Can I Have the "Flight Plan" to do a Short Sale?

Reblogger Bryant Tutas
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

 

Hi folks. My partner Wendy posted this article yesterday explaining how there is not one "Flight Plan" when it comes to Short Sales. Each transaction is different with it's on set of challenges.

Wendy and I are hoping that our new Short Sale Agent Training class launching in a few weeks will help agents have a safe landing when working Short Sales.

The destination? A successful closing

 

Original content by Wendy Rulnick

Short sale training

 

 

The other day an agent asked if she could have my “flight plan” to do a short sale. Per Wikipedia, a flight plan is a pilot’s outline of how he will get to his destination, including departure and arrival points, estimated time, alternate airports in case of bad weather, type of flight, etc.  This agent was sure I had such a document for short sales.  She had never had a short sale listing before, and was looking for a checklist.

Well, guess what? There is no “flight plan” that fits every short sale.  Sure, I can tell you the basic steps, but the number of variables would throw that plan off in a heartbeat. You might be trying for Wyoming, but end up in Oregon!  Here are some examples:

1.   The Seller – Every seller’s situation is different.  Bankruptcy? Multiple liens? No hardship? Your approach will change for each circumstance.

2.   The Contract – What is  the  best way to write one to get approval?

3.   The Package – Many short sale lenders have their own forms and different requirements.  Do you know what they are?

4.   The HUD -   Each lender or mortgage type has unique stipulations as to what will be approved on the settlement statement. 

5.    The Lenders – What will the senior lien pay the junior lien, and what will the junior lien accept?

6.    Other Liens – How do you handle tax liens, judgments and association liens?

7.    Cash Contributions and Promissory Notes – When do they come into play?

8.    The Deficiency Judgment– Do you know what it is and if your seller can avoid it?

These are just a few examples of the variables involved in getting a short sale approved.  There are hundreds more.  So what do you do, if you’ve never done a short sale before?    One place to start is  www.ShortSaleSuperstars.com – you’ll find over 5000 agents sharing information about daily short sale situations, problem solving, tips and tricks.

And  for some SERIOUS SHORT SALE TRAINING – watch for the upcoming short sale webinar from me and Broker Bryant.  We'll  be covering not only basics, but in-depth negotiating skills, deal-saving strategies and special short sale situations.  So be your own pilot to short sale success, and learn, know and grow!

Wendy Rulnick and Bryant Tutas
www.ShortSaleSuperStars.com

Copyright © 2011 REGrow, LLC | All Rights Reserved 

                                                                                                  Facebook WendyRulnick   Wendy Rulnick Twitter  Wendy Rulnick Blog Feed

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
Real Estate Rookie
Tags:
short sale agent training

Spam prevention
Show All Comments
Rainmaker
2,447,751
Sally K. & David L. Hanson
Keller Williams 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce - Short Sale

 There sure can be stormy weather while navigating the journey to a successful closing....and in this arena...there is no such thing as toooo much information ... !

Jan 17, 2011 11:33 PM #1
Ambassador
1,037,621
Andrea Swiedler
Coldwell Banker Residential Brokerage - New Milford, CT
Realtor, Southern Litchfield County CT

So much to learn, so little time.

You and Wendy are amazing, you know? Not only do you both work your buns off for your clients but you make all the info available to us. You get a gold star, both of you...

Jan 17, 2011 11:43 PM #2
Rainmaker
2,339,332
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

 

"There is no “flight plan” that fits every short sale."

I agree.  They each have their own unique twists and turns.  Being able to recognize them as they occur and having the ability to apply corrective action makes all the difference in the world.  

Our Short Sale List to Close ratio - 95%+

The average Short Sale List to Close ratio in our market - 44%

 

Jan 18, 2011 02:27 AM #3
Rainmaker
914,326
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

No doubt. Every short sale can be different.  The basics of them are typically the same though. Good questions though.  I've seen a few agents do FAQ pages on their website or blog to help customers out.

Jan 18, 2011 03:49 AM #4
Rainmaker
228,771
Coldwell Banker Camelot Realty
Coldwell Banker Camelot Realty - Mount Dora, FL
Homes for Sale Mount Dora Realtor

BB,

Thanks for the training information on Short Sales.

 

I'll be checking into it.

Jan 18, 2011 04:13 AM #5
Rainmaker
287,448
Barb Van Stensel
Chicago, IL

Every last one of these short sales has a different route.  This is why I appreciate you and Wendy so much for setting up Short Sale Super Stars.  It has been a wealth of information and training.  Thank you.

Jan 18, 2011 06:10 AM #6
Rainmaker
354,121
Damon Gettier
Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert - Roanoke, VA
Broker/Owner ABRM, GRI, CDPE

Bryant, I thought Wendy did a great job on this blog!

Jan 18, 2011 06:59 AM #7
Ambassador
2,204,210
Judi K Barrett
Judi Barrett~Integrity Real Estate Services~Idabel, Oklahoma - Idabel, OK
BA, Integrity Real Estate Services -IDABEL OK

Thank you for re-blogging Wendy's post. She really did spell out major things that need to be taken into account and that can sure cause a fork in the road... err.. I mean a variance in the flight plan. :)

Jan 20, 2011 11:51 AM #8
Rainmaker
231,636
Samantha Smith
214.422.0729 www.SamIAmHouses.com - Rowlett, TX
Sam I Am, d+b Real Estate, Lake Ray Hubbard Realto

Great to know & look out for ... I'll be keeping my eye out for the more indepth training!

Jan 22, 2011 06:06 AM #9
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,135,756

Bryant Tutas

Selling Florida one home at a time
Ask me a question
*
*
*
*
Spam prevention