Hi folks. OK so Wendy and me are now "Official Short Sale Instructors." Even though we are instructing we are also learning. We are learning how to work together and how to market our new business. With any new business venture one of the first things you want to define is your "Unique Value Proposition".
Your Unique Value Proposition is:
Clearly identifying how your products and services are different from your competition.
Basically, you have to know what sets you apart from your competition. Whether you are selling houses, Webinars or widgets, if you don't have something unique to sell, you will struggle. You will get lost in the mix of ordinary.
And.....it's NOT necessarily the product that has to be unique. It could be the marketing (Think Geico). It could be the delivery (NetFlix). Or, of course, it could very well the product (Swiss Army Knife) .
Whatever business you are in you MUST be able to answer the question......
"Why should your ideal customer purchase from you rather than from anybody else?"
On our quest to answer this question, Wendy and I keep getting back to this answer....
"We are both full-time, working Brokers who list and sell short sales, all day, every day."
So what is YOUR Unique Value Proposition? Do you know?
WHAT OUR STUDENTS ARE SAYING
"I’ve completed lots of training but feel yours was most valuable in your method of approach and delivery. The dialogue made it feel like I was in an actual brick and mortar classroom with real live scenario." Wendy Weber, Realtor, Scottsdale, AZ
"Your webinar was very impressive and informative. I feel that it didn't come across as a lecture, but good and clear conversation. The short sale is a very complex process, but you have made it much clearer and there was a lot of useful information." Richard Barton Real Estate Investor
"I am really glad you guys are doing this, I was looking for a class taught by practicing real estate brokers." Jana Hristova
"I enjoyed the SS session 1 yesterday and look forward to the next 4. After Wendy’s comment about the lame duck DOD HAP program yesterday I decided to blast my Congressman and 2 Senators an email blasting DODs inaction as a Citizen, Veteran and Realtor serving military clients." Don Duft, REALTOR®
"I just wanted to thank you again and let you know that you and Wendy did a fabulous job! I’m really looking forward to the next one." Debe Maxwell, Realtor®/Broker
I LOVE Debe Maxwell. OK I promise I did not pay her to write this post. In fact, I had completely missed it until today. Better late than never!!! That applies to Short Sale Basics too. You can join in at anytime. The entire 5 part series is being recorded on MP3.
No matter when you show up you'll be on time. If High School would have worked like that I may have stayed!!
If you want to register just send Wendy or me an email at ShortSalebasics@Gmail.com or click on the registration button in my side bar.
Active Rain Family Does it Again--This Time It's Short Sales!
I had the honor of participating in the first of a five-part series on Short Sales with Bryant Tutus & Wendy Rulnick and the class was absolutelywonderful! As you all know, I've been very fortunate to live in an area that did not have the 'bubble' to burst but, the national economy has slowly but, surely 'trickled down' to Charlotte! We had never even heard of short sales in 2007 and now, we are seeing them--and we need HELP!
Bryant (aka BB--TLW's 'other-half'!) and Wendy, fellow Active Rain members, have offered a five-part "Short Sale Basics" course via webinar at a very affordable price. They have both been participating in short sales for manyyears and together, share a wealth of knowledge that they're freely sharing with us! Okay, it's not really 'free!'
After some guidance with my first few short sales from TLW, I realized that anything and everything that I could get my hands on that related to short sales was of utmost importance for my very-near-future--and my clients. With the wave of short sales hitting our area now, it has become increasingly stressful to watch agents who don't have a CLUE, list short sales and then have them turn into nightmares--not only for the sellers but, the buyers who are patiently waiting lender approval--that never seems to come to fruition.
I would just like to thank Broker Bryant & Wendy for so generously sharing their knowledge and helping those of us who do want to become perficient in this process, succeed--and, of course, TLW for getting me started until class was in 'session!' You guys are awesome!
A few of the short sale terms that we touched upon during the first session.
Hi folks. This post is a follow up to my recent post My Buyer only wants one house. Why make 14 offers? If you haven’t read that one….I’ll give you a brief synopsis. It’s about making offers on multiple properties even though my Buyers intent is to only purchase one of them.
I’m writing this post for clarity. I want to clarify what I’m doing and I need clarity on a few of the comments that were left.
First, a few people mentioned that they MUST have an escrow deposit in hand prior to submitting a purchase offer. If this is a law……….show it to me. I don’t believe it.
Secondly, I had two agents from Georgia comment about what their purchase contracts state about disclosure.
One said:
"In GA we actually have something in our contracts specifically for this. A checkbox in which the buyer must disclose whether this is their only offer or if they have others in the hopper simultaneously."
The other wrote this:
"Actually, here in GA the Purchase Offer has a box to check for the buyer to either have or not have the right to enter into a contract on another property."
One’s talking about offers the other is talking about contracts. Which is it? I would be SHOCKED if there were a State law in any State that stated a Buyer had to disclose if they were making offers on more than one property. If there is……show it to me. I don’t believe it.
OK….I’m not trying to be a dick....I just want clarity. These things are important. Sometimes things we think are illegal or unethical are not. If I’m wrong..... I want to be corrected. It’s how I learn.
Now let me clarify a couple of things.
I only use this tactic on REO properties.
I only use this tactic when working with experienced Investors with cash.
My Buyers do not back out of contracts. They do however withdraw offers.
There is no chance in heck of a Bank signing off on an offer without coming back with a stack of addendums.
Offers are presented with escrow deposit being deposited within 24 hours of acceptance.
My Buyers are making very strong, over list price, cash offers with the intent of purchasing the property.
If the offer is accepted in a timely fashion my Buyers will go under contract.
I think that’s it. Maybe when Wendy and I get finished with “Short Sale Basics” we’ll jump over to “Dealing With Buyers in a REO Market”. What do you think?
Hi folks. Did you know I have been giving away free information on Active Rain for three years? Just about everything I know about Real Estate I have shared and have never asked for anything in return. Today, is going to be different.
Starting Saturday June 27th at 11:00am Wendy Rulnick and I, Broker Bryant, will be launching “Short Sale Basics”. This will be a 5 part, very comprehensive, course on Short Sales.
If you are not familiar with Wendy check out her blog here. Wendy is the Broker/owner of Rulnick Realty in Destin Florida and…..
“Wendy Rulnick, is a Florida Realtor and Broker, and has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy was featured in Kiplinger Personal Finance Magazine as a short sale specialist.”
Wendy and I will be your instructors. Our goal is to help as many REALTORS® as we can become better at handling Short Sales. By empowering you we can do our small part to help Mr and Mrs Homeowner get through these difficult times. Together we CAN make a difference.
Short Sale Basics is being presented as a Webinar. Each class will be 60-90 minutes long. As students you will be able to call in by phone or listen in on the Internet. We will take questions in advance of each class and will try to answer as many as we can during the session.
These sessions are NOT for trying to sell you a product. Instead these are training classes. If you attend all 5 classes you will have the knowledge and confidence needed to succeed at Short Sales. You will be in a position to help folks and make a good income while doing so. We want you to succeed and we'll be there to help you in any way we can.
Wendy and I will both be available during and after the course to answer any questions you may have as you start working with Short Sales.
Here’s the class schedule and curriculum:
June 27th Session 1: Short Sale Basics
What is a Short sale
How does it affect the Seller
Why would the Lender consider a Short Sale
What role does the REALTOR® play
July 11th Session 2: Taking the Listing
How to qualify the Seller
Questions to ask
Documents needed
Disclosures and addenda to the listing contract
July 18th Session 3: Placing the property on the market
Proper pricing
Price reduction strategy
Marketing
Seller disclosures
July 25th Session 4: Selling the property
Qualifying the Buyer
Negotiating the contract
Knowing what the lender will accept
Time frames
August 1st Session 5: Presenting the Short Sale to the Lender
Preparing the package
Making your case
Follow up
Negotiating the payoff
Folks as you can see we have a lot of information to cover. There will be course materials sent to you in advance of each session.
OK since I already mentioned this is not free…you’re probably wondering how much it is?
The cost is $27 per session or you can purchase the series for $97. All sessions will be recorded and given to you as a MP3 file so you can go back and listen at your leisure. AND....you will get a membership for our Short Sale Networking site.
The course is guaranteed. If for any reason you feel you didn’t get your money's worth just let us know and we will give you a full refund. All we ask is that you are honest with us and yourself. Let us know where we let you down so we can improve.
Wendy and I are just like you, we both work Real Estate full time. We both handle our own Short Sales from beginning to end. Wendy has tons of experience and is a wealth of information. My job will be to get this information from her and present it to you in a no nonsense style so we can all learn together.
Short Sales are going to be around for years to come. If you are not interested in listing them that’s OK. You may still be selling some on the Buyer side. This course will give you the knowledge needed to assist your Buyer in choosing the right property. Knowledge is power.
I can already see I’m going to need to write a few more posts about this. This one is waaaay too long.
So.....are you ready? All you have to do to register is send us an email at shortsalebasics@gmail.com Let us know what sessions you want to attend. We’ll then send you the instructions on how to pay and where to “go” for the class. We have room for 250 people. Who wants to be first?
Making offers on Multiple properties. Do your Buyers do it? Mine do. And here’s why.
In the Central Florida market right now REOs (bank owned properties) make up a HUGE percentage of the saleable inventory of homes. Most sell very quickly, for higher than listing price and with multiple offers.
This can be very frustrating for Buyers and their agents. It seems like every time you make an offer on a REO property it is either pending or a bidding war is going on. So what do you do?
What I do is have my Buyers make offers on numerous properties at the same time. We don’t even look at them. If a good property comes on the market I send an offer for my Buyer to sign and then we forward it right on to the REO agent. We want to get into the game.
Last week I presented 14 offers for one Buyer alone!!! My Buyer’s intent of course was to only purchase one property. Luckily we received acceptances on 2 of the 14. My Buyer was so excited he changed his mind and decided to buy both!! You just have to love it when that happens.
It happened to me this week too. So….submitting multiple offers turns out to be a very good thing. The Buyers are not only getting the property they want but they also getting a second one as a bonus!!
Now listing agents are probably not thrilled about this as we end up withdrawing a lot of offers. I had a conversation with one of the REO agents last week who asked me if the Buyer had seen the property. My answer was “no”. He seemed to be a little perturbed and actually said I couldn’t do that. Said I was “playing dirty”.
Now folks…..I don’t think I have ever seen a law that stated a Buyer needed to see a property in order to make an offer on it. Have you?
We look at the property between the time the offer is verbally accepted and the time the bank sends us over the final addendums. As you know, if you sell a lot of REOs, this could be a day or 2 weeks. Whatever it is it’s plenty of time to pop over and check out the property.
I’ve been primarily a Listing Broker my entire career. I think I’m getting pretty good at this Buyer stuff though. Am I playing dirty or am I just doing the best I can for my Buyers? What say you?
A few weeks ago my life started to change. I was asked to step outside my boundaries and outside of my comfort zone. What happened? I “met” Bryant Tutas- otherwise known as "Broker Bryant" on Activerain. You may have heard of him- he’s one of the best-known real estate bloggers around. His writing is insightful, direct, witty and often very funny. He’s got quite a following.
Anyway, in the past several months I started to notice Broker Bryant’s comments on my blog posts and others.I noticed we were “simpatico”, of like-mind, on many topics, notably short sales. We exchanged a few emails, and a couple of months ago, Bryant asked me if I was interested in doing a joint venture. Among other things, he wanted to know if I would do a live webinar with him about short sales.
Well, ignorant me, I did not even know what a webinar was! I had to look it up. If you don’t know– a webinar is an “online live educational presentation”. Bryant and I would teach real estate agents about short sales. That idea scared the heck out of me, but how could I say “no”? I love short sales! I love discussing them, analyzing them, doing them and answering questions about them. I welcome calls from agents in my area or around the country looking for information or direction on short sales. I love helping the consumer with short sales. And that is what I do all day. So does Bryant.
But what would we have to offer that would be different? There are a lot of “classes” about short sales.The difference here is that we are both practicing real estate agents who spend 90% of our time listing and selling short sales. And we do them from beginning to end. Bryant and I do all our own negotiating, we don’t refer out to a law firm, title agency, assistant or loss mitigation company.(Not that there is anything wrong with that). We are the ones on the telephone on hold with the negotiators- every day, getting sales closed. We think that our practical experience with the day-to-day workings of short sales can benefit others. We want to share what we've learned in a forum to provide concrete knowledge.
Enough about that. I am still nervous. We’ve never done this before- although Bryant has appeared on other webinars. So forgive us in advance if we goof up a little, or pause or stutter (especially me). What you will get, I promise, if you sign up for our webinar- is practical, usable, comprehensive information on short sales.
The first session of our five-part series is Saturday, June 27 at 11:00 a.m. Eastern. Join us.
Hi folks. On Saturday I participated in a Webinar hosted by Jennifer Alan. I thought it went very well. If you attended I hope you feel the same. Anyway, there was one more question that Jennifer wanted me to answer. Since I didn’t do it on the Webinar I’ll do it here.
"What's the best advice you can give to a brand new agent...?"
Hmmmmm……let me see……uhhhh……. Nope. I got nothin’ for ya. I’ve been stumped!!!
OK…..not really. I DO have something for ya. In fact, I have a bunch of somethings for ya.
Brokers are obligated by law to train and supervise their agents. This is not a choice, this is law. At a minimum, new and old agents should be able to properly complete a legible and binding purchase contract and listing agreement. They should be able to prepare an accurate Market Analysis and be able to justify market value to their Sellers and Buyers. They should know when to provide the proper Agency Disclosure.
New agents should be able to intelligently discuss financing, appraisals, inspections, repairs and the closing process. These things need to be taught and learned prior to conducting the services of Real Estate. It is the Broker’s responsibility to make sure all Realtors are receiving this very minimum amount of training prior to holding themselves out to the public as being a professional capable of handling their Real Estate transaction. To be any less qualified than this is probably illegal and definitely unethical.
To be an experienced agent comes later. This is learned by trial and error. Learning how to handle closing issues, negotiating techniques, people skills, preparing marketing plans, having a feel for a deal, being able to confidently counsel your customer/clients and many other skills that can only come from being involved in transactions. Hopefully, the more deals you do the more experienced you will become. One thing for sure about this business is you will never know it all.
My advice to new agents is to take as many training classes as you can. Learn the basic skills required to conduct your business. Read everything you can related to Real Estate. Find a Mentor. Hook up with a great mortgage Broker. Take the GRI classes. Take a seasoned REALTOR(R) with you on your first listing or buyer appointment. Have your Broker review all your contracts prior to presenting them. Read and understand the purchase contact including the standards. Practice preparing a Market Analysis before your first listing.
And most important find a Brokerage that offers training. You can always switch to a higher commission split office later once you know what you are doing. Treat this business as a profession and dedicate your time to learning and you will find this a very rewarding business to be in.
And because I'm a nice guy......I'll get you started.
Hi folks. A few months ago I had Sellers call me who had just received notice that their property was being sold at auction in 10 days. Of course they wanted to know if I could help. As the good little Broker that I am I said “Maybe”. I asked a few qualifying questions and found out the property was:
Purchased as a “flip” that flopped.
They had a first Mortgage with 1st Horizon and a 2nd with Etrade.
The mortgage balances totaled roughly $220,000 and the property was worth about $60,000.
The Sellers had recently divorced.
One was in California and the other was in China.
The biggest obstacle of course was the auction date barreling down on us. Both Sellers would have to get me their financial information very quickly AND we would need to find a Buyer…… yesterday.
So my question is……..would you take this listing?
***In order to be successful with Short Sales you have to be able to pick and choose who to work with. You have to make sure the Sellers qualify and you have to make sure they are motivated. Want to learn more?
How many of you have visited blog sites where there was NO indication that the writer was a REALTOR®? Well I have seen many. In fact if I didn't know better I would think the authors of some of these sites were puppets, dogs, cats, fruits, vegetables and an assortment of other non-human "thingies".
If you are a REALTOR® you have a Code of Ethics that you must abide by. Here are a few applicable codes for you:
Article 12
REALTORS® shall be careful at all times to present a true picture in their advertising and representations to the public. REALTORS® shall also ensure that their professional status (e.g., broker, appraiser, property manager, etc.) or status as REALTORS® is clearly identifiable in any such advertising. (Amended 1/93)
Standard of Practice 12-5
REALTORS® shall not advertise nor permit any person employed by or affiliated with them to advertise listed property in any medium (e.g., electronically, print, radio, television, etc.) without disclosing the name of that REALTOR®'s firm in a reasonable and readily apparent manner. (Adopted 11/86, Amended 1/07)
Standard of Practice 12-9
REALTOR® firm websites shall disclose the firm's name and state(s) of licensure in a reasonable and readily apparent manner.
Websites of REALTORS® and non-member licensees affiliated with a REALTOR® firm shall disclose the firm's name and that REALTOR®'s or non-member licensee's state(s) of licensure in a reasonable and readily apparent manner. (Adopted 1/07)
So my question is, if you were a Broker would you let your agents blog and if you did, how would you monitor their activity?
***Image is the property of ROAR!! Productions. Touch it and..................BAM!!
I knew there was a reason I teamed up with Wendy for our upcoming "Short Sale Basics" webinar series. She's sooooooo much smarter than I am. Check it out.
In Destin, Florida, and around the country, as time goes by with short sales, a new problem is growing-- unpaid condo association dues. I currently have two short sales pending with with over $20,000 in unpaid association dues. Short sale mortgage holders are growing weary of paying these huge back-fees to facilitate a short sale. Sure, I've had $10,000 or $12,000 paid to satisfy associations in short sales before. But the longer the short sale or bank action takes, the more the dues will start piling up. Now I have Bank of America balking at paying the association dues on a $300,000 Destin short sale. They want my seller, with no income at all, to pay a promissory note of $40,000 or cash at closing of $20,000, because of the $20,000 past due amount. How am I tackling this problem?
Brainstorming solutions is one of my favorite parts of negotiations. Here is what I found:
The liability of a first mortgagee or its successor or assignees who acquire title to a unit by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due prior to the mortgagee's acquisition of title is limited to the lesser of:
1. The unit's unpaid common expenses and regular periodic assessments which accrued or came due during the 6 months immediately preceding the acquisition of titleand for which payment in full has not been received by the association; or
2. One percent of the original mortgage debt. The provisions of this paragraph apply only if the first mortgagee joined the association as a defendant in the foreclosure action. Joinder of the association is not required if, on the date the complaint is filed, the association was dissolved or did not maintain an office or agent for service of process at a location which was known to or reasonably discoverable by the mortgagee.
In my case, there are about two years past due in condo fees. I have asked the association to agree to a compromise to accomodate the short sale. Basically, if the condo goes to foreclosure, they will only be paid 6 months dues by the senior lienholder.
If they could reduce the balance owed in any amount to allow the short sale to occur, then the association will gain by:
1. Immediate income to fund a project already in financial need
2. More than the minimal 6 months past due that a foreclosure action will pay them - at some later date
3. A new owner who will certainly be paying his dues on an ongoing basis, providing immediate cash flow
By agreeing to a lesser amount to allow the short sale, that does not mean the association will not pursue the homeowner separately for the balance owed. But a compromise can allow the short sale process to take place,both benefitting the condo project's financial position, and helping the homeowner solve his dilemma.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Call Wendy Rulnick, Destin real estate agent,to list and sell your home or condo or help you buy a home or rental property 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.
This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Hi folks. OK so 
Posted by 
Hi folks. This post is a follow up to my recent post 
Hi folks. Did you know I have been giving away free information on Active Rain for three years? Just about everything I know about Real Estate I have shared and have never asked for anything in return. Today, is going to be different.
Wendy and I will be your instructors. Our goal is to help as many REALTORS® as we can become better at handling Short Sales. By empowering you we can do our small part to help Mr and Mrs Homeowner get through these difficult times. Together we CAN make a difference. 
Making offers on Multiple properties. Do your Buyers do it? Mine do. And here’s why.
Hi folks. On Saturday I participated in a Webinar hosted by 
How many of you have visited blog sites where there was NO indication that the writer was a REALTOR®? Well I have seen many. In fact if I didn't know better I would think the authors of some of these sites were puppets, dogs, cats, fruits, vegetables and an assortment of other non-human "thingies".
;)
;)
