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Kristie Jensen
- 3 Helpful Answers
- 13 Answers
- 1 Listing
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Kristie Jensen - Member Of NAR, Utah Board of Realtors, Salt Lake Board Of Realtors
Affiliate of Miller & Co. Real Estate Services, ... show more
Affiliate of Miller & Co. Real Estate Services, ... show more
Kristie Jensen answered:
Sheila,
Don't feel bad that you are confused. We do this for our livelihood and it's important we aren't confused but it is a constant battle to stay up on the "rules of the game".
For instant, new day, new set of rules: I just got a counter on a listing of mine that is a short sale. Although Lehman Brothers originally made the loan, then sold it to Wall Street in a mortgage back security, and is being serviced by Aurora and thus now needs final approval from Fannie Mae on any offer. Fannie Mae countered at what I feel is the current market value of the property. It appears no more, at least for now, discounting on Fannie Mae properties. Go to this site and it will give you clear reasons why the rules have changed http://www.youtube.com/watch?v=G0zVsMIYmD4.
Bottom line, not all short sales or even REO's are being sold at discounted prices. In today's current market it may take more time and patience if you are looking for a home to get a great deal rather than one you select because it fits you and your family's needs and wants.
Don't feel bad that you are confused. We do this for our livelihood and it's important we aren't confused but it is a constant battle to stay up on the "rules of the game".
For instant, new day, new set of rules: I just got a counter on a listing of mine that is a short sale. Although Lehman Brothers originally made the loan, then sold it to Wall Street in a mortgage back security, and is being serviced by Aurora and thus now needs final approval from Fannie Mae on any offer. Fannie Mae countered at what I feel is the current market value of the property. It appears no more, at least for now, discounting on Fannie Mae properties. Go to this site and it will give you clear reasons why the rules have changed http://www.youtube.com/watch?v=G0zVsMIYmD4.
Bottom line, not all short sales or even REO's are being sold at discounted prices. In today's current market it may take more time and patience if you are looking for a home to get a great deal rather than one you select because it fits you and your family's needs and wants.
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