Here's The Update to My "Short Sale" Saga!About a month ago I wrote a few lines lamenting my "short sale" experiences ... I've Found the Secret of "Short Sale" Success! ... And proclaiming my conclusion that the only money to be made while dealing with short sales is to teach the classes. Well, here's the update! At the time I had two pending short sales, one is still pending and might, I said "might" actually close. The other was rejected by the lender and allowed to go to a foreclosure sale. No one from the lender told us it was rejected, no one told us anything at all! One day, after days and days of calling, calling, calling ... proof! We magically actually reached a real live speaking person who researched the file on the computer and said, "Oh, that offer was rejected days ago." No communication, no counter offer, no notice, nothing! When asked point blank what sales price was acceptable, no one could give us a number. What to do? The sale date was rapidly approaching in two days and we had no idea. To complicate the matter ... we knew the BPO that the lender had in their file was substantially less than the offer on the table, we live in a small community in western Nevada and there are just not that many realtors so it was pretty easy to figure it out. The buyer's agent was frantic to work this out because the buyer was his son so he had a very emotional and personal interest. The buyers would have paid more, the selling agent would have lopped of his commission to raise the net to the lender, there were many ways that we could have resolved this and closed the sale. All we needed was an intelligent thinking person on the other end f the phone with the ability to actually do something. The rest of the story! The property was offered for sale on the courthouse steps the following day. No one bid so, the Lender now as another REO in their portfolio that they will have to process and sell. The lender will hire a servicing company to secure the house, shut off the utilities so the beautiful lush landscaping quickly dies in the heat of August -(dead lawns are SOP for REO's), pay some other realtor to do yet another BPO, list the house with someone at a greatly reduced price because now it's an "REO". The bottom line is this, they will take the long way home and spend more money to get a lesser return. Is it any wonder that the mortgage industry is in such a state of confusion? Here's the final absurdity, the price the house was offered for sale on the court house steps, the opening bid, was over $8,000.00 LESS than the written offer that was pending on the home. I'm officially through with short sales ... let someone else be a hero but I'm done. This one really hurt in many ways. The Perfect Combination of Comfort and Elegance at the base of the Sierra Nevada Mountains in Carson Valley
The Boundless Living Challenge ... Make Sure You Listen To This Interview!This is very exciting and very interesting! An interview on BlogTalkRadio.com by Dr. Deletitia Wright with Bob Doyle from "The Secret". I enjoyed listening and was very inspired by this interview! http://www.blogtalkradio.com/wrightplacepodcast/2008/07/10/Bob-Doyle-from-the-Secret Take 30 minutes and listen to this. It's the "P" Word Again! P-R-O-S-P-E-C-T-I-N-G!For ALL OF US who know what to do ... and fight tooth and nail to do just about anything else, I think I've found a great answer! This is an inspired idea! Nothing in our business will replace good old fashion work It's a numbers game and to be successful a great agent needs to talk to a lot of potential buyers and sellers. I believe this will help. Click the link, read the info, see for yourself!
Let's talk about "Pay for Referral Services"I'd really like to know which "Pay for Referral" services AR Members have found to be valuable and worth the cost and which services are Shams and Rip-offs! I recently joined Reply.com ... a referral service that gathers leads and sends them out to agents in the local areas for a fee. It sounded wonderful ... the theory is. Yet, what I have found is that the leads are gathered from a huge variety of sites and many of them aren't really viable real estate leads. One example ... I received a referral from Reply that was a friend of mine and a local agent who works fro another office. I don't think she will buy or sell from me so, of course, I declined the lead. Two leads were homes already listed; one was a man who logged into a site promising they would buy his home. He got mad at me because he thought he would be contacted by a home buyer - not an agent. So ... any tips or ideas? Who have you used and what has been successful for you? I've Found the Secret of "Short Sale" Success!I think I've unlocked the secret to actually making money with short sales! I've worked hard all year on a variety of "Short Sales" with a variety of circumstances and a huge variety of lenders. After 6 full months of diligently pursuing the listings, contacting the lenders, presenting the offers, thousands and thousands of pages of faxed and re-faxed contracts, and following through with the escrows: these are the final results ... ( Drum Roll Please!!!) 7 Short Sale Listings. 11 Offers to Purchase. 8 Accepted Offers that were submitted to Lenders. 10 Different ‘Negotiators" or "Loss Mitigators" or what ever else they call themselves. 5 Frustrated Buyers who walked after the time for Lender approval had come and gone, usually weeks and weeks after the approval time had expired.. 2 Contracts still pending that we are trying to obtain "Lender Approval" on and close. And ... 1 (count it ... ONE) Closed Escrow! So ... after considerable reflection on the matter ... I have come to the conclusion that the only agents making any money on "Short Sales", are the agents who are teaching and selling the "How To Make Money with Short Sales" Classes. Lovely Minden Home, Back on the Market and Better Than Ever
Lovely Chichester Home in Gardnerville, Nevada
wonderful Opportunity in the Gardnerville Ranchos
Tremendous Value in Chichester! Gardnerville, Nevada
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Lisa Wetzel Carson City, NV More about me… RE/MAX Realty Affiliates Office Phone: (775) 782-8799 Ext.: 254 Cell Phone: (775) 781-5472 Email Me
Lisa Wetzel and Jim Valentine have been selling real estate in Northern Nevada over 30 years. They work at RE/MAX Realty Affiliates in Gardnerville, Nevada. All blog entries are based on their combined experience working daily as top producing real estate agents in their market. Feel free to post your questions or comments.
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