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Jay Gedanken's Answers (28)
Jay Gedanken answered:
Your correct, there are housing assistance programs for purchasing a home, not just renting. I know for a fact that there is a program in Poway as as friend of my wife has qualified under that program and will be buyinng a home.
Te cost is based on what the buyer ca afford and there ios a limit to the max. price, so it is very likely that Encinitas will not be ann area as it is one of the more expensive areas in San Diego
Te cost is based on what the buyer ca afford and there ios a limit to the max. price, so it is very likely that Encinitas will not be ann area as it is one of the more expensive areas in San Diego
Andrea,
The best thing would be to sit down face to face to go over the process and run the numbers. A lot of it really depends on what you will be able to afford and that will determine somewhat the area, type and size of the home. What type and size home are you looking for?
It is kind of difficult to really give you good information in the forum as there are a lot of personal details that need to be gone over.
I work primarily as a buyer’s agent and am very familiar with Encinitas and the surrounding area. I would be happy to sit down with you at a convenient time.
Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@pineapplehut.com
The best thing would be to sit down face to face to go over the process and run the numbers. A lot of it really depends on what you will be able to afford and that will determine somewhat the area, type and size of the home. What type and size home are you looking for?
It is kind of difficult to really give you good information in the forum as there are a lot of personal details that need to be gone over.
I work primarily as a buyer’s agent and am very familiar with Encinitas and the surrounding area. I would be happy to sit down with you at a convenient time.
Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@pineapplehut.com
Jay Gedanken answered:
Protect your client? Oh come on !! All your protecting is a faster commission.
Do short sales take longer, yes, usually they do, but they also in many cases are a much better value for the buiyer than a REO.
I don't know what the matrket is in Prairie Village, but here in San Diego, but to find "a house in good condition at fair market value or below that needs little work done to it and has sellers that will be reasonable and conscientious to work with." is few and far between.
Do short sales take longer, yes, usually they do, but they also in many cases are a much better value for the buiyer than a REO.
I don't know what the matrket is in Prairie Village, but here in San Diego, but to find "a house in good condition at fair market value or below that needs little work done to it and has sellers that will be reasonable and conscientious to work with." is few and far between.
Sylvia is spot on in that the process is the same no matter where you are. I was only saying that the market for short sales vs REOs differs from market to market
I know that there are lots of agents that will and do show and SELL short sales, as it is our job and responsibility to our buyers to make them aware of all properties that might meet their needs. If they say I don't want to even look at a short sale, so be it.
I am all for getting paid quickly as the next person, but I just don't put that ahead of doing what is best for my client
The more agents that act like Sylvia, the better it is for all
I know that there are lots of agents that will and do show and SELL short sales, as it is our job and responsibility to our buyers to make them aware of all properties that might meet their needs. If they say I don't want to even look at a short sale, so be it.
I am all for getting paid quickly as the next person, but I just don't put that ahead of doing what is best for my client
The more agents that act like Sylvia, the better it is for all
I’ll continue to poke a stick in the bee’s nest
First of al the original question came from a buyer in San Diego, not Roseville, or Marin, Or Vero Beach or 85260 (wherever that is?) or anywhere else. Every market is different to some extent, even within a market, it can be a little different from area to area. I certainly would not say how things are in a market I did not really know
Secondly, I am not saying a specific agent or even every agent is lazy, but there are some that simply are looking for the path of least resistance and don’t want to get into a short sale deal because they have to work harder and it takes longer to get paid. I am sure you all even know of agents that look at the commission paid on a deal and then steer their clients to the property that they make more money on. Again, no one specific or on this case even most agents. Most agents are honest, ethical, hardworking professionals
I am just really tired of hearing agents saying how REO’s are the way to go to get a great deal and even on the local news here there was a Broker who flat out said stay away from short sales. Guess what if everyone stays away from short sales, a few things happen. 1) they don’t get sold. 2) We get more REO’s. 3) banks get even worse in closing short sales.
I think most people don’t realize how bad a foreclosure is for a bank. Having too many non-performing asserts compared to performing assets impacts a banks ability and cost to borrow money and they need to borrow money to lend it. Banks are not in the real estate business and do not want to be.
Sure the banks are slow with dealing with short sales. Part of the problem is agents not knowing how to manage and submit the deal to get an approval. Part of the problem is buyers thinking that no matter what a property is listed at, they can buy it at a huge discount from that price. Some (and certainly not all) agents don’t educate their buyer with what the fair market value of a property is and that the listed price often (not always) is a realistic indication of the property value. Everyone thinks that the news is 100% correct and values are falling at a double digit rate every month everywhere. When you get a buyer offering to by at 70% or less of market value and it gets turned down, it’s the banks fault , right? When the file gets submitted without pay stubs, bank statements and a financial statement and that delays getting the deal approved, it’s the bank’s fault, right?
Banks will do almost anything not to foreclose, as long as it is reasonable. Sure they want to get the highest return, but they also track how many potential deals go into foreclosure too. Think about it, you have underpaid , under trained people who get piles of files every day and they sole task is to get files from the floor to ceiling stack of pending decision to the 6” high stack of approved. They like it when they can get a deal done.
Not every buyer is on short a time frame that they have to get a deal closed in 30-45 days. Many have a much longer available timeframe and will wait out the short sale process.
First of al the original question came from a buyer in San Diego, not Roseville, or Marin, Or Vero Beach or 85260 (wherever that is?) or anywhere else. Every market is different to some extent, even within a market, it can be a little different from area to area. I certainly would not say how things are in a market I did not really know
Secondly, I am not saying a specific agent or even every agent is lazy, but there are some that simply are looking for the path of least resistance and don’t want to get into a short sale deal because they have to work harder and it takes longer to get paid. I am sure you all even know of agents that look at the commission paid on a deal and then steer their clients to the property that they make more money on. Again, no one specific or on this case even most agents. Most agents are honest, ethical, hardworking professionals
I am just really tired of hearing agents saying how REO’s are the way to go to get a great deal and even on the local news here there was a Broker who flat out said stay away from short sales. Guess what if everyone stays away from short sales, a few things happen. 1) they don’t get sold. 2) We get more REO’s. 3) banks get even worse in closing short sales.
I think most people don’t realize how bad a foreclosure is for a bank. Having too many non-performing asserts compared to performing assets impacts a banks ability and cost to borrow money and they need to borrow money to lend it. Banks are not in the real estate business and do not want to be.
Sure the banks are slow with dealing with short sales. Part of the problem is agents not knowing how to manage and submit the deal to get an approval. Part of the problem is buyers thinking that no matter what a property is listed at, they can buy it at a huge discount from that price. Some (and certainly not all) agents don’t educate their buyer with what the fair market value of a property is and that the listed price often (not always) is a realistic indication of the property value. Everyone thinks that the news is 100% correct and values are falling at a double digit rate every month everywhere. When you get a buyer offering to by at 70% or less of market value and it gets turned down, it’s the banks fault , right? When the file gets submitted without pay stubs, bank statements and a financial statement and that delays getting the deal approved, it’s the bank’s fault, right?
Banks will do almost anything not to foreclose, as long as it is reasonable. Sure they want to get the highest return, but they also track how many potential deals go into foreclosure too. Think about it, you have underpaid , under trained people who get piles of files every day and they sole task is to get files from the floor to ceiling stack of pending decision to the 6” high stack of approved. They like it when they can get a deal done.
Not every buyer is on short a time frame that they have to get a deal closed in 30-45 days. Many have a much longer available timeframe and will wait out the short sale process.
it's a 4 letter word
LAZY
LAZY
You know, it really bothers me that agents are so big on bashing short sales. They DO close and yes, it can be a long frustrating process. More often than not, they are a better deal for the buyer than a REO. First of all, usually there are not bunches of competing offers and the buyer can get a better price. With REO, it is more common to have many offers come in and then it becomes a bidding war, with the final price over the listing price.
If more agents took a more positive view, probably more short sales would close and close faster. The banks DO NOT want to foreclose and will do what they can to close a short sale. Part of the problem are the bottom feeder buyer that think that they can buy a property for 70% or less of fair market value. It’s not reality plain and simple and agents need to do a better job of educating their clients.
You need to let your clients know what is reality and they should not have unrealistic expectations. Like MaryAnn, I make a point to inform my clients of what to expect.
Lastly agents should be willing to do what ever is needed to best serve their clients needs and of that means it takes longer before they get paid, so be it. You can’t just do deals that close in 30 days..
Of course there are many very good agents that do whatever is needed for the good of their client.
Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
If more agents took a more positive view, probably more short sales would close and close faster. The banks DO NOT want to foreclose and will do what they can to close a short sale. Part of the problem are the bottom feeder buyer that think that they can buy a property for 70% or less of fair market value. It’s not reality plain and simple and agents need to do a better job of educating their clients.
You need to let your clients know what is reality and they should not have unrealistic expectations. Like MaryAnn, I make a point to inform my clients of what to expect.
Lastly agents should be willing to do what ever is needed to best serve their clients needs and of that means it takes longer before they get paid, so be it. You can’t just do deals that close in 30 days..
Of course there are many very good agents that do whatever is needed for the good of their client.
Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
Nancy,
One of the reasons could be they don’t know how to deal with them and are looking to get a quicker sale. Short sales can be very frustrating for the buyer for a lot of reasons. One of them is the emotional investment. You fall in love with a home, make an offer, the seller accepts subject to the lender approval and then you are in a waiting game.
Often many agents underestimate the time it will take to get an accepted deal from the bank. It can take 8-12 weeks or more sometimes or it can be faster too. Somewhat it depends on how well the listing agent does their job. You need to constantly call the bank and keep after them and not be afraid to kick it up the ladder to management. The squeaky wheel does get the grease.
Short sales can often be much better deals for a buyer. You are able to buy a home below fair market value and you get full disclosure (if it is owner occupied). I always show my clients short sales, and advise them if what to expect. It can take longer to close and get paid, but my job as a buyers agent is to look out for the best interests of my client, not look for a fast buck.
If you are unhappy with your agent and they are not serving your needs, you may want to consider finding a new one
Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@pineappleHut.com
One of the reasons could be they don’t know how to deal with them and are looking to get a quicker sale. Short sales can be very frustrating for the buyer for a lot of reasons. One of them is the emotional investment. You fall in love with a home, make an offer, the seller accepts subject to the lender approval and then you are in a waiting game.
Often many agents underestimate the time it will take to get an accepted deal from the bank. It can take 8-12 weeks or more sometimes or it can be faster too. Somewhat it depends on how well the listing agent does their job. You need to constantly call the bank and keep after them and not be afraid to kick it up the ladder to management. The squeaky wheel does get the grease.
Short sales can often be much better deals for a buyer. You are able to buy a home below fair market value and you get full disclosure (if it is owner occupied). I always show my clients short sales, and advise them if what to expect. It can take longer to close and get paid, but my job as a buyers agent is to look out for the best interests of my client, not look for a fast buck.
If you are unhappy with your agent and they are not serving your needs, you may want to consider finding a new one
Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@pineappleHut.com
Jay Gedanken answered:
Our company PineappleHut has a published Al-a Carte menu for just such things. We are a choice driven brokerage and believe in saving equity for our clients. With our system, you only pay for the services that you need and get great service.
You can go to http:// www.pineapplehut.com for more information.
Please contact me directly at 858-605-5839
Jay Gedanken
Broker Associate
PineappleHut Realty
jay@pineapplehut.com
858-605-5839
You can go to http:// www.pineapplehut.com for more information.
Please contact me directly at 858-605-5839
Jay Gedanken
Broker Associate
PineappleHut Realty
jay@pineapplehut.com
858-605-5839
Jay Gedanken answered:
Wilbert,
Have you contacted the Ca Veterans Admin yet? You need to get that process started ASAP as it can take several weeks to get the approval process done. I closed a sale a few months ago with a client who used a CalVet loan and I have one in escrow right now. You need to allow at least 45 days to close escrow. As Robert said, they are really good loans and just about the only 100% financing available right now.
What area would you like to live in? I work often as a Buyer’s Agent and am very successful in locating the property my client is looking for. One other thing that is a great feature of a CalVet loan is that you can fold into the loan money for repairs, so you if you find a home that need cosmetic repairs and don’t have the cash for things like new flooring, paint, etc, you can have it paid out of the loan.
I would be happy to speak with you and help you find the home you are looking for. I have some great online search tools that will let you see everything available in San Diego and give you all the info including address, price and photos as well as a lot more. It’s completely free and no obligation.. Since you are out if the area, it is a really good way to get an idea of what is on the market without having to drive around all over San Diego
Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@pineapplehut.com
Have you contacted the Ca Veterans Admin yet? You need to get that process started ASAP as it can take several weeks to get the approval process done. I closed a sale a few months ago with a client who used a CalVet loan and I have one in escrow right now. You need to allow at least 45 days to close escrow. As Robert said, they are really good loans and just about the only 100% financing available right now.
What area would you like to live in? I work often as a Buyer’s Agent and am very successful in locating the property my client is looking for. One other thing that is a great feature of a CalVet loan is that you can fold into the loan money for repairs, so you if you find a home that need cosmetic repairs and don’t have the cash for things like new flooring, paint, etc, you can have it paid out of the loan.
I would be happy to speak with you and help you find the home you are looking for. I have some great online search tools that will let you see everything available in San Diego and give you all the info including address, price and photos as well as a lot more. It’s completely free and no obligation.. Since you are out if the area, it is a really good way to get an idea of what is on the market without having to drive around all over San Diego
Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@pineapplehut.com
Jay Gedanken answered:
Since you are in California you may have a little relief with the new law that was passed July 8, 2008. If you are a tenant, you may have some protection and now may have 60 days to vacate the property. As an owner, I am not sure what the timelines are. It may be that the bank would have to evict you and that could take a month or so if you do things to protect yourself.
If you had a little more time it might have been possible to list your property as a short sale and that would give you some more time to find a new place to live. It still may be possible, bit you will need to move very quickly in getting your condo on the market and hopefully getting a buyer to write an offer. Having an offer might cause the lender to hold off on the sale. Contact me ASAP and I can see if I can help you. I don’t know, it may be too late
You really need to speak with an attorney to get the correct answers. I understand you are in a very bad situation right now and there are some free legal clinics that might help you. You should also check with the CA Health and Human Services dept as you may qualify for assistance such as cash aid and food stamps. They also may be able to help you find a place to live until you get back on your feet
No offence to anyone, but please get advise from an attorney or real estate professional licensed in California. Many states have different laws
Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@pineapplehut.com
If you had a little more time it might have been possible to list your property as a short sale and that would give you some more time to find a new place to live. It still may be possible, bit you will need to move very quickly in getting your condo on the market and hopefully getting a buyer to write an offer. Having an offer might cause the lender to hold off on the sale. Contact me ASAP and I can see if I can help you. I don’t know, it may be too late
You really need to speak with an attorney to get the correct answers. I understand you are in a very bad situation right now and there are some free legal clinics that might help you. You should also check with the CA Health and Human Services dept as you may qualify for assistance such as cash aid and food stamps. They also may be able to help you find a place to live until you get back on your feet
No offence to anyone, but please get advise from an attorney or real estate professional licensed in California. Many states have different laws
Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@pineapplehut.com
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