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Agents! A Short Sale Is Nothing New!

By Katerina Gasset

Real Estate Agent with The Gasset Group & Get It Done For Me Virtual Services 13253167-SA00

April 19, 2008 07:07 AM

Sometimes I just can not believe that there are some agents that have passed their Real Estate License test!

I just received a call today. The agent Googled 'Foreclosures' in our area and our blog and website came up first. I know she was calling from our Blog because she called on my cell phone and our website has our office number.

So this is how it goes:

Agent: I am calling about your foreclosures.

Me : How did you find out about about us?

Agent: I Googled Foreclosures in Wellington.

Me: We don't have any Foreclosures listed for sale but we do have short sales.

Agent: WHAT IS A SHORT SALE?

Well, of course I explain to her that a short sale is when the owner of the property has to sell his house for less than what he owes the bank.

But this is the BIG Question- how does a Real Estate Agent in the state of Florida NOT know what a short sale is? That is a part of our licensing course here.

I can understand that you don't know how to do a short sale or that you have never done a short sale but to not know even the definition just baffles me.

Short Sales are nothing new. They have been around as long as mortgages have been around. Back in the early 80's we did Short Sales. Short sales have been negotiated ever since I got licensed for the first time many moons ago.

BTW- When a property owner has to sell his property as a short sale he is not foreclosed on at this point. The owner is still the property owner and NOT the bank here in Florida. We are a deed state.

Even is she did not remember the term and the definition from class has she been living under a rock this past year? This is what many of our listings in our county are- SHORT SALES! Look it up!

I am always happy to help but I also have to make a living and it seems that as of late we are always on our phone explaining to agents how to write up an offer for a short sale for one of our listings! Where are the brokers? What are they doing? Hold a mandatory sales meeting and go over these terms and what they mean!

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida. We are accepting referrals.

Visit our profile to find out more about our services. Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.

To view all the Wellington Florida Luxury Homes For Sale Click here and then click on Search For Homes We know Palm Beach County and will help you get your home Sold if you need to Sell your home and help you buy your Wellington Home or Land ; call us today.

Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.

P.S. If you are listing your home as a short sale in Palm Beach County Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more about Palm Beach County Short Sales.

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Lindsey Hasford

Edina Realty - Elk River, MN

Bringing you home...

It kind of is crazy that an agent in our day in age doesn't know the terms and definitions... as both shorts and foreclosures are plentiful, but I suppose naiveness does happen!

Apr 19, 2008 07:09 AM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Lindsey- You can know what it is but not know how to do one, that is fine. But in real estate school all these terms are introduced and are on the exams.

Apr 19, 2008 07:12 AM

Frank Rubi

Frank Rubi Real Estate, LLC - Metairie, LA

FrankRubiRealEstate.com

Katerina, I am surprize but I'm not. Now bring that into my rant about not returning calls etc... It would fit. If these agents don't take the time to learn and understand our business they will not be here for long.

Apr 19, 2008 07:14 AM

Amie Varney

Prudential Verani Realty - Epping, NH

Wow! I can understand not knowing how the whole process works but to not even know what it is? How about inviting her to join Active Rain, she will sure get an education here since real estate class didn't really stick.

Apr 19, 2008 07:17 AM

Ron Parise

LocateHomes.com - Cape Coral, FL

While I agree that an agent in Florida that dosent know what a short sale is has probably been living under a rock for the last several years, but I dont think it was part of the pre license or post license courses I took 3 years ago. I just pulled out the text books we used in those classes, and short sale is not listed in the index or glossary of either book.

Apr 19, 2008 07:24 AM

Pam Joffe

Solaris Realty - Tampa, FL

I don't know how an agent can't know what a short sale is, with all the listings we have that are. Our board has been offering classes on them too.

Apr 19, 2008 07:33 AM

Mark Horan

Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL

"The Resident Chef" - Resident Team Realty LLC &

Nestor & Katerina-

Feature post!!!!!

Apr 19, 2008 07:34 AM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Frank- It really does not take much to stay on top of the market. I mean, it is obvious if you just look around.

Apr 19, 2008 07:51 AM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Mark- Thanks Mark!

Apr 19, 2008 07:54 AM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Amie-I agree, I should have thought of that!

Apr 19, 2008 07:55 AM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Pam- Yes, the boards have been offering classes. In order to be a good agent you must stay informed, know what you are talking about and continue to be educated.

Apr 19, 2008 07:57 AM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Ron- I took my license here in Florida in 1995 so I have not kept my books from then. I took my license test in California in 1981 or 1982. And I know my course in Washington state did not cover it. That was the easiest test I ever took. But the one in California was the toughest and my third deal in CA was a short sale. Nestor's first deal in Houston was a short sale. I will assume that you are right. But I do know we discussed it in our class and I do know that I knew what a short sale was before I became an agent, maybe I learned it from Robert Allen in his book, Nothing Down.:) Oh, well, thanks for checking.

Apr 19, 2008 08:02 AM

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Katerina, No excuse for an agent to not at least know what a short sale is. Especially in Florida. Heck you can't even look at the MLS without seeing a short sale. Keep preaching it.

Apr 19, 2008 10:12 AM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Bryant- Yep, you have to be not on this planet here in Florida if you have not seen or heard of a short sale. She was from down in an area close to us that is filled with short sales! P.S. I just gave you some link love.

Apr 19, 2008 10:14 AM

Cheryl Hale

SMP Mortgage, Inc - Plymouth, MI

Mortgage Loan Originator NMLS#276668

Katerina,

Great post as usual. As you know, I am now working in loss mitigation. Many short sales come across my desk. I am always pleased to work with a realtor who understands the process. It makes everything go much more smoothly. My company is one of the few that processes short sale offers very quickly. If I have a complete package, I can get a short sale approved within 2 weeks.

I am working on one now where the realtor is obviously new to the process..he sent me a purchase contract and then called back in a few days wanting to know if the offer was approved...I had to remind him that I had yet to receive the hardship letter and financial package from the seller...sheesh. Oh well, at least he knew what a short sale was LOL

Apr 19, 2008 06:04 PM

Julie McLaughlin

Staging Chico - Chico, CA

How do you get so many short sale listings? Are you connected to a certain bank? I've always been curiouse about that and would love to know more if you're willing to share :)

May 21, 2008 04:25 PM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Cheryl- I wish we could find some sellers who have loans with your company! We have broken the barriers at CW though and those are going much better. Too many agents just do not know what to do or how to do them.

May 21, 2008 04:57 PM

Katerina Gasset

The Gasset Group & Get It Done For Me Virtual Services - Provo, UT

Amplify Your Real Estate & Life Dreams!

Julie- We get 80% of our short sales from this Active Rain blog, about 2 to 3 listings per week. About 15% of our short sale listings come from our expired mailing program and 5% are referrals from sellers who are already going through the short sale process with us.

We are not connected with any bank. The banks do not promote short sales. On occasion a lender will tell a seller that perhaps they should do a short sale.

Short sales are not owned by the bank so a bank is not going to give you short sales. The property still belongs to the seller and the seller is going to choose their own agent to help them through the process or hire an attorney to do it for them. Katerina

May 21, 2008 05:01 PM

James Armstrong

Expert Real Estate Advisors - Mount Dora, FL

I handle everything from contract to closing

I have facilitated a few short sale and REO seminars for realtors who wanted to know more and learn how to do short sales. I agree with the original post, I have been in this business nearly 10 years now and have closed short sale transactions back in the 90's, this is nothing new.

If any agents are interested in learning more about short sales my title company may put on another short sale seminar in the near future if there is enough interest. Between myself, my business partner (who is a real estate attorney) and my underwriting council we put on a very informative and educational seminar that will help agents cut through some of the red tape and get their offers accepted and closed. Please feel free to contact me at james@mercurytitle.net if we can be of service to you.

Also agents, even though title companies by law cannot be involved with the negoiation of short sale transaction; we can help guide you along the way through the process and help you get the results you are seeking. Choosing the right title company to work with DOES make a BIG difference.

May 22, 2008 03:17 AM