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Frank Chu, Home Buyer in San Francisco County,...

I think homes are not being sold as they say they are they are lying about homes being sold they are just

Asked by Frank Chu, San Francisco County, CA Fri May 8, 2009

being taken off the market looking like they are being sold and making inventory less on the market.

I have been searching and bidding on short sale homes in the brentwood california area for 3 months I would say about 90 percent of the homes I have seen and bid were short sales why you ask because there are no forclosures to bid on there is but very little compared to short sale I say 10-1 short sale ratio anyway since this month and last alot of short sale have come off the market but guess what folks none of them have closed and they do not come back on the market after 30 days some do and the rest are just sitting out there as pending, why is it pending for what. short sales are a joke and just a waste of time for everyone why not just forclose and sell to a potential buyer,

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Many banks have had moritoriums on foreclosures for a while. Don't expect things to resurface quickly. In many ways I agree with your frustrations - but from the inside I can tell you that everyone is choosing between bad and worse... so the decisions are bound to upset some people. A good buyers agent will help you evaluate the risks - which include the emotional risks - in this market, and help you make savvy decisions. I know from experience many of my buyers want me to be wrong when I try to warn them... and they soon learn the truth. I ride the emotional roller coaster with them - all of them. Hang in there... in the end, you will be very happy with the home you get. Remember, everything happens for a reason.
0 votes Thank Flag Link Sat May 9, 2009
I think short sales are a joke, too. I went to a FSBO short sale with my agent... they were nice, but it was funny - it was messy and they were complaining about the house to me. It was so obvious they didn't want to sell it. My agent said that often if they tell the bank they are selling it as a short sale, it buys them time with the bank... so they put it for sale as a short sale with no desire to sell it. They weren't willing to include 2% for my agent and there was no way I was going to do a FSBO short sale without my agent... I wouldn't even know who to give the earnest money to. Anyway, my agent said short sales are for the patient as they can take as long as a year (worst case senario) and often even if you offer what they were asking, the bank won't accept. I moved on quick.
0 votes Thank Flag Link Fri May 8, 2009
Many of the properties that are currently "short sales" will eventually end up as "foreclosures." If you are patient you may still have a chance at successfully obtaining a foreclosed property because many people feel there will be additional foreclosure opportunities in the near future.

Frank, a real estate professional will be able to answer your questions and support your interests. We recommend finding someone to assist you in the buying process.

Good luck
0 votes Thank Flag Link Fri May 8, 2009
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