Welcome Agents. Thanks for joining this series of posts about how to answer common objections consumers raise when you solicit their expired listing.
Welcome Consumers. You have questions about how to get your home sold. This series will be of benefit to you as well.
Every Friday I am writing about objection handling. These posts will reflect 13 years of experience in handling objections and reveal collected scripts that you can use. Your comments and participation is welcome.
Our Bradenton, Fl real estate market has seen more expired listings in the last 12 months than at any time since records have been kept. Most markets across the country are experiencing the same thing.
Both agents and consumers are frustrated. Agents WANT to be successful and sell their listing. Consumers want an agent who gets the job done.
"We are going to take it off the market for a while."
Bonus: Killer Closes for Expired Prospecting.
Objection #5: "We're only going to interview agents who showed our home while it was listed."
When the consumer makes this statement I believe it's because they just do not understand exactly what agents do. They do not see the value of your marketing strategy. You really want to help them and know how to help them. How do you communicate that to your prospective customer?
Here's some dialogue you might want to learn to share in your own words....
Answer #1:
"When were you thinking about putting it back on the market? Well, I guess you could wait a few months...AND...can I tell you how that might actually work against you? You see, when your home goes back on the market, very often, the public never knows that you took a break...they think your home has been on the market a LONG time and wonder what's wrong with it.
"Because your home has already been on the market, we need to meet right away. I'll show my plan for attracting serious buyers and how I'm getting my listings sold faster and for more money than my competitors."
Answer #2:
"I'm curious about that...and I guess you could do that...and can I tell why that could be the worst possible thing to do? You see, with today's declining market, homes in our area are worth about 9 percent less than they were at this time last year. It you were to wait a few months wouldn't that mean you are potentially going to lose a LOT of equity in your home. What would happen if in a months from now your home was worth tens of thousands of dollars less than it is today?"
"You don't want that to happen, do you? ....Let's get together and I'll show exactly how you can get your home sold today and avoid that risk."
Answer #3:
"Let me ask you this...If I could find a buyer willing to pay your price today, would you sell it? OK, great! So, in other words, you'd still like to sell it, yet you just don't want to go through the experience of having it sit on the market and not sell, right?
"Wouldn't it be great to get the home SOLD, without it being a hassle? Let's get together and I'll show you how I can do that!"
Remember these keys:
Objection handling isn't about tricking the consumer or finding some magic words to convince them to do what YOU want them to do.
Objection handling is about telling the truth in a non-confrontational manner.
Objection handling is not about memorizing a script, but about listening to the customer and answering their honest questions with honest answers.
Objection handling is about improving your communication skills which will help you and your customer.
For Consumers These posts are giving you a peek behind the curtain of what we as REALTORS do to earn our fee for service.
You see objection handling isn't about "tricking" you the consumer into giving us your business. It is about honestly answering questions and objections in an effective way to help you, the consumer, make a wise choice.
Hiring the right agent is 95% of getting your property sold. I trust that this series will help you make the best possible choice when it comes time to hire your next agent.
Having your listing expire is a frustrating and disappointing experience. You may feel anger at your listing agent and toward all agents in general. I understand that feeling and can appreciate your frustration. And, you need to know that not all agents are the same. What you need is a Realtor who is experienced in counseling you about this major decision. You need a Realtor who has a proven marketing strategy and the ability to help you price the home correctly.
If you are selling a home in the Bradenton, FL real estate market, I would welcome the opportunity to assist you.
Please click here to subscribe to my blog . See the sidebar on the right to subscribe by email.
Dan Forbes, PL is a licensed Broker-Associate and Certified Residential Specialist. He leads the ForbesAdvantage Teamat RE/MAX Gulfstream Realty's Lakewood Ranch Office in Bradenton, Florida.
This series of posts is for Buyers interested in learning more about purchasing a real estate short sale. Even though I am addressing Bradenton, Florida buyers, these questions and answers will fit almost anywhere.
I am working with a lot of short sale sellers and buyers in the Bradenton - Sarasota, FL real estate market. Our Manatee County Florida area is seeing the greatest number of foreclosures in history. Surprisingly, most of my short sale listings have one or more contracts going through the process.
What Do Buyers Need to Know About Purchasing A Short Sale Property In Bradenton, Florida?
14. If the property is foreclosed upon will I lose my deposit? Your purchase and sale agreement will contain language that requires your deposit to be returned to you if the sale is not consummated.
15. Can I use a financing contingency with my offer? A financing contingency means that if your lender is unable to provide a financing commitment by a certain date then you may cancel the contract and receive your deposit back. It is possible to include a financing contingency with your offer, but it would make your offer weaker than one without such a contingency.
16. Must the property be purchased AS-IS? Yes, short sales require the property be purchased as is. The Seller's lender will not allow the seller to credit the buyer for repairs or spend money for repairs. The Buyer may include an "AS-IS With Right to Inspect" addendum which would allow the Buyer to cancel the contract if major deficiencies were discovered.
17. What is the time frame for inspections? The purchase and sale agreement will cover this but you should be aware of it. Normally, in our area inspections are conducted within 10 business days of an executed offer. However, with a short sale, the Buyer should be sure the inspection time frame begins AFTER the lender approves the transaction.
18. When purchasing a short sale property will the Buyer incur any extra expenses? There are no extra expenses to the Buyer when purchasing a short sale property. The Buyers costs are, negotiated when the Buyer's offer is submitted to the Seller and then again if the Lender counter's the offer. Other than this, the costs of purchasing a short sale property are the same as any other purchase.
If you are interested in buying a short sale, pre-foreclosure home or condo in Bradenton, Florida please give me a call. If you are a homeowner who needs to talk to someone about a possible short sale on your Bradenton, FL or Manatee County property, please call for a confidential discussion.
Please click here to subscribe to my blog . See the sidebar on the right to subscribe by email.
Dan Forbes, PL is a licensed Broker-Associate and Certified Residential Specialist. He leads the ForbesAdvantage Teamat RE/MAX Gulfstream Realty's Lakewood Ranch Office in Bradenton, Florida.
I appreciate the advice left by a short sale negotiator (loss mitigator) on several of my posts about working short sales in our Bradenton, Florida real estate market. They comments were left anonymously and are greatly appreciated. Here's what a loss mitigator had to say,
On my post: Short Sale Package Cover Letter I suggested a cover letter be sent to the lender with the offer and documentation.
Negotiator's Comment: I am a negotiator for a mortgage servicer and I can tell you that with the volume - your cover letter isn't getting read - we need the short sale package with the owners financial info - the signed offer and the estimated HUD - thats all i ever looked for - we do almost 2000 workouts a month - no time to read needless letters from realtors - sorry guys
Negotiator's Comment: Negotiators in loss mitigation departments are overwhelmed - we have gone from 12 negotiators one year ago to 80 and still can't keep up with the volume. Remember we do more than just short sales. Right now we are telling realtors 30 - 45 days for answers - that is longer if we are not notified before an offer and are able to get a full appraisal - so prepare ahead of time if you imagine you are in a short sale situation. My office is closing approximately 2000/month so they do get approved. Frankly, some realtors are easier than others - we all have a job to do and I can not get every offer approved because there are many variables ie, investor guidelines, PMI insurers - so don't argue when I get frank - if we are getting paid in full then it makes no sense for us to settle for a low ball deal -
Refrain from leaving messages daily because those are the realtors I aviod - i prefer email because then I don't have to make you feel good and argue values with you - needless wasted time - we all have guidelines and arguing isn't going to change the facts. I am honest and usually will let a realtor know what the bottom line net to bank is that I can accept...did you hear that - its the NET not the offer thats important. Also cash deals make no difference to the morgage company - we get paid in cash at every closing - if you hang on to a non qualified buyer shame on you...
Negotiator's Comment: The hardship qualification is really to see if the homeowner can sign a note for the deficiency balance - either part or all of it - and the letter isn't the determining factor there...its the credit report that gets pulled. A short sale is approved for any borrower and is based on the fact that the value is less than what is owed - the hardship is what happens to the loss. And the letter is just a small factor - don't waste your time making it sound believable. As far as ARM increases goes - as a negotiator if I saw that as a hardship you'd lose your sale - and many realtors have lost their sales due to ARM increase. I turn those short sales into Loan Modifications - lenders have gotten quite creative in keeping homeowners who have been paying in their homes...so be careful with that hardship in your letters.
There you have it folks, straight from a Negotiator. Again, my thanks to our anonymous commenter.
Please click here to subscribe to my blog . See the sidebar on the right to subscribe by email.
Dan Forbes, PL is a licensed Broker-Associate and Certified Residential Specialist. He leads the ForbesAdvantage Teamat RE/MAX Gulfstream Realty's Lakewood Ranch Office in Bradenton, Florida.
Welcome Agents. Thanks for joining this series of posts about how to answer common objections consumers raise when you solicit their expired listing.
Welcome Consumers. You have questions about how to get your home sold. This series will be of benefit to you as well.
Every Friday I am writing about objection handling. These posts will reflect 13 years of experience in handling objections and reveal collected scripts that you can use. Your comments and participation is welcome.
Our Bradenton, Fl real estate market has seen more expired listings in the last 12 months than at any time since records have been kept. Most markets across the country are experiencing the same thing.
Both agents and consumers are frustrated. Agents WANT to be successful and sell their listing. Consumers want an agent who gets the job done.
"We are only going to interview agents who showed our home."
"We are going to take it off the market for a while."
Bonus: Killer Closes for Expired Prospecting.
Objection #5: "We're only going to interview agents who showed our home while it was listed."
When the consumer makes this statement I believe it's because they just do not understand exactly what agents do. They do not see the value of your marketing strategy. You really want to help them and know how to help them. How do you communicate that to your prospective customer?
Here's some dialogue you might want to learn to share in your own words....
Answer #1:
"I'm so glad you brought that up...AND...what I think you're saying is that you're looking for an agent who is actively out there, working with buyers, actually selling homes...right?
"You see, while your home was on the market...I sold ____ homes. It would have been nice if yours was one of those, right? Let's get together and I'll show you my plan for getting your home sold."
Answer #2:
"I'm so glad you brought that up. It's common to think, "If they showed my house while it was listed, maybe they're a good agent to talk to", right? May I tell you why that may be the worst way to choose an agent? You see, some agents just kind of go around constantly showing homes. They don't sell many homes at all. And when they are out there showing other agent's listings...who's taking care of their listings? Don't you want to hire an agent whose sole focus is getting your home sold? (Name) I've sold _____ homes. Let's talk about getting your home sold...."
Answer #3:
"I'm curious...what specifically causes you to believe than an agent who walked a buyer through your home, has the skill and power to market your property successfully? Look, you just want an agent that will successfully sell your home, right? Let's get together and I'll show you how I can do that. You'll be glad you did."
Remember these keys:
Objection handling isn't about tricking the consumer or finding some magic words to convince them to do what YOU want them to do.
Objection handling is about telling the truth in a non-confrontational manner.
Objection handling is not about memorizing a script, but about listening to the customer and answering their honest questions with honest answers.
Objection handling is about improving your communication skills which will help you and your customer.
For Consumers These posts are giving you a peek behind the curtain of what we as REALTORS do to earn our fee for service.
You see objection handling isn't about "tricking" you the consumer into giving us your business. It is about honestly answering questions and objections in an effective way to help you, the consumer, make a wise choice.
Hiring the right agent is 95% of getting your property sold. I trust that this series will help you make the best possible choice when it comes time to hire your next agent.
Having your listing expire is a frustrating and disappointing experience. You may feel anger at your listing agent and toward all agents in general. I understand that feeling and can appreciate your frustration. And, you need to know that not all agents are the same. What you need is a Realtor who is experienced in counseling you about this major decision. You need a Realtor who has a proven marketing strategy and the ability to help you price the home correctly.
If you are selling a home in the Bradenton, FL real estate market, I would welcome the opportunity to assist you.
Please click here to subscribe to my blog . See the sidebar on the right to subscribe by email.
Dan Forbes, PL is a licensed Broker-Associate and Certified Residential Specialist. He leads the ForbesAdvantage Teamat RE/MAX Gulfstream Realty's Lakewood Ranch Office in Bradenton, Florida.
This series of posts is for Buyers interested in learning more about purchasing a real estate short sale. Even though I am addressing Bradenton, Florida buyers, these questions and answers will fit almost anywhere.
I am working with a lot of short sale sellers and buyers in the Bradenton - Sarasota, FL real estate market. Our Manatee County Florida area is seeing the greatest number of foreclosures in history. Surprisingly, most of my short sale listings have one or more contracts going through the process.
What Do Buyers Need to Know About Purchasing A Short Sale Property In Bradenton, Florida?
9. Who exactly is the Seller, is it the owner or the lender? The Seller is the owner of the property as in any other transaction. The lender is involved in the transaction because the sale is subject to the lenders approval. The lender must approve the deal because the lender must accept a "short pay" on the mortgage for the deal to work. Without the lender's cooperation there is no deal.
10. So, do I submit my offer to the Seller or the Lender? Your offer is submitted to the Seller who in turn may accept it, reject it, or counter it. It is then forwarded to the lender who also may in turn accept it, reject it, or counter it.
11. Might I be up against other competing offers on the property? It is possible that other offers could be accepted by the Seller as back-up contracts. Some lenders will only deal with one offer at a time which is in your best interest. Other lenders will want to know about all offers and will consider the merits of each offer. Being the first Buyer to have an executed offer with the Seller does not guarantee that your offer is the one the lender will negotiate.
12. Must a Buyer be Pre-Approved? I recommend that Sellers only entertain offers from Buyers who are Pre-Approved for financing or who have the cash on-hand. Most shorted lenders will require the same. Your Pre-Approval letter will be submitted with the offer. Being simply Pre-Qualified is not recommended.
13. Could the property possibly be foreclosed upon before the short sale is completed? Yes, this is a possibility. While the Seller is going down the short sale path, the lender is proceeding with the foreclosure process if the Borrower (Seller) is in default. The foreclosure process can take anywhere from 4 months to a year, so it is very likely that a short sale could be accomplished within that time frame. However, pursuing a short sale is not a guarantee that the foreclosure won't happen.
If you are interested in buying a short sale, pre-foreclosure home or condo in Bradenton, Florida please give me a call. If you are a homeowner who needs to talk to someone about a possible short sale on your Bradenton, FL or Manatee County property, please call for a confidential discussion.
Please click here to subscribe to my blog . See the sidebar on the right to subscribe by email.
Dan Forbes, PL is a licensed Broker-Associate and Certified Residential Specialist. He leads the ForbesAdvantage Teamat RE/MAX Gulfstream Realty's Lakewood Ranch Office in Bradenton, Florida.
This series of posts is for Buyers interested in learning more about purchasing a real estate short sale. Even though I am addressing Bradenton, Florida buyers, these questions and answers will fit almost anywhere.
I am working with a lot of short sale sellers and buyers in the Bradenton - Sarasota, FL real estate market. Our Manatee County Florida area is seeing the greatest number of foreclosures in history. Surprisingly, most of my short sale listings have one or more contracts going through the process.
What Do Buyers Need to Know About Purchasing A Short Sale Property In Bradenton, Florida?
5. Why does a short sale take so long? What is the process? Here is a brief overview of the process. First, the seller must list the property with a Realtor. This is required by most lenders. Second, a buyer must be found and a contract executed between the Seller and the Buyer. Third, the sale and purchase agreement along with the seller's financial information is sent to the lender for review (this is called the short sale package.) Fourth, the lender orders a Broker's Price Opinion on the property. Fifth, once conducted, received, and reviewed, the file is assigned to a Loss Mitigation Specialist. Sixth, the LMS accepts, rejects, or counters the Buyer's offer on the property. Seventh, the negotiation continues until it either all comes together or else falls apart. Eighth, if all parties reach agreement the closing date is set, usually for about three weeks away.
6. How long does the above process take? Once a purchase and sale agreement is executed between the Seller and the Buyer the whole process may take anywhere from 3-6 months. In today's market a Buyer can expect a response to their offer from the lender anywhere from 2-3 months, maybe longer.
7. How is the listing price of the property determined? The list price is determined by the listing agent. As a Broker-associate who lists and sells a lot of short sales I cannot emphasize enough the importance of the list price. Some listing agents will price a home too low, hoping to create a bidding war between buyers. Low offers simply are doomed to be rejected by the lender. Other agents may price the home too high and no offers are received before it is too late to save the owner from foreclosure. The key is to price the home competitively in order to attract excited buyers, and yet not so low as to fail to get the transaction approved. The listing agent must be very skillful in pricing.
8. Does this mean that I could offer full price and still not get the property? Exactly right. If the listing agent prices the home too low a buyer could easily waste three months simply waiting for a rejection.
If you are interested in buying a short sale, pre-foreclosure home or condo in Bradenton, Florida please give me a call. If you are a homeowner who needs to talk to someone about a possible short sale on your Bradenton, FL or Manatee County property, please call for a confidential discussion.
Please click here to subscribe to my blog . See the sidebar on the right to subscribe by email.
Dan Forbes, PL is a licensed Broker-Associate and Certified Residential Specialist. He leads the ForbesAdvantage Teamat RE/MAX Gulfstream Realty's Lakewood Ranch Office in Bradenton, Florida.
As part of our continuing effort to deliver excellent service, we wish to keep you advised of trends and events that may affect your real estate selling, purchasing or investment decisions. We appreciate your business, loyalty, trust and referrals. It is our goal to provide the very best counsel, advice and service possible for your Bradenton real estate needs. We are committed to providing an exceptional level of service. We look forward to the opportunity to serve you in Bradenton, Florida.
Welcome to this first edition of our news e-newsletter
Now called The Forbes Report, This monthly email newsletter is designed to keep you informed about our local Bradenton – Sarasota real estate market as well as national trends. It contains links to helpful and informative articles which we are posting on our various blogs. We invite you to forward this email to others whom you think would like to subscribe by email.
If Mastery is your goal, you not only must learn skills and techniques, but you must learn the secret of courage.
Chuck Yeager is considered by many to be the best pilot who ever lived. You perhaps remember the title of his autobiography The Right Stuff.
He was known to push the envelope and often spoke of his delight in "exploring the edges of the envelope." The night before he was to attempt breaking the sound barrier for the first time in history, he fell from a horse and injured his shoulder.
He knew the injury would prevent him from closing the hatch on his X-1 rocket plan after he was loaded into it from the mother plane at 20,000 feet. Instead of cancelling the flight he took along a broom handle so that he could close the door with his other hand. And, of course, he broke the sound barrier that day.
What do you think of the word courage? Dan Rather was ridiculed when he closed the evening news with the word, "courage." However, we could all use a bit more courage in our lives and in our pursuit of mastery.
Remember my friends that mastery is a process, a journey. The master is the one who stays on the path, year after year and has the courage to never give up.
This post marks the end of my series: Mastery Mondays
(This series is inspired by my reading journal of the book "Mastery: The Keys To Success And Long-Term Fulfillment" by George Leonard.)
If you want to join me on the path to mastery please subscribe to my blog and join me next Monday. I also invite you to join the Mastery Mondays group to follow this series and to contribute some posts of your own.
Dan Forbes, PL is a licensed Broker-Associate and Certified Residential Specialist. He leads the ForbesAdvantage Teamat RE/MAX Gulfstream Realty's Lakewood Ranch Office in Bradenton, Florida.
Our Bradenton, Florida housing market has been reeling from a massive slowdown and price depreciation of over 30% since the high of 2005. Please see my previous post for the Single-Family Home Market Conditions. This post is about the Condo Market and some good news.
There is Some Good News to Report in the Bradenton, FL Condo Market
Total Inventory is Decreasing. Total number of condos for sale is about 9% lower than this time last year.
Sales are Increasing. Sales are up 40% over last month. Obvious, this is a good sign as well.
Days on Market are Decreasing. This is another positive sign.
Median Sales Price Has Become Affordable. Our median sales price of $149,000 is over $88,000 lower than it was in 2005. This is a decline of 37%.
Please click here to subscribe to my blog . See the sidebar on the right to subscribe by email.
Dan Forbes, PL is a licensed Broker-Associate and Certified Residential Specialist. He leads the ForbesAdvantage Teamat RE/MAX Gulfstream Realty's Lakewood Ranch Office in Bradenton, Florida.
Our Bradenton, Florida housing market has been reeling from a massive slowdown and price depreciation of over 30% since the high of 2005. However, we are seeing signs that point to improvements in several areas.
There is Good News to Report in the Bradenton, FL Housing Market
Total Inventory is Decreasing. That is a good sign. As the supply goes down, demand will go up.
Sales are Increasing. Obvious, this is a good sign as well.
Price Reductions are Decreasing. This may be an indication that our prices are bottoming out.
Median Sales Price Has Become Affordable. Our median sales price of $235,000 is over $100,000 lower than it was in 2005.
Please click here to subscribe to my blog . See the sidebar on the right to subscribe by email.
Dan Forbes, PL is a licensed Broker-Associate and Certified Residential Specialist. He leads the ForbesAdvantage Teamat RE/MAX Gulfstream Realty's Lakewood Ranch Office in Bradenton, Florida.
Welcome Agents. Thanks for joining this series of posts about how to answer common objections consumers raise when you solicit their expired listing.
Welcome Agents. Thanks for joining this series of posts about how to answer common objections consumers raise when you solicit their expired listing.
If Mastery is your goal, you not only must learn skills and techniques, but you must learn the secret of courage.
and join me next Monday. I also invite you to join the Mastery Mondays group
Dan Forbes, PL is a licensed Broker-Associate and Certified Residential Specialist. He leads the Forbes Advantage Teamat RE/MAX Gulfstream Realty's Lakewood Ranch Office in Bradenton, Florida. 
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