 2013
My last short sale - start to finish, including condo approval - took about 90 days. If the process is going to be complex - multiple debts, then the owner can always opt to put in a tenant. However, the last thing I want to see is a desperate person seeking a lease when an order of foreclosure already exists. I also advise using one of the many short sale negotiation firms - someone who does hundreds of these transactions.
0 votes Thank Flag Link Sat Jan 12, 2013
Our Florida market is such that serious buyers are looking all the time. There is no particular timeframe for buyer to decide when they are going to buy when it comes to days of the week.

Typically, buyers who are not ready to buy will spend the weekends going thru open houses to get an idea of the market and what they like and can afford.

Ti seems a bit odd to me that an agent would be suggesting you to move out of your home. A short sale can and ususally does take at least 9 or 10 months. If vacant homes sold better than occupied homes listing agents would tell every seller whose home they list to go ahead and move out before they get a buyer, which makes no sense to me.

If the bank refuses your short sale and depending upon when they start the foreclosure process, ususally after you miss 3 payments the foreclose process starts simultaneously with the short sale. If the house goes into foreclosure in Florida the process can take 2 years. You could actually be living in your home for 9 months to 2 years.

Beware that there has just been new legislation recently passed the changes include giving Fannie and Freddie mortgage servicers the authority to approve short sales even if the borrower is not yet delinquent on mortgage payments.

You will find more information regarding your rights as a seller in a short sale transcation on my home page under About MARS Disclosure.

Best of Luck to you,
Beverly Howe, ABR, GRI, TRC, CIPS
broker@floridabuyerbroker.com
0 votes Thank Flag Link Sat Jan 12, 2013
Weekends do get a great deal of activity. During the week showing activity is strong after 5:00pm. These facts would lead one to believe that working people look when they have the time off.
Now as to live elsewhere. If it is your property that is being short saled, then it is always best to go out and about when the property is being shown. Owners tend to be too available with informaton that might be useful to the buyers agent.
Best advice for any seller is to allow the listing agent to answer any questions about the property. This way there is little chance for mis-commuication that can lead to mis-understandings.
C. Pat Denvir, Realtor
0 votes Thank Flag Link Sat Jan 12, 2013
thanks....so far my 3 showings were weekdays from 4-5pm and 1 was at 11am-12noon.Nothing requested this weekend so far.Don't know about sundays,we'll see.
Flag Sat Jan 12, 2013
It is better to live elsewhere, BUT, if you own the property you will probably have to pay rent somewhere else, if you do own, stay there until it sells, at least you will be saving some money by not paying rent somewhere else, besides, short sales can take months.

Online search for Palm Coast Homes at :

http://www.palmcoastrealestate-fl.com

Regards

Harry Ashley
Real Estate Broker
386-931-6054
0 votes Thank Flag Link Sat Jan 12, 2013
If you're trying to sell a short sale, my recommendation would be:

1) find a rental to live in.
2) list for sale, and find someone to put up an electronic lockbox.
3) if the short sale should be uncomplicated - only one mortgage, no homeowners association, etc. I would just let the place go vacant during the short sale process, because it will hopefully be quick.

Give me a call if you would like to discuss this further, I work with a negotiator who has closed 100s of these deals. The sooner you list the property for sale, the sooner you can start rebuilding your credit and taking back your life.
0 votes Thank Flag Link Sat Jan 12, 2013
we have a realtor,we have the lock box but are maintaining the property while it's for sale.We're here on trulia.It's a short sale of course.I just wanted to 3rd party advice,so thank you for your response.
Flag Sat Jan 12, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer