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Asked by Jonathan McAchran, Virginia Beach, VA Mon Jan 19, 2009

This question was removed by its author.


Get-smart, , Durham, NC
Tue Jan 20, 2009
everyone thinks doing a short sale is a breeze, this is wrong and if you aren't ready to put in hours on the phone with follow ups then short sales aren't for you. the only thing about an agent doing a short sale is losing a potential buyer that bids on a property where a titan mortgage company is holding the mortgage. for example you would tell your buyer that if they want to put a bid on a countrywide short sale they can expect to wait 6 months or more.
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Drew Hitt, , Virginia Beach, VA
Mon Jan 19, 2009
It could logically take months to train a brand spanking new off the street person to handle REOs. After all they would first need to get their license, then understand the issues of taking on REOs and the process of selling and buying them. I could understandably believe it may take months for someone with no real estate knowledge to become proficient in bank owned properties. But a current agent, maybe 2 weeks.

The reason we have so many bank owned properties is they won't take a good discount! Most buyers right now are FHA and VA, yet bank owned properties sometimes need lots of work, that's a huge home inspection repair list of items to do for a VA loan. So they would be better off lowering those prices and getting investors interested. But at this time they just aren't movtivated enough. She should spend more time getting the banks to list for lower prices and she'd spend less time trying to sell them because they would sell themselves... If you have that much of a backlog of listed properties sounds like they aren't priced right to me.

Price them right and I'll buy them!
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