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short sales and 'sure thing short sale'

Posted by earthworm (My Page) on
Thu, Sep 23, 10 at 12:48

I know what a short sale is, but this "sure thing short sale" service? is an unknown.
Here in York County,PA, the selling agent wants us to sign paperwork ensuring that, I think, the sale is successful.
But this will cost another $700 and I say that it is unethical.
Has anyone heard of this STSS(sure thing short sales)??


Follow-Up Postings:

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RE: short sales and 'sure thing short sale'

Unless someone has found a way to force the not owner to accept an offer, there is no way you can guarantee a short sale will go through.

The owner of the debt has the final say on allowing a short sale, they are the one losing money.


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RE: short sales and 'sure thing short sale'

Are you the potential buyer or the seller, and who gets the $700?


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RE: short sales and 'sure thing short sale'

SCAM


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RE: short sales and 'sure thing short sale'

Thanks for the quick responses.
I am the cash buyer, Graywings.
According to the Sure Thing Short Sales paperwork,paragraph 2, I would present a check in the amount of $700 payable to "Sure Thing" at closing...
Also, the implication is that the sellers bank ends up paying this via a reduction in the contract price.
I do suspect SCAM as does my buyer's agent.
But it may not be.
This young generation has strange to me ways of doing things.
I'd love to see real estate reformed...Now, in todays market there are more fingers in the pie than before. This increases costs and complexity.
I'd much rather buy at auction or privately.


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RE: short sales and 'sure thing short sale'

I've heard of this service before and know someone that refused to use this service that was suggested by her agent. As she explained it to me, it's a service that says they have experience in negotiating with banks and is familiar with all the paperwork involved. They claim that they have a high success rate in getting a short sale approved in a timely manner. According to my friend though, the fee to this company wouldn't have to be paid til closing, if the company did not satisfactorily negotiate a short sale then the closing wouldn't happen and they wouldn't get their fee. My friend thought the fee was excessive and declined to sign up for the service. She made her own offer on the short sale without the use of this service, but ended up rescinding the offer after 3 months to purchase another property. $700 is a lot of money for this service, I think I'd pass on it. You can still make an offer without using the service.


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RE: short sales and 'sure thing short sale'

Look Folks,
You could pay an agent $5000, but the process is controlled by the lenders, and even more so by the investor(s) who bought the loan on the open market. If you think that the lender is going to cut you a check, or reduce the selling price by the amount of the costs just because you paid the agent some fee, you are in for a rude awakening.
Earthworm,
If you don't like the buying/selling process, you can buy /sell FSBO, you can buy/sell at auction, you can buy at the courthouse, or just continue living where you are currently at.


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RE: short sales and 'sure thing short sale'

This is so frustrating..affordable, yet decent homes are so few and far between..
But, my last two homes were from private sales - this is so much faster and more pleasant, and perhaps bit cheaper.
And auctions.....after I am through you can continue the rear end kicking..Not one but two places this spring were sold at auction, at an affordable price..
Where was I????
As to the "sure thing short sales", I believe that the sellers agent was sold a bill of goods, to the detriment of the bank and the potential buyer.


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RE: short sales and 'sure thing short sale'

"This is so frustrating..affordable, yet decent homes are so few and far between."

Not sure which country you have been living in, but prices have plummeted in the US. It is probably the biggest "buyers market" you will see in your lifetime. If you are a cash buyer, you should have no problems finding a deal.


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RE: short sales and 'sure thing short sale'

In Detroit , Michigan it is indeed that way.
in York County,PA, much less so. The stats include both areas, so the data is really watered down. We have discovered that most houses are obsolete, particularly the older ones.. The newer double-wides are nice, but many are missing the basement!..
But, this problem, this frustration is of my own making...


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RE: short sales and 'sure thing short sale'

"This is so frustrating..affordable, yet decent homes are so few and far between."

"Not sure which country you have been living in, but prices have plummeted in the US. It is probably the biggest "buyers market" you will see in your lifetime. If you are a cash buyer, you should have no problems finding a deal."

Not everywhere.

Values in some areas have not dropped, and are back on the rise.


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RE: short sales and 'sure thing short sale'

Prices in other counties, states mean nothing; we are limited to the York County Manchester area. I ask the wife "would you consider southern York County".
She is a conservative....


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RE: short sales and 'sure thing short sale'

I live across the river in Lancaster Co and the home prices have not dropped nearly as much as in some areas of the country. People around here tend to be more conservative and as a rule, they didn't buy McMansions with small down payments. Consequently, the real estate market is more stable. It didn't rise so much in the bubble and it hasn't dropped so much in the slump.


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RE: short sales and 'sure thing short sale'

It is apparent that the majority of people on this forum are uneducated on the short sale process and loss mitigation companies (and possibly real estate in general).

I am a local York, PA Investor typically purchasing and selling 50-60 properties a year. I am very active in the York Dauphin and Cumberland Counties. I typically find the majority of my properties thru short sale and I always use Sure Thing Short Sales to negotiate. (I refuse to use anyone else..)

I've completed 30+ short sales with this company and have been 100% satisfied. They are always available, very quick to respond, and have a 24/7 back end system for buyers, sellers, agents, etc. to log in and see process of the short sale at any time of the day. The back en system also allows access to all documents pertaining to your specific short sale. They are very good with setting expectations and disclosing all items pertaining to a short sale.

When it comes to pricing, Sure Thing Short Sales is the most cost effective compared to other negotiation companies across the US. If you research short sale mitigation companies in Pennsylvania or any other state you will notice a typical “minimum fee” that tends to be a minimum of $4,000.00 (and increases from there) A lot of the times these other companies will also request for the buyer, or whoever is paying for the fee, to pay outside of closing.. (mind you.. All Sure Thing Short Sales costs are ON THE HUD and disclosed to all parties)
I've seen companies in york county charging as much at $8,000.00 for a $60,000.00 property -- now compare that to the services of Sure Thing Short Sales who would charge $600.00 for the same $60,000.00 property.

Sure Thing Short Sales helps homeowners, realtors, attorneys, lenders, and practically anyone else who needs short sale services. Their fees for me have always been 1.000% of the purchase price... (buy a 30,000.00 home it costs you 300.00 ��' that’s a steal, especially considering at times Sure Thing Short Sales work on files for 90 days or more.)

Don’t be sold by these realtors who “understand short sales” or “promise to complete your short sale”. If they do not have extensive training or past experience, the odds are the short sale will not get completed. Think of it this way.. When you hire a doctor you want to ensure they specialize in the type of surgery you are having done.. You want to make sure they didn’t just “take a class” and completed 3 or 4 surgeries. You would want an experienced doctor who has completed many many surgeries. Sure thing Short Sales in this case is your “experienced doctor” They completed so many short sales they understand the process, have the correct forms, the correct disclosures, and ultimately the contacts within the foreclosing lenders.

I would recommend to view the website or contact the owner, Billie May (Call the office and request to speak with her.. she is down to earth and easy to work with).

It may also be a good idea to research prior to calling something a “SCAM” - Sure thing Short Sales has always been a great resource in my investments, and I am sure they have many other people who feel as highly of them as I do..

Michael.

Here is a link that might be useful: Sure Thing Short Sales of York, PA


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RE: short sales and 'sure thing short sale'

Save your money for eh attorney you will need to complete a short sale.

I have purchased short sales and REO from banks.

Even tried the foreclosure auctions, but they are not worth the time (the bank is going to bid the note value plus costs anyway).

Let the bank foreclose, buy the note at the auction, and then purchase the property as REO.

The banks suddenly become VERY motivated, and a good RE attorney can kick them enough to keep things moving.

The layer of insulation of a good RE attorney is well worth the cost.


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RE: short sales and 'sure thing short sale'

Excellent responses.
I thank you...
This is now a favorite, for reference.
Again, thanks


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RE: short sales and 'sure thing short sale'

Just to be clear. Paassetmanagement registered the day of his post. Maybe he is legit, maybe he owns sure thing short sale.....

Anyone who legitimately wants to defend a company and registers that day should put that in the posting to avoid the appearance of dishonesty.


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RE: short sales and 'sure thing short sale'

Are we being overly skeptical about this this "Sure Thing" and RE in general??
A consensus, please.
BTW, I've been looking for a long time.
If possible, I'd prefer to buy privately.
The auctions are also good and trustworthy.


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RE: short sales and 'sure thing short sale'

*****************************It may also be a good idea to research prior to calling something a “SCAM” - Sure thing Short Sales has always been a great resource in my investments, and I am sure they have many other people who feel as highly of them as I do..****************************
This retort does not make me any less suspicious. nor do the foreign characters and symbols.
Advertisements do not impress me. We need a man who is unbiased and totally truthful to post that you are right and that I am wrong..
A consensus if you will.
And please do not feel hurt, I do not trust those who charge $5,000 to $8,000 for short sales and REOs and foreclosures.
Real estate and the banking industry are in need of reform.


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