Looking For a Little Help On a Short Sale

I've been working this Short Sale for a few months now. We had finally started to get something going with the bank negotiator and then my client had to file bankruptcy. At this point everything stopped.

They told us the file would be moved to the foreclosure / bankruptcy dept. Thirty days later we still have no contact an can't find the right person to talk to.

Does anyone have a contact number to Well Fargo foreclosure / bankruptcy div. or what ever it may be called.

I realize there may be more than one office but anything is a start.

It may be possible if I can get this sold my client will not have to go through the bankruptcy.

Any help would be appreciated

Ralph

Las Vegas

SURFIN MUSIC OR BLOGGER BOP

I Was Shocked! What Would You Do? Can You Share Your Thoughts?

   I recently took a listing in a community where a friend of mine, fellow agent in the same office, also has a listing. He has had this listing I think close to a year and the owner refuses to lower the price to market level so there it sits with no offers.

   He has held numerous open houses with some degree of success and has reaped some sales from prospects visiting.

   I took this listing as a short sale from another friend, a victim of the market down turn. Both husband and wife were once in the business. With various complication surrounding this short sale we needed to get this home on the market and  sold quickly with the bank hopefully cooperating.

   When I took the listing I didn't know it was around the corner from my friend's listing I did know it was in the same community.

   So we hold our first open house. Now this home is probably one of the nicest and biggest home in this community and it has been vacant a few months so needless to say we had pretty good response to the first open house. Everyone want to know what's up with the house?

   So second day, BOOM, 2 offers. One submitted by another agent and the second was one that I wrote from a visitor to the open house. When I went to the buyers home to get paper work signed I realized it was right around the corner from my friend's listing.

   Well it turned out the gentleman that signed with me had visited other open houses in the neighborhood including my friends listing around the corner some weeks back.

   He had told my friend he was waiting for his house to sell so he could buy another and he gave his contact information to him. Weeks had gone by and the agent hadn't contacted him and, YOU Guessed it, he calls him the day after he signs the contract. The buyer tells him he signed with me. When I went back to drop off copies the buyer tells me the agent called and in the conversation said "I thought you were going to do business with me"? The buyer said to me "I don't know where he got that idea I never told him that". Also he has no buyer agreement. Now I'm feeling uncomfortable

   Now understand I didn't pursue this buyer. He and his wife came in to the open house, I did the regular song and dance, we talked a long time (he likes to talk) and they said they would think about it. He also mentioned they were leaving in two days to close on their home in another state. He calls me that night and informs me he wants to submit an offer so I go the next day to have him sign the papers.

   SO, I get the call.  "Ralph I respect you and we've been friends but this has been bothering me for a couple of days..."  And I also respect him we have been friend for about 2 years now. So I explained to him how it all went down. He says I could have called him and I asked why, the buyer gave me no indication that you had a relationship with you other then a couple of conversation at your open house. "Well I was going to call him at the beginning of the month but I forgot and I call him Monday 2 weeks into the month.

   Well, he was upset, but what I could do I had already written the offer but I didn't think he had a good argument in the matter and I don't think I have done anything wrong.

   So the conversation went on, and he asked, that in the event the deal went through if I would be willing to do a split with him. I responded I didn't think that was fair I didn't understand why he thought he was entitled to split. He then asked well if the deal doesn't go through if I would mind if he would continue to work with him to find him a home and I explained to him no, I do have a buyer's agreement. I don't think that went over very well, he seemed more agitated at that point. The conversation ended with me asking well are we still friends? He responded yes but I don't know I don't think I've heard the last of this.

   Here is the kicker. When my friend took this listing he was doing the paperwork and came in to ask a question I noticed the owners name and guess what, I was also working on getting the listing. I had already submitted a CMA and had several conversations with the seller. He was an out of state seller so neither of us had met him only phone calls. So when I mention it to him I'm sure he felt a little uncomfortable and I told him don't worry about it just go on because the seller hadn't returned phone calls, you got the listing. DONE.

My thoughts are ...

If it were another agent that was not a friend would he have made that call?

The buyer had visited other open houses also in the neighborhood and maybe had left contact information with them too.

Was I not to hold an open house in his turf? HMMM

Would I have made the call? NO!  I've lost plenty of deals to other agents and I've learned, NEXT! It's not worth the time.

Would he do the same under the circumstances? I don't thinks so. (He made the call)

Because you talk to a prospect that doesn't make him a client until you actually do business with him.

In the same manor because if I go on a listing appointment that doesn't mean I'm entitled to a listing, I'm talking to a prospect.

I don't think if the deal doesn't go through its fair to hand the client over, the client made the choice who he wanted to work with and being a husband and wife team it has helped us attract clients. If at some point the client takes a hike that's his choice and I would release him from the agreement and I would call my friend and say he's all yours. I don't need the grief.

Chances are I'm going to continue to run into people he has already talked to in future open houses.

I am really troubled by this and we may lose a friendship because I think he is unreasonable.

WHAT ARE YOUR THOUGHTS IN THIS SITUATION?

We appreciate your comments

Ralph

A Lonely Man in Las Vegas

Brian Foxworth post today inspired me to share this post today. I'm not much of a writer or blogger by the end of the day it's tough to spend a couple of hours reading through great blogging or writing something I think is important enough to share that I think people will benifit by.

Lately My wife and I have been conducting a number of open houses to generate leads. (so far we have been pretty successful). For three week we held open a home In Sun City Summerlin, an Adult Community. We were holding up to 4 opens a week and we were getting pretty good response.

We met people from all over the country coming in and chatting and we heard all the stories of where they came from. In Las Vegas almost everyone is from somewhere else. A lot of snow birds at that time of the year.

One gentleman we met, a elderly gentleman, approached us wanting to purchase a home in the community. Turns out he worked in the same area of Los Angeles where  we had our business so we had something to talk about.

A few days later we drop off some listings for him to review and a few days after that we took him out to view homes.

He shared with us he had lost his wife of 64 years last year and he had also lost his son in the same year. Our hearts went out to him and we shared some thoughts as we went from home to home to view. He only has a granddaughter left in another state.  He has a very nice home  but  was thinking of Purchasing a smaller home in the same Sun City community. He had ask me me to search sold comps for the home we viewed and to call him and let him know what they were.

When dealing with the elderly I don't want to rush. I like to give them time to make decisions, so I waited a couple of days and went back with the comps which he was very appreciative of.

He begin to share that it was difficult for him to make a decision as to what to do. So I tried to to help him through the process of  why he wanted to  purchase another home.

At that time he begins to share how depressed he was at the loss of is wife and that he had not done anything in the past year but hang out at home with-his elderly dog for the most part. He lives pretty much on TV diners and seldom goes out to eat. He told me the other day he was a wood carver and as I looked around his home he had many great figurines he had carved all over his home. He really does great work. But he said he hadn't carved in over a year.

I encouraged him to go to the community center where there are plenty of  people to make friends. But he says he has a hard time meeting people. After 64 year friendship I guess he  didn't need to meet anyone else.

I thought of my mom when she was starting to get up in years. She had always been a house wife and didn't get out much and really had no friends. When she came to live with us my wife took her to the WomenClub where she just came out of herself and she begin to come alive. Then you couldn't keep her home.

So I thought of what me wife did to get my mother going, and I just knew I would  have to do something. It bugged me for 2 days. As I prayed the Lord reminded me of all the people we met as we did those open houses and there must be something we could do or someone to call to help the situation. There was one woman we met who is also elderly and a great lady. She seem to know quite a bit of what was going on in the community. 

We wrote an offer for her on the house we had open and if she got the house we would list her home. Well she didn't get the home but we still stayed in contact. So I called her. Explained to  her the situation and I asked her if she happen to know of another gentleman that could use a pal. After a little conversation she was open to the idea of them meeting for lunch or something. I hope this works out as a companions for these two. They both could use a friend.

This is not about match making. It about taking a moment of time out of a busy life to give to someone in need. It's about my opportunity to come out myself and to do something I wouldn't normally do. It's not always about money. I know that many of us go to church and give but what about giving a little time, it will go a long way.

This isn't about making a sale anymore, because my guess it's not going to happen for either of them although they are both financially capable, they  really don't need to buy anything they both have very nice homes. They just need to stay busy.

We have enjoyed meeting people in this community.  All of them the have so much to share because of thier life experience, they just need to find a place to share it.

Well we'll see if this turns into something over the next few days. I'll pray for them and hope there will be a connection for them.

Who do you know who could use a phone call? One of those past clients or prospects that you know about in a special situation. Who do know that can help them? What opportunity presents itself to you today?  Will you take that opportunity or are you to busy to even notice.  STOP!  Go ahead make the call or knock on the door, You'll be blessed.

Ralph

Bride's Wedding Proposal Up In The Air

 One of the news stories today tell about a clever young man wanting to surprise his heart throb with a wedding proposal and a $12,000 ring.  He placed the ring in a helium balloon expecting the to pop the balloon at the same time he pops the question.

Up Up and Away,  he chased the balloon for several blocks after which he gave up and watched his $12,000 float a way into the wild blue.

TWO MORE HEAD TO JAIL IN REAL ESTATE SCHEME

US Department of Justice announce...

Las Vegas Real Estate broker and her husband arrested and charged by the Federal Grand Jury with defrauding federally-insured financial institutions of million of dollars through a schemes that involved inflated housing values, straw purchasers and limited liability companies.

The 2 were arrested March 12 and charged with 6 counts of Bank Fraud and one count of Money Laundering.

The crime involved making false statements regarding income, assets, debt, or matters of identification.   It seems they willfully overvalued property in loan and credit applications.

Operating numerous limited liability companies registered in Nevada and conducting business in Las Vegas they recruited individuals ( straw buyers) to make offers to purchase at inflated prices and above sellers asking price.  Once they had an accepted offer they would apply for loan using false information regarding employment, income and assets in order to qualify buyers.

They then would require straw buyers to transfer property to limited liability company controlled by the couple. At that time the buyer would be compensated for their involvement.

At closing they would instruct Escrow to disperse a portion of funds to different liability companies. They would then sell the same property to a different straw buyer  at inflated prices.

They would then default on loans causing them to go into foreclosure.

The Department of Justice reports at least 118 of 227 properties purchased have been sold in foreclosure causing losses in banks of more than $15 million dollars. It is estimated they were involved in approximately 432 transactions.

The article states it is an on going investigation and I think there will be more arrested in this scheme such as appraisers, Escrow agents, possible listing agents and maybe mortgage agents

This should be a warning to us to find out who we are doing business with and to speak up if we see or smell something that stinks.

PROCEED WITH CAUTION. 

Ralph

What Are Open houses All About?

My wife and I have done many open house here in Las Vegas. Recently with the Las Vegas Real Estate market slow down, open houses has allowed us to be in front of prospects actively looking to buy or sell a home. WAIT! Did he say sell? Yup.

Most agents think when they open a home only buyers are walking in but in reality both buyers and sellers go to open houses. A potential buyer is not necessarily a first time buyer they may have a home they must sell first to buy the next home.

Open houses are really a job interview or in some cases a listing interview. It's your chance to show prospects what you've got and how you do it. Based on what they see and hear will determine if you will ever see them again. This is where your 30 second elevator pitch comes in. If you get it right it may lead to a 30 minute session.

We have had prospects walk in with no intention of buying the house buy have come in to see how we conduct the open house. As a result we have gotten another listing. Have you ever walked in a house where an agent does nothing but barely hand out a flier for the house, he doesn't really show the home or offer any verbal information about the home. He has very little chance of selling a home or getting a new client.

Here in Las Vegas there is a large inventory of homes available. A prospective buyer is going to buy a home so it might as well be from me. So you have to come equipped.

Here are some suggestions

•Ø      Have a functional bathroom with paper or the kids will pull them right out of the house.

•Ø      On a hot day take water to hand out to visitors

•Ø      Have something for the kids (that doesn't make a mess)

•Ø      Have a good information sheet on the house with a picture of the home and your picture on it.

•Ø      Have information and some pictures on other homes (I only like to show a few pictures and a list of many   homes available.)

•Ø      If there are any vacant homes down the street be prepared to show those homes.

•Ø      Business Cards with picture.

•Ø      We offer an information sheet on why do business with us on one side and the other side a couple of articles warning them of Real Estate Fraud and the protection of using a Realtor. Make sure your picture and phone number is on it.

•Ø      Have a sign in sheet. Double check you can read phone numbers and email address of prospects.

•Ø      And the last thing... your song and dance. Don't forget your story and your personality when you go for your interview.

BEATING THE BUSHES, YOU NEVER KNOW WHAT WILL JUMP OUT

To be successful especially in a slow market you have to be willing to beat every bush and eventually something will jump out.

What does beating the bushes mean? It means staying in the game or being in the game.

Ask yourself are you in the game or are you on the sidelines watching the game. Do you think you have to stay on the bench until your phone rings to be called into the game?

You Have To Make a Decision To Be in the Game.

There have been many times I have asked fellow agents how's it going and you get a negative answer, then I ask what have you been doing and the answer is nothing.

We try to do something every day to be in the game or beat the bushes.

Here are some of the things we do to beat the bushes, everything counts for today or tomorrow's business.

•1)      Hand out your card, make a call or send out a card to a past or present client or even someone you don't know.

Clean up your desk or clean up your files, you may find a note or jog a memory of a past client or lead you never got around to following up.

•2)      Go over your open house visitors list you may have missed someone. What's that you don't do open house? If you have nothing to do, DO IT. It gives you opportunity to talk to neighbors.

•3)      Drop a friend or family member a note.

•4)      Are you Up on the market and the inventory? Go visit listing to preview homes and prepare for a future buyer.

•5)      Meet up with other agents and exchange ideas, Don't go into negatives. BRAIN STORM.

•6)      Go to lunch with a lender, title officer or businessman. Pick their brain for ideas. See what they have to offer for marketing.

•7)      How about new markets? Visit new home communities 1 or 2 a week to get familiar with inventory and sales agents, you never know what you run into at these communities. Create a relationship with the salesman so they will call you when a good deals come up. (. I picked up a buyer/seller at one of these visits)

•8)      Here in Las Vegas Hi-Rise living is on the rise ( I know). We really didn't take the time to get familiar with those projects because we didn't have clients looking for that. But now that it is slow we visit one or two a week. Now I can talk about them and try to do some marketing towards that type of buyer.

•9)      Visit a garage sale, ask if they are moving.

•10)   Ask kids in the neighborhood if they know if anyone is moving, they know a lot.

•11)  Read a book or a magazine on business or marketing or search the web for ideas. I like Fortune Small Business put out by American Express.

•12)  Write or design a marketing piece regardless if it will ever be used.

•13)  Pick up a pie or muffins and stop by an old client's home.

•14)  Design a flier for an open house, just pick a listing and do it.

•15)  Review your listing presentation. You need to be telling a story about the seller's house and the market.

•16)  Send a letter to an expired listing.

•17)  Obtain from your title co a mailing list of your target subdivision. Study the list and take note where the owners live? Are they owner occupied?  If their mailing address is not in that subdivision there must be a renter there, knock on their door. Mail out a flier to that farm with neighborhood stats.

•18)  Carry around a binder of current listings ( they don't have to be yours).  Sit in a busy café at lunch and flip through the listings slowly (picture,pictures,pictures). You may catch someone's attention. Wear your name tag. Leave your card on the table when you leave.

•19)  Keep track who you talk to. We keep a seller/buyer profile on each person, a 1 page form.  Although we do have them on computer, I like to flip through those pages when things are slow it will motivate me to make a call or send an email. I can do this while sitting on an open house. We have gotten listing from neighbors because they see how many open house we do.

•20)  Design a sales piece marketing you. Do it over several weeks and keep changing it until it's what you want.

Put picture, bio, what makes you special. Who you work with and why you work with them. (lenders, title co ect.). Explain the advantages and why they should work with you.

•21)  KNOCK ON A DOOR.

•22)   Attend a CE class

•23)  Try to network with businessmen

•24)  Try to mix with tourist who may be thinking of making a move.

•25)  Hang out at the office.

•26)  Write a blog like I did today to help gather your thoughts.

•27)  DO SOMETHING!

Please feel free to add to the list it will be helpful to all.

Now we're off to go beat a bush!

RALPH

Looking at JUNK may be worth a commission

Taking a an hour or so going to garage sales may not be so bad. My wife and I will sometimes stop at garage sales on our way to do an open house. We will  introduce ourselves and give them a card and a granola bar, look at their stuff and sometime find something we can't live without and get around to asking if they are planning to sell soon.

A couple of weekends ago we did that and got a response... "if I can find the right house I'll sell"  DING,DING DING.

We wrote an all cash offer today.

114 It's Time For Rain

With a high of 114 today, I'm not sure today is a good day for a Open House.

7-7-7 is suppose to be lucky so do we do the open house or go to the casino?

Suzy and I try to do at least 1 open house per weekend and lately we have reaped a couple of buyers that we are presently working with.

I'm thinking new prospects may be to hot to trot today and we may be sitting watching the ice in the cooler melt.

That might interesting, I could take pictures at 10 minute intervals of the ice melting for a post.

We could also ask the neighbors for ice cubes, this will give us the opportunity to meet them and maybe feel sorry for us and give us the listing to their home.

I think the heat is getting to me, turn the fan up and give some more ideas  good or bad at least it will get my mind off the heat.  MAKE IT RAIN!