Those crazy real estate professionals

[perfectfire]

[davidlosh@davidlosh.com]

There are good Real Estate agents that most people never hear about. Ric Wall, The Ravencrofts, and the DeMartinis come immediately to mind. The DeMartinis are more main stream, but Laurie Jorgenson or Bob Melvey are hard working agents that are more self reliant.

It's actually a very long list of good people who live the business of Real Estate. Chuck Cady is to me the very best in the business, and David Rush is an extremely honorable, fair, smart, and dedicated advocate for his clients.

These are names on signs you drive by while thinking all agents are as seen on TV.

The industry as a whole is off center, that's for sure. Big Corporate handlers have been playing a numbers game of throwing people into the business. They make money on split commissions and desk fees so they don't care.

Skyline Properties is the perfect example of a couple of guys who net, net, net over One Million Dollars per year for collecting desk fees from "agents." Yes that was a Million Dollars a piece for each of the owners.

So when you relate to the Corporate talking heads they are representing the Corporation. Real Estate agents are independent contractors who work within the framework they chose. You will find good agents in every type of company.

[PublicEnemy#1]

OK,

Anyone know if Ardell is really looking to short sale this now?

http://www.zillow.com/homedetails/127-1 ... 6514_zpid/

Say it ain't so Ardell....

This one has been pending for MONTHS and now you have dropped it to $850,000 and are listing it as a short sale!!!

Care to give us the scoop Ardell?

[biliruben]

My guess is she doesn't have much in the way of assets, and from what I recall she's mortgaged to the hilt, and there are close to 2 years of comparable homes on the market in her area. Why wouldn't she do a short sale?

She's a smart lady who understands what it will take to get one done. Beats walking away.

[PublicEnemy#1]

I am just curious if the "short sale" moniker is strictly a marketing tool or if she is really underwater in it.

She is one of the few agents that had a 180 degree change in attitude when the market turned and so I gotta give her props for not sticking her head in the sand, unlike Mack, Lar, etc.

If I was her, I would get out any way I could, but I would really hate to take the credit ding that will come with it.

The pending sale must have been a contingency and it just never materialized.

[deejayoh]

[PublicEnemy#1]

Yeah,

I knew she bought it for $850,000 and it doesn't look like she has refinanced since she bought it so she should only be in it for $850K minus her down (if any) and any principal payments that have been made

I don't recall if she ever posted whether she did an option ARM, but it she does have two DOT's recorded so...

If she did an Option and made payments that were less than the interest it could be a short sale by now, otherwise I don't see how she could owe more than her asking price to the bank.

Of course, what she asks and what she sells it for could be two very different numbers.

At least she should save something on the seller's commission!

[perfectfire]

[WestSideBilly]

[The Tim]

[WestSideBilly]

[PublicEnemy#1]

[Alan]

I think part 2 of selling the house is going to come out after the house is out of her hands.

It would be a mistake to talk about any problems she is having with the market. It would greatly erode any negotiating power she might have. It might also raise red flags at the bank if she ends up doing a short sale (I don't know that for sure, but if I were a bank I would view houses getting a lot of media attention suspiciously -- I also wouldn't want to forgive debt in a high profile manner.)

[perfectfire]

[biliruben]

I believe she did have an option arm, iirc. Either that or interest only.

Either way, she probably owes more than 850K.