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But I guess -- they both -- out.
Just Michael OK -- just with us right now Michael Robertson to broker with a really teen world.
Trademark properties and he's joining us from Mountain View good to see you might.
Think it's good to -- if -- -- thank you -- you're losing -- our conversation about that and short sales in general anything kind of thing actually about that -- what you're seeing his -- You know it's it's true that it's a financial situation usually with the folks they get upside down with their mortgage.
But there are other reasons it's not necessarily their income -- job loss you get to talk about productivity earlier.
A -- -- it's from a medical they -- a medical issue that might be a problem of course the job loss.
Divorce is another one you get a financial strain and you start to see more people.
Having trouble -- he might see more -- that might be another reason for.
The mortgage resets the mortgage -- seem to have.
Cause a big issue now look at this way if you have a job here and here and and you know 101000 dollars a month with say if you're wealthy like you.
And -- have a sudden in the view.
-- -- -- -- -- -- -- -- -- -- -- -- -- Well no matter how much money you make if you if you.
But that home and you've got that -- on -- 101000 dollar income.
Now look you've -- -- we save at a higher higher mortgage -- and he gonna cut back we gonna cut -- -- we're finding that that's the reason for.
In the sell punishment cell.
Wolf I hesitant why I didn't thought that originally but when you asked a question about we re talking about shorts else -- A moment -- have we talked about it much in the past but that what Michael brings up as one of the reasons that we -- in a lot of ways right Michael because these.
The mortgage is what everybody at a thirty year fixed and you were worried about a resounding right and now the did yeah mortgage products are a lot different so.
Exactly is it fair to blame the product to some degree or is -- that's probably not fair in all cases right.
No I don't know if that's fair and others have allowed -- casts a lot aspersions with regards to that banks doing this and and I've taken some minutes to in my industry not personally -- my industry.
It's our all our fault you know we we we encourage the buyers to.
To raise their prices and pay in them and like you said earlier.
A the price of the homes always gonna go up I have to say I'm probably guilty of saying that once or twice because.
Being from my coming from a real -- family my grandfather was a real winner here and -- senator county.
So we've seen nothing but great growth since the 1960s how could anyone ever say that we're gonna go down so.
But you know it's the medical things it's all those different things now the market.
It's -- very biggest for a second because I just absolutely you -- -- from the East Coast I'm actually from San Francisco so it is it is something I know part of the reason why is that when you talk about the real estate market around the Bay Area.
The -- -- major and especially in and you're closes Silicon Valley right there it's hard to understand it's -- a regional.
The win means you say that 90% of the short -- of -- he can't be fooled by them right because.
That isn't necessarily mean that you're gonna avoid foreclosure and -- 90% number really stand apps mean your pre interview about.
I had that he did begin to -- -- short -- doesn't mean you are.
Right right well.
The 90% number the referring to is that 90% -- sales are not closing now that is due in part.
Buy it from our real estate industry.
It takes a true professional to actually get through that process that banks there air they are an absolute maze.
We have when new.
-- -- -- -- we have the Bank of America and countrywide.
What happened there.
Is -- the -- here in the process of getting your short so that now great Ohno what's happened they change departments there's new people there's new phone numbers.
There's not only new department we -- calling -- new zip code.
I found that I have to get at 5 o'clock in the morning here as soon as my Sox hit the floor.
I gotta get on the phone you know horse and probably and everything else with my coffee.
And call back -- possibly Florida to work with loan mitigation.
Representative to try to get the process moving forward so it is a just a huge maze in the bank.
So case and what do people and let's try to help people lot of little bit made that are watching here that knows somebody -- in the situation need to do to prepare themselves for that amazes you call it.
Steps in order that they should take what what what should they keep in mind as they're thinking about working their way through a process they probably have no idea how it works -- -- -- Never done -- before.
It's very important they could do it themselves they could call the bank can do it themselves kind the problem is is they don't have the time although they have jobs they have kids their things to do they can't sit on the phone for 34 hours today.
Working through the it's important to hire a true professional that has experience in -- else.
They'll be able to they'll have we have phone lesson -- to all different banks -- all the different representatives of the banks and we can find ways and so it.
A true professional one thing that you might think is when you have a problem with somebody if you raise your voice.
You might be able to get something done the way to do this is it -- to.
Look at it as a collaboration.
You're collaborating with the bank to solve a problem so if you if you come across to the bank -- that represented nice to have a 5 o'clock in the morning.
-- back to the year -- back tears sellers tease me.
Those folks need to understand that that's your professional do that for them and -- moving through that process is not going to be something that they can do they can't spend the time to do it.
So do some research target professional who's got some experience -- short sales and a finds a lot better now back to hammer -- -- -- hammer her flower if you if you use a flower you -- the folks with a really good hello how are you this morning at the bank.
The different response I get from the bank if I can with a hammer and say hey look you haven't called me back you not answer my emails.
You change your number -- the department had blah blah blah blah.
Heidi this escalated in -- getting our so that.
It's all about a collaboration and that's where the problem seems to have occurred mostly.
And the interaction from the consumer to the banking industry is that collaboration somewhere someone forgot how to spell the word.
I could question here we're gonna go that we had the run -- but they see any pick up in your area right now with the housing market.
Absolutely think great stabilization -- We're still low we had nine billion dollars the sales in Seneca county.
As -- around number.
This year we -- I think 3.5 billion.
So we're quite a bit under what we did last year all the prices stabilize buyers are out there in droves we're getting thirty and forty offers on some properties and short -- are becoming something popular again.
The buyers are willing to go to this process that it takes four to six month -- Knowing that they're working with it professionals and -- people know what they're doing at the listing agents it's real important that we do that we talked about this.
That the folks that lifts the home for sale.
And they're the ones who are the be the point of this -- they get it to the bank now if that -- inexperienced and doesn't have.
The knowledge and and that -- -- to get through to the bank.
That's where who me is -- a buyer I can't bring that prior to that agents say look I -- show this problem -- Knowing that the buyers are going to be very happy and disconcerting and a very disconcerting faction over a short period time and they're gonna pull out of that we've seen that lot that fall -- -- the short.
Well -- a little nation we have seen.
And the little perspective those that go along way in that area out here and it was -- different from where it was before I can speak from my experience down there.
My thinking he might look -- begin seeing my my writers out there.
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