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Joe Mammy

Beach Lover
Mar 26, 2007
140
40
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 had a local attorney speak at our monthly sales meeting last week. He wants us to bring him our short sales deals because he is an "expert" at closing them. He also professed expertise in prolonging foreclosure and wanted us to bring him our sellers in trouble facing foreclosure.

I posed my feelings to him: I can empathize with the primary homeowner who lost his job and is facing foreclosure but wants to cure his default. But I think it is criminal for the investor to collect rent while not making mortgage payments and hiring an attorney to prolong the process.

His responce? "It's a double edged sword."

The sooner the lenders foreclose and then sell as REOs the better for this industry- buyers and sellers alike.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
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 had a local attorney speak at our monthly sales meeting last week. He wants us to bring him our short sales deals because he is an "expert" at closing them. He also professed expertise in prolonging foreclosure and wanted us to bring him our sellers in trouble facing foreclosure.

I posed my feelings to him: I can empathize with the primary homeowner who lost his job and is facing foreclosure but wants to cure his default. But I think it is criminal for the investor to collect rent while not making mortgage payments and hiring an attorney to prolong the process.

His responce? "It's a double edged sword."

The sooner the lenders foreclose and then sell as REOs the better for this industry- buyers and sellers alike.

So the ding, ding, ding you hear ain't the bottom? I'll bet it's the sound of the attorney's cash register ringing.

.
 

Joe Mammy

Beach Lover
Mar 26, 2007
140
40
So the ding, ding, ding you hear ain't the bottom? I'll bet it's the sound of the attorney's cash register ringing.

.

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.
 

Miss Critter

Beach Fanatic
Mar 8, 2008
3,416
2,116
My perfect beach
Baby, I can't fight foreclosure anymore.
I've forgotten what I started fightin' for.
It's time to let the market hit the floor,
say goodbye 2004 - forever.

[ame="http://www.youtube.com/watch?v=jgWABKQpvqA"]YouTube - Reo Speedwagon - I Cant´t Fight This Feeling[/ame]
 

GoodWitch58

Beach Fanatic
Oct 10, 2005
4,816
1,921
good one! :lol:
 

Busta Hustle

Beach Fanatic
Apr 11, 2007
434
34
I've heard the visionaries at "The Beach" are fighting over this years marketing strategy for an all encompasing name "brand"for the panhandle.
One side of the isle wants to name it Reo de Janeiro and the other The Beaches of Short Sail. Either way their attorneys are giddy about the posibilities!
 

TooFarTampa

SoWal Insider
Baby, I can't fight foreclosure anymore.
I've forgotten what I started fightin' for.
It's time to let the market hit the floor,
say goodbye 2004 - forever.

I've heard the visionaries at "The Beach" are fighting over this years marketing strategy for an all encompasing name "brand"for the panhandle.
One side of the isle wants to name it Reo de Janeiro and the other The Beaches of Short Sail. Either way their attorneys are giddy about the posibilities!

:rotfl:

Now all we need is a haiku!
 
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