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  1. Joe Mammy

    The New REO - Give me your highest and best!

    Not anymore. Just this past week an REO condo came on the market at Blue Surf in Miramar Beach for $150K. I sent it out to my buyers and instantly had 3 interested parties - I had to hold my own mini-auction and then submitted an offer of $170K. The seller accepted another offer. I won't know...
  2. Joe Mammy

    The New REO - Give me your highest and best!

    How did you word this offer in your contract? In all of the REO offers I have dealt with (about 15) the listing agent submits the offers by filling out forms online that are submitted to the bank's asset mgr for the property. That makes every part of the offer extremely black and white and the...
  3. Joe Mammy

    The New REO - Give me your highest and best!

    All shorties and REO's are sold "as is". The buyer can add the "as is with right to inspect" addendum to an offer. Which means he can inspect after going under contract and if the inspection reveals repairs in excess of $250 (default amount if left blank) then he can move on and be reimbursed...
  4. Joe Mammy

    The New REO - Give me your highest and best!

    "Give me your highest and best!" What is that, you ask? The answer is the most common phrase in today's REO market in the greater Destin area. Those of you who have been reading my previous market pulses know that REO stands for "real estate owned by the bank" and is the term for foreclosed...
  5. Joe Mammy

    Jim The Realtor

    Glad you enjoyed it. It is a fun hobby. I have about 20 vids up on YouTube, just search JoeMammy (no space) and you'll find them. Most are related to humorous posts from tripadvisor.com's Destin Forum. I've investigated poolside rats, beachgoers harassed for writing in the sand, dumpster dove...
  6. Joe Mammy

    Jim The Realtor

    Maybe JoeMammy should take his cam REO shopping instead of cruising Crab Island: YouTube - JoeMammy Cruises Crab Island, Destin FL
  7. Joe Mammy

    Real Estate Resource for Buyers

    Success rate for shorties? If you have the patience then 10% is about right, but you may wait 6 months for your offer to be accepted only to get a counter. This week has really been something. In areas 14 and 15 of the MLS (greater Destin area) there has been 38 properties that have gone...
  8. Joe Mammy

    Nfl team coming to panama city?

    There are two seasons for the NFL: NFL season and waiting for the NFL season. I heard rumors on ESPN radio today that either Jax or Minn may be moving to LA. As a former Miami Dolphins season ticket holder for many years there are few things more enjoyable and exciting than attending NFL...
  9. Joe Mammy

    Bungalows at Seagrove- Under $200,000?

    Only one has sold for less than $200K- and that was just last week for $190K. It was a developer unit. In the agent notes it states that "developer wants to liquidate". There are a number of shorties in there listed below $200K now and the lowest priced next developer unit is listed at...
  10. Joe Mammy

    Area Foreclosures

    Josh is on the right track. I've also been offering foreclosures along with my HOTSHEET for some time now. I don't think I'd have used the phrase "insider info" as anyone with MLS access can pass it on. Stay away from shortie and pounce on REO is the tune you want to hum.
  11. Joe Mammy

    Good New for Real Estate

    All you need is MLS access. The "sales type" is your friend. Incidentally, I've never been busier...
  12. Joe Mammy

    REO Speedwagon

    It is against anyone trying to capitalize by prolonging foreclosure or profit as a third party short sale "specialist".
  13. Joe Mammy

    REO Speedwagon

    That ding-ding-ding is the bell bouncing on the bottom. And the bottom is an REO or a seller who bought in prior to 2001 who is still making a satisfactory profit and decided it's time to cash out. I brought two shorties to the same attorney's office last year...neither one closed.
  14. Joe Mammy

    REO Speedwagon

    Granted I'm a Realtor who makes his living by closing deals. If I don't close deals I don't get paid. I like REO's. I can close them in 30 days and my buyer is ecstatic because he gets a great deal. Shorties? I can close them maybe...just maybe in 120 days to over a year----OR NOT AT ALL! We...
  15. Joe Mammy

    Floating Condos in Destin

    crab island they have pics of the boat on their website
  16. Joe Mammy

    Floating Condos in Destin

    Why not just put a houseboat out at Crab Island equipped with a motorized dinghy and a couple of kayaks and rent it out short term? It would be a floating condo...I can see it now- a fleet of houseboats all anchored down with a shuttle bringing the renters to and fro. I saw the Helen Back...
  17. Joe Mammy

    Short Sale Pricing Discussion

    I was using an educated guess for 10%, it is difficult to tell because you may have several different buyers step in before one closes. #1 grew impatient and moved on, #2 stepped in and actually got a counter from the bank and thought it was too high and moved on and then #3 saw the advertised...
  18. Joe Mammy

    Short Sale Pricing Discussion

    Alyoopster- Depends on the lender(s)- if there is more than one mortgage your chances of closing severely diminish especially if they are different lenders. A local lender can give you an answer quickly, national banks will take much longer and some are much more inundated with shorties than...
  19. Joe Mammy

    Short Sale Pricing Discussion

    If the contract has contingencies for financing, inspections or in the case of a shortie contingent upon the seller's lender granting the short sale. Once contingencies are lifted within the time frames spelled out in the contract then the status should be changed to pending as you count down to...
  20. Joe Mammy

    Short Sale Pricing Discussion

    ECAR still needs to do a little more work on shorties. The public is entitled to full disclosure in the listing remarks on sales type. Currently only agents can see the sales type or shortie disclosure in the agent notes. And as far as a better opportunity to get a solo bid in on a shortie, it...
  21. Joe Mammy

    Short Sale Pricing Discussion

    I've seen foreclosures while loss mitigation was weighing the shortie. One hand does not necessarily know what the other is doing in the same bank.
  22. Joe Mammy

    Short Sale Pricing Discussion

    Just as SJ gave us the tip this was coming, here it is: "The recent change to MLS policy regarding short sale listings under contract has been reversed, and these listings must once again be put in either Contingent or Pending status. ECAR’s Board of Directors rescinded the policy at its...
  23. Joe Mammy

    Short Sale Pricing Discussion

    WoW! I've reread your post 6 times, and still absorbing. Lucky for blaming others for their misfortune? I'm either spellbound or stymied... The prostitution of their values has really aided in the correction of the market, that was dearly needed. Once this shortie situation is cleared up...
  24. Joe Mammy

    Short Sale Pricing Discussion

    All you need is the pre-Q letter, not a pre-A. One is all it would take. And who is to say that there is not good faith? Maybe the buyer will buy the first hundred or two that answer with an acceptance. And the EMD submitted X days after acceptance date is common. Wouldn't it be nice to see...
  25. Joe Mammy

    Short Sale Pricing Discussion

    I've considered bringing the Destin short sale market to a screeching halt myself. It is conceivable that one buyer could make 375 offers on every Destin short sale without putting up a penny in deposits. Find out how in my latest Market Pulse.
  26. Joe Mammy

    Short Sale Pricing Discussion

    SJ- Have you read the new FL Realtor mag yet? Be sure to check out page 12 in the Law & Ethics section and the "Truth in Advertising" article. It states that an agent who doesn't change the listing status from "active" to either "contingent" or "pending" is in violation of Article 12, Realtor...
  27. Joe Mammy

    Short Sale Pricing Discussion

    Smiling Joe- Are you still on the MLS committee? I was on it briefly a few years ago until I grew weary of the gavel banging. Can you enlighten us to the new short sale rule changes?
  28. Joe Mammy

    Area Foreclosures

    AA- Shelly is laughing because you are giving alot of credit to a Realtor. In most cases they are only interested in getting offers. See my post above about ECAR. The vast majority of Realtors do follow the code of ethics, unfortunately that is not a 100% pool.
  29. Joe Mammy

    Area Foreclosures

    ECAR is doing their best to prevent the public from discerning whether a listing is a short sale. I totally disagree with the new rules set in Dec. '08: ------------------------------------------------------------------------------------------- "Listing agents now have the option of leaving...
  30. Joe Mammy

    Two thirds of current foreclosures not listed

    Closing shorties 101.
  31. Joe Mammy

    Two thirds of current foreclosures not listed

    Skip the shorties unless you are lucky enough to step into a pre-approved number where a buyer had the paitience to stick it out and his offer was finally accepted by the lender. Then for whatever reason he could not close. The loss mitigation dept will only keep the file alive for so long, a...
  32. Joe Mammy

    The End is Near

    PORT WASHINGTON, N.Y. (MarketWatch) -- And now for some good news: The mother of all housing corrections appears to be nearing an end. <shelly>Does this mean it's a good time to buy?</shelly>
  33. Joe Mammy

    Lot Loans

    I have a closing tomorrow on a Bayfront lot in Walton County. My clients got good faith estimates from Compass Bank, Sunshine Mortgage, Wells Fargo and Florida Financial Services. They ended up going with Compass on a 80% LTV 5 year balloon amortized over 180 months for 5.5%.
  34. Joe Mammy

    Tell me if this is not a good idea and why

    Buyers today are very informed and savvy. They all have one thing in common- they don't want a deal, they must have a steal! Sellers with the mentality that a rube will come along and give them what they want are seriously deluding themselves.
  35. Joe Mammy

    Realtors Beware -- Short Sale Pricing

    :D Pay money, no - she brought breakfast to our monthly sales meeting. The interesting thing to me was the "EARLY loss mitigation dept" - apparently a totally different dept than the "loss mitigation dept" that nobody enjoys trying to deal with. The EARLY lmd deals with folks that are not in...
  36. Joe Mammy

    Realtors Beware -- Short Sale Pricing

    Just attended a very interesting seminar where a mortgage broker who is a specialist in foreclosure solutions divulged to us something the banks do not want you to know about- "The Early Loss Mitigation Dept". In primary home situations and second homes (investor properties are more difficult...
  37. Joe Mammy

    Area Foreclosures

    One click to the current Destin pendings as well as sales in the previous month on my site. Plus daily reductions vs increases and brand new listings.
  38. Joe Mammy

    Realtors Beware -- Short Sale Pricing

    My experiences with a handful of shorties this year is that the seller will accept anything if they think their lender will not chase them for a deficiency. And the listing agents are listing them at very attractive prices just to get offers. Then we explain to the buyers that closing at that...
  39. Joe Mammy

    Tithing and Closing Gifts

    I have received gifts from clients at the closing table and I always give one- a Home Depot gift card with a card that says, "I hope your new neighbors don't suck!"
  40. Joe Mammy

    It's Better in Sowal, isn't it?

    Same parameters of areas 14 and 15= 0 sales I do believe that dirt is really not dead....maybe just undead for Halloween Week :wave:.
  41. Joe Mammy

    It's Better in Sowal, isn't it?

    Just to show you how hokey your numbers are in that article, I pulled up single family home sales for Miami in Sept '08- I found 287!!! Slightly more than the 1 your article reported. As an FAR member we can access the MLS for the entire state.
  42. Joe Mammy

    It's Better in Sowal, isn't it?

    JoeMammy sez never trust anything you read on AOL. In Destin (areas 14 and 15) we saw 43 single family home sales in the month of September: http://ecarmls.com/EmeraldReports/listings.asp?ID=4915554068 Toss in 42 more condo sales...
  43. Joe Mammy

    Auctions - Where's the Innovation?

    No. And I've seen the phone bidder win when someone was about to get a great deal. That is why it is a simple process to just watch to see if these units from the phone bidder close. Roebuck listed 5 active Pirates Bay: http://ecarmls.com/EmeraldReports/listings.asp?ID=4915451853 The...
  44. Joe Mammy

    Auctions - Where's the Innovation?

    We'll just keep an eye on these Pirates Bay units and see if they close.
  45. Joe Mammy

    Auctions - Where's the Innovation?

    I remember when SmilingJOe gave us his Dutch auction idea last year. I liked it then and I like it now. Forget absolute, start high and go down until you get an offer- brilliant! With absolutes, I've seen the mysterious "proxy bidder" come in over the phone and win when it looked like someone...
  46. Joe Mammy

    Is Your Condo Blacklisted By Lenders?

    Mango gave us some very good posting. Any condo sales contract will be accompanied by an addendum that will state that at seller's expense the buyer will be provided a questionaire from the association as well as the condo docs and current year-end financials. Here is the addendum...
  47. Joe Mammy

    Area Foreclosures

    Can you expand on this? Maybe a link? Could you be referring to Asset Link?
  48. Joe Mammy

    Country Wide

    I will look positively on deals with Regions, thanks Bobby. My short sale woes include Countrywide, Indie Mac, Wachovia and Wells Fargo.
  49. Joe Mammy

    Country Wide

    When you see a listed short sale all you need to know is that any offers will be contingent upon the seller's lender(s) granting the short sale. For it to be granted the seller will have to provide letters of hardship and insolvency as well as financial statements to their lender. Then the bank...
  50. Joe Mammy

    Country Wide

    And a good realtor can even save the time of calling a listing short sales agent by simply researching the mortgage(s) on the short sale property. By finding out who the lender(s) are and how much of a difference in the market value to what is owed can determine quickly whether it is worth...
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