{"id":2000,"date":"2007-10-03T12:19:35","date_gmt":"2007-10-03T19:19:35","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2000"},"modified":"2007-10-03T12:19:35","modified_gmt":"2007-10-03T19:19:35","slug":"we-have-not-seen-the-bottom-yet","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2000\/we-have-not-seen-the-bottom-yet\/","title":{"rendered":"We Have Not Seen The Bottom, Yet!"},"content":{"rendered":"

Watching How Lenders Deal With Short Sales<\/strong><\/p>\n

When lenders start to deal with foreclosures and pre-foreclosures in a manner consistent with reality, we might see the bottom of this market. Recently, my experience with these lenders has been less than heartening.<\/p>\n

In one case, I represent a seller who paid waaaay too much for her home, and a death in her family resulted in her inability to keep up the payments. The offers than we have received have all netted the second lien holder NO MONEY – so they will not allow the sale by releasing the lien.<\/p>\n

Keep in mind that when the house hits the courthouse steps – the second lien holder will get NOTHING, anyway. But, instead of helping facilitate the sale – they block it.<\/p>\n

When I brought them an offer, the second lien holder sent me their list of requirements (which included some very detailed info that took a great deal of time to acquire) and told me that they will need at least 21 days to consider the offer. Don’t even bother us before 21 days, is what the instructions read.<\/p>\n

Well we waited over a month for them, then called to find out where we were on this deal… only to be told, “Well, we’re not going to accept NOTHING, that’s for sure!”<\/p>\n

Hmm – they knew there was nothing in it for them from the inception. They knew there was nothing in it by the detailed Seller’s Net Sheet that I submitted to them. So after more than a month – we now know that they will not accept such an offer.<\/p>\n

Gee – I guess it was too much trouble to just say that in the beginning.<\/p>\n

The second lien holder wants the first lien holder to give them some money, or they won’t release the lien. The first lien holder, of course, will not give the second lien holder anything.<\/p>\n

I guess we should just go get our sign and lockbox…<\/p>\n

I have another client who has been trying to sell for the last year and a half. They no longer live in the property (it’s been vacant for a year Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Watching How Lenders Deal With Short Sales When lenders start to deal with foreclosures and pre-foreclosures in a manner consistent with reality, we might see the bottom of this market. Recently, my experience with these lenders has been less than heartening. In one case, I represent a seller who paid waaaay too much for her […]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[],"class_list":{"0":"post-2000","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":10472,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10472\/hafa-hamp-and-other-assorted-worthless-acronyms\/","url_meta":{"origin":2000,"position":0},"title":"HAFA, HAMP and other assorted worthless acronyms….","author":"Tom Vanderwell","date":"December 1, 2009","format":false,"excerpt":"Okay, I've got to admit, it's been one of those days, but I can't stand by and not say what I'm thinking about this new \"short sale\" program.\u00a0\u00a0\u00a0 I'm already hearing a lot of Realtors and others saying, \"This is great news!\"\u00a0\u00a0\u00a0 Well, hold on a minute.....I'm going to go\u2026","rel":"","context":"In "Dirty Laundry"","block_context":{"text":"Dirty Laundry","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dirty-laundry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5485,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5485\/how-the-new-president-is-going-to-prolong-the-housing-bust\/","url_meta":{"origin":2000,"position":1},"title":"How the new president is going to prolong the housing bust","author":"Greg Swann","date":"November 10, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0How the new president is going to prolong the housing bust I'm writing this before the election, so I don't know who will have won by the time you read this. But here's something I do know:\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5965,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5965\/seriously-whos-a-better-risk-for-a-mortgage-than-someone-who-has-already-lost-a-home-to-foreclosure\/","url_meta":{"origin":2000,"position":2},"title":"Seriously,\u00a0who’s a better risk for a mortgage than someone who has already lost a home to foreclosure?","author":"Greg Swann","date":"December 6, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Seriously, who's a better risk for a mortgage than someone who has already lost a home to foreclosure? We talked last week about credit flexibility among merchants as they try to find ways around the banking crunch.\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16548,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16548\/real-estate-auctions-not-just-for-foreclosures-anymore\/","url_meta":{"origin":2000,"position":3},"title":"Real Estate Auctions: Not Just For Foreclosures Anymore","author":"Brian Brady","date":"October 2, 2017","format":false,"excerpt":"Two years ago, I started paying MLS, NAR, CA, and SDAR dues.\u00a0 Since my wife Debra was taking on more of the lending responsibilities, I spent the bulk of my time working with the real estate agents.\u00a0 Having MLS access allowed me to hold broker opens for my agents, hold\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9173,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9173\/on-mortgages-and-moral-compunction\/","url_meta":{"origin":2000,"position":4},"title":"On Mortgages and Moral Compunction","author":"Sean Purcell","date":"July 14, 2009","format":false,"excerpt":"What would it take for you to walk away from your mortgage?","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10474,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10474\/its-going-to-get-harder-to-get-an-fha-loan\/","url_meta":{"origin":2000,"position":5},"title":"It’s going to get harder to get an FHA loan……","author":"Tom Vanderwell","date":"December 2, 2009","format":false,"excerpt":"We'll get more details later today, but it looks like it's going to get harder and be more expensive to get an FHA loan.\u00a0\u00a0 A couple of main points to consider:FHA is currently losing money by the truckloads, so something has to change.The increased FICO scores, larger downpayments and reduced\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2000"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2000\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}