The Colorado Springs Real Estate Connection (Wagner iTeam) is always learning more about the current real estate market and economy. One way we do this is by chatting with and listening to other real estate professionals - both locally and nationally regarding their thoughts on different real estate issues.

This week we are discussing Short Sales.

The two main categories when talking about short sales are: Advice and Frustration

Advice

“My thought is that the person responsible for calling them ’short’ should be called to task for setting a false level of expectation…”  - Leigh Brown - Real Estate Diva - Charlotte Real Estate Voice (Leigh is also a Certified Distressed Property Expert … so she KNOWS short sales!)

Read: New Way to Be Competent in Today’s Real Estate Market

“Sellers should be prepared to possibly be on the hook for the shortfall or pay taxes on it as ‘income’. There are lots of little details with big consequences so having attorney representation is a great idea.” - Lisa Sanderson - Poconos Real Estate Agent

“I will come out and say it. Real estate is not for day traders.  ”Investors” looking for “get rich quick” schemes should realize that the same schemes can turn out to be “get poor quick” schemes just as easily.” - Geordie Romer - a Leavenworth WA and Lake Wenatchee WA vacation home market real estate agent

“[As an agent] Call. Every. Day.   It’s annoying, for sure, but the squeaky wheel definitely gets the oil in Short Sales. I keep the info that I need with me and call when I am in the car (hands-free of course) - I don’t mind being the annoying Realtor that calls every day as long as the deal gets done faster - whether I am on the buy side or the sell side. I have done whole shopping trips through Costco while on hold with Wells Fargo lately - their hold music sucks. I also know a bunch of asset managers by name which seems to help - if you can get an extension number or email address, guard it with your life and use it often. I might be annoying and call every day, but I do try to be nice about it - that anonymous voice on the other end of the call is the one who can push a deal through or kill it! Also, if there is any way to pay one mortgage off in full and only short the second - do it. It is WAY easier and faster to negotiate only one short even if there is two mortgages.” - Stacie Straub - Denver Real Estate Agent

“Put in your offer and keep looking for an alternate house seems to be the best plan of action in our area.  We were supposed to close today on one, but at the last minute the 2nd mtg that was supposedly resolved’ is now an issue.  Another has been without an answer since December, thanks to Countrywide’s kindness. We are beginning a new search in earnest and leaving the offer there in case they take it.” - Dawn Maloney - Hudson OH Real Estate Agent

Frustration

“Ughh…take(s) too much time, processors don’t care, agents don’t communicate, banks would rather loose money than sell short.” - Missy Caulk - Ann Arbor Real Estate Agent

“[Short Sales are] Frustrating, long, No clear guidelines, rules change all the time, banks seem 2 wrk against themselves, many inexperienced parties.” - Jeff Bogert - NYC Suburban Real Estate

“The word “Short” in short sale is an oxymoron… It takes too long to complete & they are NOT the cure all! … as well, too many agents are ignorant on how to complete them and whats involved.”  - Rocky Van Brimmer - former Sr. Foreclosure Analyst & Central Ohio Real Estate Agent

“The same people that gave out silly loans are not processing short sales, can’t imagine why they are so screwed up.” - Rob Aubrey - Salt Lake City Real Estate Agent

“A short sale is a last ditch dismal effort of 1 who had boardwalk fries taste and a potato chip budget (ruffles, not kettle brand)” - Matt Rathbun - Real Estate Agent Trainer

“Short sales are like beer goggles for home buyers - looks attractive - not so much when you sober up!” -  Joshua Hanoud - Springs Hill FL Real Estate Agent

Short Sales CAN be frustrating!!! Read: Buying a Colorado Springs Foreclosure or Bank Owned Home

And Now a SPECIAL TREAT - A “Thoughts on Short Sales” video response from Jason Farris - Fresno CA Real Estate Agent:

Thank you everyone who offered their “Thoughts on Short Sales” to us here at the Colorado Springs Real Estate Connection!

Read Also: Why a Colorado Springs Short Sale is a Great Alternative to Foreclosure

*Thoughts expressed in these “thoughts” posts do not necessarily represent the views of the Colorado Springs Real Estate Connection nor the Wagner iTeam. It is just nice to hear what other professionals are thinking, right?

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

Sometimes we need to peek outside of our Colorado Springs real estate market and see what is happening around the nation. Here are some interesting recent headlines:

Investors flock to Detroit’s housing market - The Detroit real estate market has homes for sale for less than $20,000 … some going for mere hundreds of dollars. Investors are “heading north” and buying up a bunch of homes in hopes of turning them into rentals … and selling them for a profit when the market shifts again.

Mortgage rates drop to record low - 30 Year mortgages are at 4.85% FIXED RATE. If you need a better rate on your current mortgage - REFINANCE NOW. If you were ever considering buying a home for sale in Colorado Springs - BUY NOW! Home prices are WAY more affordable and you CANNOT BEAT the current interest rates!

Lenders that the Wagner iTeam work with, that can help you:

• Trace Lee - Pam Childs Team - CB&T Mortgage: 719.785.7105  or  719.785.7115
• Marcy Langlois - Colorado Capital Bank: 719.482.7070

Mortgage fraud reports up 26 percent - Lying on mortgage applications and people scamming distressed homeowners into signing over their deed to “avoid” foreclosure are just 2 instances of mortgage fraud running rampant in the real estate industry right now. Participate in mortgage fraud - go to jail.

Bail Yourself Out ? Here’s How - Several GREAT tips and tricks on how to save money in ALL areas of your life right now.

Smart Money Saving Tips You Need Now - Tips on saving on food, education, utilities, transportation,entertainment and health care. AWESOME!

Where does your state rank? -Americans everywhere are feeling the recession’s pain – some more than others. Colorado is actually looking quite well … comparatively:

Enjoy these news stories and let us know what other national real estate news stories you find!

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

We recently had a listing a couple of streets away in our neighborhood. Beautiful home in eastern Colorado Springs. Like the good little real estate agents that we are, we put a “for sale” sign in the front yard of the home. Now, we know that the eastern part of Colorado Springs can get a bit windy, so we made sure that we used our big ol’ sledge hammer and pounded that baby a good 6 inches into the ground. Grrrr… That sign was going nowhere - or so we thought…

A couple nights later, after attending an event, we drove through our neighborhood to check on our listing. See, the Sellers had moved out and we (benignly) wanted to make sure that all was in order. No particular reason. It was just past dusk, so there was not a lot of light, and we drove right past our listing- missed it completely. Duh. But … Where did our sign go?

We turned around and slowly approached the home. There was the sign, laying flat on the ground. Hmmm. Maybe the wind was only on THIS street. Ok, whatever.

“Honey, do you have the big yellow sledge hammer somewhere in your truck?” I ask.

“Yes. I will grab it and put the sign back in the ground.” (bang bang bang … wiggle wiggle … Bang Bang Bang … wiggle … BANG BANG BANG - whew!) <- That was all Derek…

Fast forward 3 days… We get a call from our sellers. The wife is at the house removing a couple ceiling fans and the washer and dryer.

“Our sign has fallen over.” (again??)

 ”There is no way it ‘fell’ over. We sank that sign so far in the ground a tornado couldn’t tear it out. Something fishy is going on. Someone must be intentionally taking it out. I wonder why?” <- That was Derek, too.

By now I have stopped re-reading Amber Riviere’s post and focused 99% of my attention on eavesdropping on Derek’s phone conversation. (1% of my attention was dedicated to my coffee.)

“Mmm Hmm. <pause> Mmm Hmm. <pause> … No way! Well, THAT makes sense!” Blah Blah Blah - the conversation ends.

Here I am 99% on the edge of my seat waiting to find out what “No way! Well, THAT makes sense!” means…

Apparently, per our Seller, their neighbors (we don’t know which one…) have a dog. A dog who has successfully pooped in our Sellers’ front yard almost every day since our Sellers’ bought the home 6 months ago. And no, the poop never got removed by the neighbor. Our Seller has always been the one to remove it and despite talking to the neighbor about it - the dog kept pooping and the neighbor kept not picking it up.

Anyway, our Seller accepts a new job and has to move. For several weeks before the big “Move Day” he watches the dog poop in his yard. He lets it accumulate and on “Move Day” he packs up the moving van, picks up all the poop and PLOP - dumps it all on the neighbors front yard.

Now, our Seller is quite certain that the neighbor , unhappy with the “parting gift” is trying to secretly sabotage the sale of the house by uprooting our sign- not because he wants to keep our Sellers as neighbors, but because he wants them to continue to make mortgage payments on a house they don’t live in any longer. Really? Is that REALLY what is happening?

Of course, we don’t really know what is going on, but whatever is happening; now we have to make a point to drive by the home every day to make sure our sign stays up. Good thing it is only a couple streets away.

Love Thy Neighbor? … Geesh!

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

Selling a home in the current Colorado Springs real estate market can be an extremely emotional process… Especially nowadays.

Did you know that the current real estate market has caused the sales of St. Joseph statues to increase by over 200%?

What?!?

See, it is believed that burying a St. Joseph statue in your yard will help your home sell. And some people have actually had great success with it…

But why?

There are a lot of different explanations out there, but the one that I recently read from Ines Hegedus-Garcia on Miamism.com (a prominent Miami Real Estate blog) seems to make the MOST sense:

“In the case of sellers, we encounter that a lot of the time there are emotional blocks where subconsciously a seller does not really want to sell their home; whether it’s because of priceless memories that the home holds or simply because they dread having to pack and move and to find a new place. (I know this may be a bit far fetched for “the skeptics”). The actual ritual of buying and burying the statue can help break the emotional block, and ultimately make the house more welcoming to prospective buyers.”

Read the Full Article: Miamism Interview - WSVN Channel 7 - Saint For Sale

Interested in burying your home-selling inhibitions? Check out these St. Joseph statue suppliers or your local Catholic supply store:

• StJosephStatue.com
• StJosephSellsHomes.com

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

An ongoing search for a man who kidnapped his 7-year old daughter came to an end when a real estate agent tipped off the FBI to the man and girl’s whereabouts.

“”FBI agents were tipped off to the presence of a man known as Clark Rockefeller by a real estate agent who leased him a carriage house in Baltimore, according to a police source familiar with the investigation.”

Read Full Article here: Fugitive father caught in Baltimore - FBI agents seize kidnap suspect, rescue daughter

Usually, real estate agents in the news is a bad thing (usually ANYthing in the news is a bad thing) … So, it is nice to see that it was a real estate agent who was the HERO in this case.

“We can’t all be heroes, because somebody has to sit on the curb and applaud when they go by.” - Will Rogers

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525