A note from John Bonwitt, one of our short sale buyers: As you know I have been negotiating through the “short sale” white water now since August of 2007.  Most people at that time were still complacent about a real estate and finance volcano that was rumbling mostly in Arizona, Florida, California, and Nevada.  Those of us in the mortgage-banking world knew that you could only see top of the iceberg we were barreling towards.  Perfect storm ……..


Fast forward “PHEW” recession is over September 2009!

Well maybe so?  Regardless the housing bubble has left a lot of rubble and even your barber or hairdresser now knows what a short sale is.  As we sort out the “recovery” and work through to a “new” and realistic valuation it is just a bit complicated.  So, here we are and buyers are now aware of the “new” valuations and properties listed as short sales.  So, if there is an Elephant in the room (possibly 2 or 3) and the buyer agrees with the seller (who in most cases gets nothing but, a smile and waive goodbye) along with the price now what?  The Elephant can say no! Take a year or more to say no, and the baby Elephant ( 2nd or 3rd mortgage) can ruin the whole thing!  That is why a lot of realtors just say no to short sales.

Homeowners that have an upside down equity situation need guidance.

Buyers in today’s market need realistic timelines and expectations.  So it really makes sense to hire or employ a trusted person that deals directly with these issues.  It is going to take a team effort for everyone to get back to forward progress.  Good news is that for buyers there are many wonderful opportunites now to buy great real estate.  Good news for sellers is that there are many solutions to solve a negative equity property.  Good news is that we are fortunate to be in a wonderful and desirable place!  Here is a recent Yahoo news article about this. Sometimes the 2nd mortgage can stop a sale from happening when you don’t deal with them properly.

Best ,
John Bonwitt, Loss Mitigation Specialist

Shipyard Property Management, LLC

843-608-4108 office
john.f.bonwitt skype