Let it snow!!

I have lived in Sachse for 12 years and I can't remember it ever snowing like this! We have several inches on the ground and it is still snowing. It is making for a quiet day in the office. The roads are still clear and I have to say, it just doesn't get any better than this. Finally after days of rainy, drippy weather.....it is just stunning! Sachse is truly a winter wonderland. I think I am going to run out with my camera and take some pictures of some of our community icons (ex, the caboose). Be safe, stay warm and just take a minute to gaze out your window.

Shortsales, nothing short about them!

Over the last few weeks, we have really seen real estate activity pick up. Yippee!! Several people have asked me about shortsales; what are they, how do they work and are they quick. A very basic shortsale scenario will go something like this; when someone is in danger of foreclosure and gets an offer on their home for less than what they owe, they negotiate with the bank to accept the offer and basically have the bank eat the shortage. The sellers are saved from foreclosure, the bank gets back the majority of their money and most parties go about their happy but broke way. In some cases the banks will still try to come after the sellers for what they owe.

The term 'shortsale' comes from the bank making up the shortage so that the sale can go thru.

Are they quick? My experience with timing is across the board. I had one close in 30 days. If the seller used a VA (Veteran's Administration) program then things can move quickly (if you get the VA advocates involved...great people to have on your side.). Most of them have taken two to 6 months. One that I am currently working on with Bank of America has me running in circles or sitting on hold. Today I have been on with them or on hold for over an hour and a half. There is absolutely no doubt that Realtors working these shortsales are earning every last penny of the commission that they make on these deals, most of them aren't getting paid enough.