Peggy's Blog

Door Knocking for Short Sales

The Santmyer Team — Sat, 28 Nov 2009 09:22:12 -0600

So Basic, so True.

Via Jacob Swodeck (www.PartnerFirst.org):

In the past (late 1990's), door knocking on properties in default was a staple for any blue collar realtor working the pre-foreclosure sector. We had a whole army assembled and equipt with data, scripts, knowledge of available options, compassion, and savvy. You never know when you're going to get a cigarette flicked in your eye (it has happened) but you did it anyway. Evenings and weekends were prime time and you expected to put in some work in order to continue your success. At one time, we had over 200 listings with over 90% being short sales. Many were obtained as a result of door knocking N.O.D.'s.

As a national short sale trainer and a top active agent, I find much less door knocking being done as a major part of realtors' business plan. However, it never ceases to amaze me how many times the top short sale agents in the respective towns I visit are "door knockers". I always ask, "so, how did you get so many listings? What's the key to your success?" I sit back and either expect them to say that they door knock or spend major dollars with direct mail campaigns.

One weird fact is that it seems there is a stigma attached to "door knocking" as well. People who door knock or who refer to others who door knock tend to consider it "old school". Almost like it is something only people with no other marketing options do. That couldn't be farther from the truth.

At the doors is where real estate business thrives. Real people with real problems are out there. Carefully constructed scripts and conversations along with a healthy knowledge of the subject matter can breed fantasctic results. There is no short cut to success in real estate in this downturn. Homeowners are desperate for knowledgable Realtors who will put the needs of their prospects first and help them find the most favorable solution to their real estate crisis.

Below, I have laid the groundwork for the mind-set for the 4 levels of door knocking your prospects:

1. Pre-foreclosure profiling - Homeowners who obtained risky loans during the span of 2004-2007

*Soft passive "Trusted Advisor" approach, informing homeowners in the area about foreclosure relief options in case they know someone who may need more info (wink wink)

2. 30-60 day late on mortgage payment (credit lead)

* Soft semi-passive "Trusted Advisor" approach, in the area sharing current info on foreclosure relief options, laws are changing, stay informed, someone you know may need our help (wink wink), asking them if they have any questions about loan modification, short sales or any other relief options, positioning yourself as THE source for this info.

3. N.O.D. has recently been filed / recorded

* A little more forthright, confirming an N.O.D. has been filed. Asking them if they have a "bullet proof" solution they are working on, offering a short sale as a plan "B", having conversation, not being pushy, talking about timelines and ramifications if their plan possibly fails

4. N.O.T.S. has been filed / recorded

* Strong yet very polite, confirming N.O.T.S. has been set, making sure they understand what that means, politely probing their current status (many will be attempting to modify their loan), offering a plan "B" to increase their chances of avoiding forclosure, it helps to have a very good understanding of the Making Home Affordable program (www.MakingHomeAffordable.gov), being persistant. This type of lead is not for a wimpy agent. Got to know your stuff and be strong.

Well, Ihope this post either confirms what you're doing (if you're a door knocker), or convicts you to get out there and help some people if you're not door knocking. There is plenty of business out there...and you're not going to get it just by being on facebook :)

Need help Taking Buyers from Contract to Closing??

The Santmyer Team — Thu, 12 Nov 2009 20:33:22 -0600

http://www.amazon.com/Taking-Buyers-Contracts-Closing-Education/dp/1449577814/ref=pd_rhf_p_t_2

New SFR Certification for REALTORS®

The Santmyer Team — Fri, 16 Oct 2009 12:12:00 -0500

Check out the new Short Sale Foreclosure class offered by the National Association of REALTORS® . Get it now and save $$.

http://www.facebook.com/album.php?aid=37723&id=1484378593&l=f9097ed010

"Give Us Your Commission or Else!"

The Santmyer Team — Fri, 25 Sep 2009 08:36:03 -0500

I wonder if the counselors at Hope Now could be of help in a situation like this? Both Fannie and Freddie have now told their servicers not to try to renegotiate the commission on short sales. It is actually contract interference. Be sure NAR knows about this example. They have a task force working on the problem. Well written blog.

Via Wendy Rulnick "Its Wendy!" Destin Real Estate -Florida (Rulnick Realty, Inc.):

The “gentleman” from GC Services, started out saintly and well-mannered. But by the time we were through, he had ordered me to “Acknowledge” him when he spoke and "give him my money". Here is my story.....

I received approval from Wells Fargo, the senior lien, for a Destin area short sale. The junior lien, Chase, is being handled by GC Services, a collection agency. On this particular loan type, Chase is required by the investor to outsource the short sale and collections.

The junior balance is $40,000. GC Services wants $13,000 to release its lien. I got them a whopping $10,000. $3,000 from Wells Fargo, $1,000 from the seller, and $6,000 from the buyer.

The “gentleman” from GC Services said that $10,000 was not enough. To make up the other $3000, he said I was to "take 2% of the 6% commission Wells Fargo was paying", and give that to him.

Not believing my ears, I told him I wasn’t “quite sure I understood" what he was saying. He then said I obviously did not understand HUD's, and that page two was to state 4% to me, and page one, 2% to them. I said simply,
“NO”.

The “gentleman” then stated that "if I refused, and the buyer made up the additional $3000, they would not issue an approval" unless my commission was cut to 4%. This is similar to putting your hand in someone's wallet and pulling out the money, while holding a gun to their head.

I called my seller. I told her I was sorry, but "the commission cut was not allowed by our listing addendum" and explained the strong arm tactic. She understood and agreed. The sale is off.

I refuse to be threatened and forced to "give" someone part of my paycheck. Would you?

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Destin FL Real Estate

www.ShortSaleSuperstars.com for agents

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

NEW NAR Short Sale Certification SFR

The Santmyer Team — Sun, 20 Sep 2009 10:31:33 -0500

Take advantage of the offer to earn the new certification before the end of the year and save the $175 application fee. Take the REBAC Short Sales and Foreclosure Class, be a member of NAR, take (3) free one hour webinars and submit your application. No annual fees. YEA Here is one opportunity http://www.facebook.com/group.php?gid=131767044862&ref=nf#/event.php?eid=135160339372

Hope to see you there.

Multiple Offers in Texas

The Santmyer Team — Mon, 06 Aug 2007 19:59:34 -0500

One of the real estate agents greatest challenges is handling multiple offers correctly. Texas real estate law says that the listing agent must present all offers. The seller gets to decide what to do. They may counter or accept the last offer and reject the others.

Professional courtesy dictates that the listing agent keep the other agents informed.

Both agents may talk with their client about the possibility of writing and negotiating a Back Up Contract. Win-Win for everybody!

More about Back Up Offers in the next edition

Peggy Santmyer