Market Conditions in Reseda>Question Details

inna ivchenko, Real Estate Pro in Calabasas, CA

do they really think that bank will approve a short sale for 160k? Should be magic?

Asked by inna ivchenko, Calabasas, CA Fri Jan 4, 2013

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Its just another one of those agents that price it really low and already have one of their investor buyers lined up to buy it and the only reason it is online is because that's what needs to be done for a bank to approve the short sale.... or they like all the leads they get off the property from it being priced so low and everyone and their cousin is calling on it. Its not wishful thinking they do, its irritating thinking because they do not understand that they are actually hurting the market and comps. Giving buyers a false price which probably will not happen.. and if it does, its for their own buyer.

Hope the bank approves the short sale and then finds out the agent misrepresented the seller and the bank. And the property was worth a lot more than what the agent is saying its worth.
1 vote Thank Flag Link Fri Jan 4, 2013
You are so right about hurting neighborhood!
Flag Fri Jan 4, 2013
Please be aware that the loan forgiving program is still in place which allows the owner the ability to avoid being sent a 1099 for the difference on the short sale amount.
The short sale will require the previous owner to wait 3 years to buy again via FHA. I am able to provide financing for owner occupied properties via cash, owner financing, regardless of credit history, so that Realtor's don't have to wait 3 years. Down payment is optional. Certain requirements apply and there is a minimum loan amount.
1 vote Thank Flag Link Fri Jan 4, 2013
Hello Inna,

Magic would be nice...

In the past, when the market was declining and the property condition was very poor and detiriorating, and there still were comps for bpo that supported the value (at least 2 lower comps) - it could happen.

Otherwise - the banks are much better in evaluating the short saled properties now, so magic is needed more often...

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
1 vote Thank Flag Link Fri Jan 4, 2013
I'm not a listing agent, I have a lot of buyers who are confused about price, the market value of this condo is at least twice more, yes, short sale are often below market value( and it is right for many reasons), yet, 1/2 cut? My buyers are very thrilled about this low price, they are willing to pay cash and wait as long as it takes for such 'amazing' deal....but it would be THE magic if a listing agent would be able to pull this out and get approval for this price. Yes, of course, they already accepted offer( tah-dah!), no backups.
0 votes Thank Flag Link Fri Jan 4, 2013
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