Comments on: Squeezed? http://360digest.com/2006/03/05/squeezed/ Seattle Real Estate Blog for those interested in Seattle real estate, popular culture, tech, news and opinion. Sun, 29 Apr 2012 14:47:03 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: David Losh http://360digest.com/2006/03/05/squeezed/comment-page-1/#comment-46 David Losh Tue, 14 Mar 2006 17:53:06 +0000 http://360digest.com/?p=152#comment-46 Yesterday I was working on financing for a property owned by a client. This gentleman was seven months in arrears on his mortgage. In order to bail out with a sub prime lender his property needed to be worth a certain amount of money for him to qualify. I tried to help him, but the numbers were coming up short. To my surprise the lender called me to tell me there was no problem with the loan. He had looked up comparable properties on Zillow (sp?) and there was plenty of equity. Maybe there is an upside? What I know is that as this fad moves through our industry attorneys will have plenty of business. Yesterday I was working on financing for a property owned by a client. This gentleman was seven months in arrears on his mortgage. In order to bail out with a sub prime lender his property needed to be worth a certain amount of money for him to qualify.
I tried to help him, but the numbers were coming up short. To my surprise the lender called me to tell me there was no problem with the loan. He had looked up comparable properties on Zillow (sp?) and there was plenty of equity.
Maybe there is an upside?
What I know is that as this fad moves through our industry attorneys will have plenty of business.

]]> By: Marlow http://360digest.com/2006/03/05/squeezed/comment-page-1/#comment-25 Marlow Mon, 06 Mar 2006 02:28:47 +0000 http://360digest.com/?p=152#comment-25 Galen, Closed sales are reported by the listing office and, as of 10:00AM this morning, there have been no reported closed sales where the selling office was Redfin. As I mentioned, there may be something in escrow right now, but no single-family homes or condo's sold and closed. Management has been exhuberant on the Redfin blog, but no results as of yet. But I'll keep checking and post results. Galen,

Closed sales are reported by the listing office and, as of 10:00AM this morning, there have been no reported closed sales where the selling office was Redfin. As I mentioned, there may be something in escrow right now, but no single-family homes or condo’s sold and closed. Management has been exhuberant on the Redfin blog, but no results as of yet. But I’ll keep checking and post results.

]]> By: Galen http://360digest.com/2006/03/05/squeezed/comment-page-1/#comment-24 Galen Sun, 05 Mar 2006 22:49:38 +0000 http://360digest.com/?p=152#comment-24 I find this amazing! Are you sure they aren't reporting sales in an abnormal way? I know of a friend of a friend who put in an offer with them and was pleased with the service, but I don't know if he closed. Not one sale! Incredible! I don't think there is a huge pent up demand for their services, so that might explain the slow initial start. They might yet build a business model out of it, though. Keep up the great sleuthing. I find this amazing! Are you sure they aren’t reporting sales in an abnormal way? I know of a friend of a friend who put in an offer with them and was pleased with the service, but I don’t know if he closed. Not one sale! Incredible!

I don’t think there is a huge pent up demand for their services, so that might explain the slow initial start. They might yet build a business model out of it, though.

Keep up the great sleuthing.

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