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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.
| Links Photo Gallery Description Whether for a large family, professional couple, or active retirees ... this outstanding dwelling delivers the perfect combination of "Elegance and Comfort". An absolutely wonderful home that was expertly constructed thoughtfully designed and impeccably maintained. Traditional multi-level plan offers many distinct living zones to accommodate a variety of life styles. Large inviting formal living room, a gourmet kitchen with breakfast bar and formal dining room make up the main floor, upstairs there are three family bedrooms with private baths, and above it all a elegant master suite with spacious bath featuring a double vanity, large soaking tub and walk-in shower plus a large dressing room and separate exercise room. Downstairs the den/guest quarters enjoy a separate private entrance that opens to a beautiful patio. This room could easily double as an in home office, in-law quarters or maid's room. At the lowest level we find a giant family room with pool table, entertainment area, and insulated wine room. Located on 1.73 acres, the manicured grounds are a true delight, a tasteful combination of private fenced patio and deck, rolling lush green lawns and a variety or native brush and colorful blooms. There is a huge detached garage that matches the house and could easily accommodate cars, toys, RV's or be completed and converted for many uses. All this plus the present zoning will allow horses. Features | Bedrooms: | 4 | | Bathrooms: | 3 | | Parking: | 8+ | | Year Built: | 1985 | | Lot Size: | 1.73 | | Garage Size: | 8+ | | School District: | Douglas County | | Square Footage: | 4846 | | Agent Name: | Lisa Wetzel and Jim Valentine | | Broker: | John Fisher | | MLS #: | 80011004 |
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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!
You Make The Call!
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!
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 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.
| Links Photo Gallery Koi Pond | Spacious Kitchen | Vaulted Ceiling in Living Area | Finished Sun Room | Spacious Master Bedroom | Kitchen Adjoins Family Room | Prize Winning Roses | Potting Shed and Garden Storage |
Description Attractive three bedroom home on Tamarack Drive. in the heart of Minden! Lovingly maintained, inside and out! From the spacious living room including vaulted ceiling, ceiling fan, and pellet stove to the large family/sun room … comfort and convenience truly describe this lovely Westwood Home. Traditional style featuring a formal dining area, large living room adjoining a remodeled and expanded kitchen with tile counters, oak cabinets with plenty of storage and counter space. Sunroom was completed with a permit. Rose garden is lovely ... however, the rose society will remove all the rose bushes if a buyer doesn't want them. There is a large master bedroom that opens to the sunroom. The master bath features a jetted tub, double sinks, and loads of closet space. As much a pleasure outside as inside, a gardener’s dream with an award winning rose garden, relaxing koi pond, potting shed with garden storage, many mature trees, a spectacular view of Jobs Peak and the majestic Sierra Nevada Mountains, plus RV parking ! Additionally, there’s a three car garage with loads of built in storage and work space. Features | Bedrooms: | 3 | | Bathrooms: | 2 | | Parking: | 4+ | | Year Built: | 1990 | | Subdivision: | Westwood | | Lot Size: | .27 ac | | Garage Size: | 3 car finished | | School District: | Douglas County School District | | Square Footage: | 1961 | | Agent Name: | Lisa Wetzel and Jim Valentine | | Broker: | John Fisher | | MLS #: | 70014204 |
Location | Powered by vFlyer.com | vFlyerId: 1406827 |
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| Photo Gallery Living Room | Living Room | Kitchen | Family Room | Family Room | Family Bathroom | Master Bathroom | Dining Area | Back Yard | Views from Second Floor | Back Yard |
Description Who Could Ask for Anything More? Neat as a pin!! Quite Cul-de-sac Location that is close to shopping and walking distance to schools!! A spacious airy kitchen with breakfast bar, dining area, large living room, master suite with elegant bath, two additional family bedrooms, expansive family room, plus a separate office, all on a very large beautifully landscaped parcel in popular Chichester Neighborhood. … Living doesn’t get much better than this! Oh! Did we mention? It’s a tremendous value too! Features | Bedrooms: | 3 | | Bathrooms: | 2.5 | | Parking: | 2 | | Year Built: | 2003 | | Subdivision: | Chichester Phase 11 | | Lot Size: | .16 | | Garage Size: | 2 | | School District: | Douglas County School District | | Square Footage: | 2175 | | Agent Name: | Lisa Wetzel and Jim Valentine | | Broker: | John Fisher | | MLS #: | 80010013 |
Location | Powered by vFlyer.com | vFlyerId: 1733591 |
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| Links Photo Gallery Description Motivated ... Price Reduced! Beautiful family home on a great big lot located on a very quiet street. Hard to find four bedroom home situated on over half an acre that offers great landscaping and many mature trees. This home features two famil bedrooms plus two master bedrooms, newer master bathroom, newer water heater, newer range/oven, and newer paint. The convenient kitchen offers plenty of cabinet space and adjoins the dining area and large living room. Features | Bedrooms: | 4 | | Bathrooms: | 3 | | Parking: | 4 | | Year Built: | 1976 | | Subdivision: | Gardnerville Ranchos #4 | | Lot Size: | .57 | | Garage Size: | 0 | | School District: | Douglas County School District | | Square Footage: | 1846 | | Agent Name: | Lisa Wetzel and Jim Valentine | | Broker: | John Fisher | | MLS #: | 80006782 |
Location | Powered by vFlyer.com | vFlyerId: 1650450 |
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| Photo Gallery Living Room | Living Room | Kitchen | Family Room | Family Room | Family Bathroom | Master Bathroom | Dining Area | Back Yard | Views from Second Floor | Back Yard |
Description Who Could Ask for Anything More? Neat as a pin!! Quite Cul-de-sac Location that is close to shopping and walking distance to schools!! A spacious airy kitchen with breakfast bar, dining area, large living room, master suite with elegant bath, two additional family bedrooms, expansive family room, plus a separate office, all on a very large beautifully landscaped parcel in popular Chichester Neighborhood. … Living doesn’t get much better than this! Oh! Did we mention? It’s a tremendous value too! Features | Bedrooms: | 3 | | Bathrooms: | 2.5 | | Parking: | 2 | | Year Built: | 2003 | | Subdivision: | Chichester Phase 11 | | Lot Size: | .16 | | Garage Size: | 2 | | School District: | Douglas County School District | | Square Footage: | 2175 | | Agent Name: | Lisa Wetzel and Jim Valentine | | Broker: | John Fisher | | MLS #: | 80010013 |
Location | Powered by vFlyer.com | vFlyerId: 1733591 |
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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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