What questions would you ask a Panel of Short Sale Experts? The Victorville Association of Realtors presents a panel of experts. Two of them will Be Vanessa Liddell and myself Cathy Meyers. Vanessa is a highly talented Trainer and Coach in real estate and in particular Short Sales. I met Vanessa at a High Desert Master Mind meeting several months ago. I love Vanessa's by-line "What you know about short sales---isn't enough." I am very flattered they asked me to participate in the short sale panel.
Now there are several ways to approach the issues of a short sale. You can look at it from the Buyer's point of view. Make an offer and hope for the best. It is not an easy process helping a buyer purchase a short sale property. Knowing what questions to ask the listing agent makes a big difference. Here in the high desert about 6% of the sales are short sales (I am using stats taken from Market Condition report provided by Escrow Junction) & that part of the market is growing. So learning more about the process is time well spent.
Another way to look at the short sale is the Seller's side of the story. They need someone on their side to help with the hardship, run the numbers, & consider the pro's and con's of a short sale over all the other things that an Owner could do to remedy their current financial challenge.
Also, and be clear on this, no giving of tax or legal advise. However, as a professional you do need raise the questions about Tax issues, deficiency issues, forgiveness possibilities, & other legal issues, such as selling the property to a relative or renting the property back if an investor decides to purchase the property.
Then There is the bank's way of looking at the short sale. Do the numbers make sense. What is the loss severity. What is the inventory? What is the value of the house?
Then there are the government programs. HAFA/Making Home Affordable, HUD Counselors, HARP and others.
So what are some of the tools I like to use when working on short sales? I've taken many trainings but my favorite is NLP - Neuro Linguistic Programing.
This helps me see from the other person's model of the world. I use "Rapport" when talking with clients matching and mirroring there modalities (think of modalities as the picture on a tv screen- do you like black and white or color do you like high definition or will trinitron color do you just fine. And what about that sound? Raspy or smooth and clear) I love to listen to where people are and then speak to from a perspective of the world they understand. These skills are helpful, not only with clients & other agents, but when negotiating with the various lenders on behalf of my sellers.
I have been using NLP for over 4 years in my real estate career. I am trained and coached by Tad & Adrianna James, Michael Stevenson (Transform Destiny), Gerry Hughes (Neuro-Linguistic Learning Center), Wayne Topping (Wellness Kinesiology - a different field but very relevant), Val Rensink my partner, and Joe Stump (By Referral Only) (Joe uses a lot of NLP via the training of Jamie Smart an NLPer from Britain). All of these individuals are trainers and or coaches in NLP, Hypnosis, and TIME Techniques.
So when it comes to Real Estate you need to know the basics. When it comes to Short Sales you are taking real estate and putting it on steroids. You need all the tools and they need to be sharpened. So one of the ways I keep myself sharp is by being aware of people's model of the world, their use of predicates, their use of certain phrases.
Thanks for reading and remember you create your own personal reality.
Cathy Meyers
PS So what would I say to a panel? It would be something worded in a manner that would invite them in and gain Rapport with the audience.
PSS If you would like to know more about NLP please look up my book (co-author) on Amazon "UnStuck, The Owner's Manual for Success."
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