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FLORIDA SHORT SALE SUCCESS REQUIRES LISTING AGENTS WITH EXPERIENCE AND DEDICATION.

FLORIDA SHORT SALE SUCCESS REQUIRE LISTING AGENTS WITH EXPERIENCE AND DEDICATION.

A TESTIMONIAL FOR KATERINA and NESTOR GASSET of International Properties and Investments, Inc. in Wellington, Florida.

The first time I read in one of Katerina's posts wherein she stated that she and Nestor have a 100% successful track record closing their short sale listings, all I could say was WOW! To say that I was impressed would be an understatement. I know how difficult short sales can be for sellers, buyers, listing agents and buyers agents. I also know that, when compared with the complexity and degree of difficulty involved in listing short sales, a Buyers Broker's job is far easier.

Our job, as a Buyers Broker, may be complicated with new and different procedures for each listing, each approving lender(s), each property, etc. However, it's a piece of cake when compared with the complexity of the listing side of short sale transactions.

GO WITH EXPERIENCE! I am a firm believer in the value of experience, particularly for financial advice, products or services.

If a home buyer is in need of short sale real estate brokerage services, they should be seeking the services of a broker with successful short sale experience.

If a real estate agent or broker is in need of referring a home owner/seller in need of short sale services, it makes sense to make the referral to an experienced broker with successful short sale experience.

Last October 2008, I received a request for information about short sales. However, the property happened to be in Florida. So, I did what I always do when in need of help with any real estate matter in Florida, I contacted Bryant Tutas of Tutas Towne Realty, Inc. I refer all matters involving Florida real estate to Bryant Tutas. If it's a buyer, Bryant will either help the buyer himself or, if the buyer is not in his area or for some reason he can't help the buyer himself, Bryant will contact an agent who can.

When I contacted Bryant about the short sale prospect, he immediately contacted Katerina Gasset who is in the geographical area of the property. Katerina took over, listed the property, worked through a myriad of problems and finally, last week closed the sale.

I LOVE FEEDBACK. I got better and more frequent feedback from Bryant and Katerina about a referral about 1000 miles away than I often get from agents 10 miles away. I love feedback. Bryant kept me posted and Katerina would call when things looked like they might not work out.

THERE WERE A FEW PROBLEMS:

Ball 1. The property was listed for about $270,000. No problem getting a contract with the seller. The bank turned it down.
Ball 2. Cash buyer made offer of $235,000. Bank countered to $260,000. Buyer walked.

OVER THE MONTHS, THINGS BECAME A TAD TEDIOUS.

Strike 1. Tenant refused lockbox, access and made it generally difficult to show.
Strike 2. Owner tried to cancel listing and wouldn't communicate with broker.

NOT OUT YET!

The property went under contract in July and the tenant moved out in August. It appeared from the feedback that Katerina got tough with the owner who got tough with the tenant.

Over the period of the past 11 months, when the property would go under contract, Katerina or Bryant would call me with an update. Of course, they also called when a contract would fall apart.

The property finally closed for $235,000, the same price the bank rejected months ago.

I WROTE THIS RE REFERRAL OFF ABOUT 5 MONTHS AGO. I underestimated the tenacity of Katerina and Nester. They are a powerful, experienced, hard working team who know short sale processes as well as anyone in their market. Of course Bryant Tutas is in the same league which is why this referral had a successful outcome.

LAST WEEK, I got e-mail from Bryant that the property closed and the check was on the way.

THE MESSAGE IS, when making buyer or seller referrals, go with experience and folks who will keep you in the loop. You just might be getting a referral check in the mail.

THIS ONE IS LIKE FOUND MONEY CASH CASH

MAP OF FLORIDA

Map State of Florida

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

Posted by Lenn Harley, Real Estate Broker, Maryland & Virginia on 09/08/2009 01:35 PM

Comments (60)

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60 Comments on FLORIDA SHORT SALE SUCCESS REQUIRES LISTING AGENTS WITH EXPERIENCE AND DEDICATION.

SEP

What a nice post. It's so good to hear someone praising another agent and how the deal all worked out. I am subsribed to the Katerina Gasset and Bryant Tutas blogs also. They seem to really know their stuff.

Linda. Indeed they do. I have nothing but praise for each.

This is a great story, Lenn. Great lesson here about cooperation even across multiple states. Kudos all around.

Beautiful post on how professional Katerina and Bryant are.

Now send some my way, lovely lady........

Marcy. Thanks. It's a great story indeed. Success.

Thanks. Missy. I surely would.

Lenn - This is as good as it gets. However, there are agents who are the least concerned when it comes to communication with the agent who referred out - sometimes being ridiculed as micro-manager when asking for updates. What do you expect from agents handling your sellers and buyers?

Petra. Thanks.

It depends. I have some agents here to whom I've referred many buyers over the years. Many of them were in my brokerage before getting their own broker's license. I trust them completely and I don't concern myself about feedback. We're talking regularly anyway and if they have a question or problem, they call me and we talk.

For agent to whom I refer less often, I would greatly appreciate feedback from time to time, like once a month or so. I don't think that's unreasonable. However, with many, my referrals just go in a black hole until it works or not. I don't have the time or inclination to follow up on a regular basis. I rely on the referral agents.

Bottom line is that if I have a good referral, and I do daily, agents who communicate with me get the best referrals if they are available.

Lenn Persistence pays dividends both large and small, and patience is not just a suggestion it's a requirement. My short sales have averaged 90 days...but there are an equal amount that closed in 60 days as those that took 120+/- days...The 4-5 month sales still cause way too much disruption and stress in the lives of the parties involved. I take my hat off to your Florida experts for sticking with the deals.

Great success story :) I haven't been on in awhile - love your new pic :)

Steve. Patience is the #1 requirement for our buyers. New MD processes is going to make it a lot harder for them to walk.

Susan. Nice to hear from you. Thanks.

Lenn: How powerful a testimony can be. . I have know of them for a long time but from this time onwards, they have my admiration and my attention to find out how I can give the same level of service to my clients and/or referral partners.

Thank you Lenn

Fernando. Indeed. These guys are pros and they get the job done.

Lenn,

Powerful story and testimony to the tenacity of a great team! You were the smart one for sending the referral their way and now get to spend the benefit!

Dorie. Indeed. I was amazed at the thoroughness and expertise of this sale. Katerina and Nester know their stuff.

Hi Lenn!

What a great way to give some love to people who deserve it. Nestor and Katerina are definitely pros, and to have a 100% success rate with banks, is quite frankly, Phenomenal. I'm glad it worked out for you and your client, but that was a given knowing who you referred them to. :)

-Lisa

Lisa. Indeed. They did a spectacular job.

Short sales are so tough. Just when you think things are going smoothly, they change and then vice-versa. It's great to know that there are those out there who are also fighting hard to get them closed!

Always good to know pro's. Out here about 90% of the agents who are not 'REO Specialists' are now billing themselves as 'Short Sale Specialists' and they're doing it on a wing and a prayer. Doesn't help the sellers, not good for buyers and the 'specialists' don't get paychecks either. Buyers agents avoid SS like the plague - which only leads to more foreclosures. Too bad.

Emily. indeed. I've never seen an agent hang in with a sale this way.

Wait. Yes I have. I had the VA Compromise settlement from Hell once. The closing alone took 6 weeks.

We just closed a short sale that took 9 months too. It can be done, but it does try your patience.

Gene. I am of the opinion that the banks have conspired to cause buyers to avoid short sales.

Great post Lenn!! Of course I could be a little bit biased :) The kudos of course go to Katerina and Nestor for hanging in there and getting a difficult deal done. My part was easy.

It does show the power of AR though. The lead went from MD to Poinciana to Wellington. The check goes in reverse :)

Bryant. That is a very good perspective.

I can remember how I once struggled for referral resources BAR (Before ActiveRain).

With ActiveRain, I have valuable knowledge of the capabilities of some very good referral resources.

Thanks again.

Way to go Katerina and Nestor! I, too, had a short sale referral from Active Rain which closed successfully. The seller was a dear. The referring agent too. The bank was horrible and it took them 5 months to accept an excellent offer. But 100% success rate is truly impressive.

Maggie. Thanks for stopping by. Katerina and Nestor are indeed pros.

Lenn,

No wonder things ultimately worked out since you referred this short sale to two heavy hitters over in Florida. It also shows how AR network combines its talents to help out customers across the land.

Lenn - You've quoted the key to success in real estate (and anything) "Tenacity". Kudos to Katerina and Bryant. It's great to be associated with these FINE people!

I could not agree with you more.

The susses of the short sale lies heavily on the listing Broker's shoulders and experience is a must.

Lenn - Great success story. I love it when a plan comes together. Sounds like the referral side of the transaction had multiple recipients. Can I ask how that worked?

Must have been a tough one. If they are good enough for you, then they are on my list. Nuff said. It's not as easy as many think to find a REALLY good out of state referral partner. Talk is cheap...

Short sales are no picnic. Kudos to Katerina & Nestor. As busy as they are they still have time to help AR neophytes like me.

Lenn - What a powerful testimony to Bryant, Katerina and Nestor. You picked the cream of the crop with that referral. Active Rain is THE place for our referral sources. Congratulations all the way around!!!

Lenn

I'm in full agreement.

Good lucka and success.

Lou Ludwig

Lenn, what a fabulous story to hear and it doesn't suprise me one ounce in Katerina and Nestor's never give up attitude to get their Short Sale closed. They keep going and going until they get a "yes"! It's good of your to share their story.

Short sales in Florida are sadly, a regular occurence. I short sold my property from list to close within 30 days, which is hard for many people to believe. I knew what to do, which was the key. I am heart broken that there are so many in Florida who have lost millions. Let's hope we can bring the Sunshine state back to it's prominence in the era of many hoping to retire.

Lenn, that does sound like a great transaction and a wonderful congratualtory blog to agents who know what they're doing. Can you send some referrals to ME(tro) Portland :-)

I love this: "I got better and more frequent feedback from Bryant and Katerina about a referral about 1000 miles away than I often get from agents 10 miles away."

LOL -- I know what you mean.

Lenn, the caliber of real estate agents, including Bryant, Katerina, Nestor and yourself, is unlike any group I have ever been involved with. You guys and Active Rain are the BOMB!

Sharon

Lenn, great post! It is nice to know that there are agents available to refer to who will work for the client.

Thanks Lenn, I really appreciate your words of wisdom. They can be helpful when deals are not going great.

Great Post, Lenn. Valuable lessons for us all. Thanks for sharing the story.

Just from reading their posts, I would absolutely agree and it's even nicer to hear about actual results. Their knowledge and experience speaks for itself.

SEP

It's great to know that you were able to send it to tenacious people like Katerina, Nestor and BB. It's no surprise to me that they pulled it off.

Lenn.. you are so dead on when you say, wow.... I have been able to witness this first hand, twice, with 2 of their clients. 2 clients that Katerina and Nestor referred to me, that were short sales. Especially in the 2nd deal, I could see how much work went into this and how much Nestor had to be on top of this to make sure that it would close and close in a timely manor.

Overall, I loved the feedback and communication that you mentioned of. It's great when something like this works thousands of miles away, yet it seems more difficult when very local. As you stated, go with experience. The only problem is that you sometimes don't know if someone is lying about there experience. Just my one problem with reading some blogs...

jeff belonger

Love hearing success stories. Also love hearing good feedback about other agents. Also love knowing that whenever one is in need, someone from Active Rain can help. What a fantastic network we have.

Thanks for sharing.

Lenn,

Wow, that's quite a story. Usually when there is a problem with the Seller, it is end of story. I just lost a deal (working with a buyer) when the Seller stopped communicating with the listing agent. Had 2 deals with the same Listing agent, and both failed.

Great story

Lynn:

The success in Florida is not surprising.

Your super post....not just collecting your referral dollars quietly...shows you are the class act, too.

LENN- I just love happy endings! Great Job by Katerina and Nestor! BB -isn't it great when they make it to the finish line? A win/win for everyone!

Esko. Indeed. I can usually find a good referral agent on ActiveRain. Usually, not always. No doubt there are some good members who have not blogged or commented very much and I just don't know them. Mmmmmm.

Wendy, Yes, tenacity, skill and professionalism.

Patty. Agreed. Experience is the key for me.

Kent. I don't understand the question.

Frank and Jodi. It was a tough one and for that we need tough agents.

David. What's the old saying? If you want something done, go to the busy person.

Donna. Thanks. The credit goes to all.

Lou. Thanks. Same to you.

Lynn. I've figured out how and why they are so successful. I plan to write about that shortly.

Michelle. The Florida story is a sad one. This one has a happy ending for the agents and buyer and their lender. However it's another statistic for the sad state of Florida real estate.

Carla. Feedback is important if folks want to keep referrals coming.

Sharon. Thanks. I appreciate the thought.

Damon. You bet. These folks in Florida are sterling.

James. Thanks.

Bryan. My pleasure.

Chris. You bet. I believe that successful transactions beget more successful transaction. These things don't happen by accident.

Christine. No surprise indeed. Experience counts.

Jeff. I don't make referrals to agents whose experience I can't vet. Of course, if it's an ActiveRain member and I've been reading their blog, I know quality when I read it.

Pacita. Indeed. The best of the best are right here at our fingertips.

Jon. Name a problem and this transaction had it. Perhaps you need a new listing referral.

Jim. How sweet. Thanks.

Allison. Indeed. I recall a successful referral when you were the agent too.

It is always beautiful when you are able to find a trusted pro. It can make all the difference in the world!

Lenn,

This is Win-Win to the nth power! Three great agents working in sync, happy sellers, happy bank, happy buyers.

It's great to feature people with a tenacity that is so Yogi Berra like, "it aint over til it's over". We have a 95% success rate. Why not 100%. A warning. bankruptcy attorneys know next to nothing about the difference between that and a foreclosure. We had one ready to close in a week until the owner said that her attorney had her file Chapter 7 and thank for your four months hard work, As we say in Oklahoma, "that was a horse that can't be rode"

Lenn - I just was wondering, wouldn't you and Bryant be in Katerina and Nestor's referral stream?

Great story, I love happy endings!

Short sales are tough - no doubt - and clearly when referring these leads you must have experienced agents to handle them or they will fall apart.

That's great that you took the time to put together this testimonial. I don't know Bryant or Nestor personally but I read their blogs all the time and feel like I know them. I can tell they know what they're doing when it comes to most, if not all, facets of real estate. Likewise, your experience shows through from the articles I read as well. They should be very proud the hard work they did to for this testimonial.

Bill. Indeed. ActiveRain is THE resource for trusted pros.

Irene. Yes. It's great when a plan comes together.

Joe. You bring up a very important. Attorneys are fine. I love mine. But, when it comes to real estate brokerage, an experienced real estate broker is the best place to start.

Kent. No idea. For one thing, few are coming to my area. However, many are going to Florida. I don't really look for referrals. I make them. I rarely take them.

Dan. I make a lot of referrals and I start with "experienced needed".

David. Goodness. When a short sale closes after 11 month, a testimonial is in order.

Lenn, being on AR is like "found money." The stories and testimonials are inspiring. And the tutorials stagger the mind. Every time I consider paying BIG money to attend a national conference, or even a State conference, I think about whether I can get the same information here on AR. Most times I can. If my potential buyers from Florida are serious about getting their property sold, I definitely know who to call.

Sherry. After 11 months of hard work, this fee will definately be "found money".

Lenn- After we spoke on the phone and right before you wrote this post- I fell to a high fever, sore throat and ear ache like you would not believe! By the time I got home from a dr appt ( that had nothing to do with the fever) I dropped into bed and slept until today! Today I had to do my SEO webinar so I was not on AR until now.

Thank you so much for this wonderful testimonial and we are certainly going to use it for our prospects:)

Bryant was great- even when it was finally over- he even said- are you sure there is enough money there after all your time and work to pay me a referral fee. Nestor is a man of his word and when he agreed to the referral it does not matter if we lose money or not, it matters that Bryant gets his check.

And I must say that Bryant and I could not have done this deal without Nestor's help and with Milet's help. Milet went above and beyond what one could ever expect with a tenant from haides and Nestor's communication skills with the negotiators are above high quality- no bias intended!

I will tell everyone here that this one was a lot harder and tougher than a post could ever explain! Lenn's post could have been pages long but she was able to take all that and break it down to some simple points. Katerina

SEP

Katerina. Thanks. We all know that you and Nester run a very professional shop.

We also know that you work very hard and know your business. The real key to success for the consumers.

SEP

I always read about you and experience, so I'm wondering how your agents get their experience? Working for someone else and then you hire them away? That's one way to do it, I guess.

I think it's just as important that one know where to go to get the answers one needs. I've met many an experienced agent who doesn't have a clue. I suspect it's because he has so much experience that he figures there's no need to keep up with changes.

Under your experience mantra, there is no need for any broker to hire new agents without any experience. Where would that leave the industry once the old fogies die off?

Jim Frimmer. You assume a lot and are wrong on all counts.

Experience comes from transactions. You appear to equate a completed real estate transaction as similar to something as simple minded as ringing up a book sale.

New agents learn the same way, one transaction at a time, with the institutional knowledge and experience of a their broker.

Folks who have no respect for experience will simply fail to learn from their own or others.

When we bring on an agent from another company, they have to be retrained before they have the understanding and benefit of our experience.

Old fogies who die off will be replace with other successful experienced old fogies.

I've been in this business for a very long time and I know enough to know that I learn something with every single transaction and the transactions of the agents and brokers in my network. The value of experience cannot be denigrated except by those who think that selling a house is like ringing up a cash register.

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