With buyer frustration at an all time high, we had to break out and get showing and access to those “non market” listings of lore. The ones that you have only heard about in a dark lit and smoke filled room – during the very early morning hours.
Everyone is pointing to market recovery in the United States. I think that opinion is a bit pre mature. We need to get the upcoming election out of the way and improve employment numbers more. We also need to get a handle on the Distressed properties and how they are being managed. Loan Modifications need to be “changed” in the way they are processed and approved. With many applicants going through the entire process only to be rejected at the last minute, it can feel – as one of our clients commented, like the old “Bait and Switch”.
Yesterday, we had a client call us about a Short Sale we had started with them back several months ago. During the Short Sale process, they had kept getting those “tasty” letters from their bank promising a loan modification at a lower rate. We got the call and our clients explained to us the “deal”. We have an open door policy, and if it will not negatively effect our sellers (legally), we can cancel any listing contract or get our buyers deposit back. Our view is that our clients are more important than commission.
So we did, and our client took the bank up on their “attractive Loan Mod” scenario. That call “yesterday” I referenced. The bank ran her around the proverbial tree and rejected here attempts to have her loan modified.
We will be back with the short sale, I just hope that it is not too late. They do take time and we only have until December 31, 2012 to get it finished and closed. That is because that is when the Debt Forgiveness act runs out, unless renewed. I hope for a lot of homeowners - it is renewed!!!
Paris911 has put together a “foreclosure radar” glimpse of inventory coming onto the Stevenson Ranch market below.