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Short Sales Are Paying Off!

I have been reading post after post on the frustration of short sales! And yes I agree they are not easy and very frustrating at times! Here in beautiful Cape Coral, Florida we have literally thousands of homes listed as short sales! We have found that patience is the key and if your buyer is willing to wait it will pay off!

Within the last week we have been able to close on 3 short sales for our buyers! The average time from making the offer to closing was 3 months! If you really think about it that is not bad at all! And we received our standard commission! Short sales are a necessary evil in today's marketplace and the key to success is working with agents who are good at what they do!

So if you are currently working with short sales and getting frustrated hang in there. Work them and be patient and you to will reap the rewards! Stay positive and in time we will return to better days, but now is your opportunity to rise above the crowd and show that you are a true professional!

If you or anyone you know are looking for a "deal off a lifetime" in Southwest Florida, let me know and I will be happy to spend the time and the energy that it takes to get exactly what you or they are looking for!

Mike Kelly, Broker/Owner, Sellstate Advantage Realty, Cape Coral, Florida 239-549-9200

Find out why they say:

"It doesn't cost anymore to hire the best!"

Posted by Mike Kelly on 06/03/2008 04:27 PM

Comments (18)

cape coral, short sales, sellstate advantage, sw florida, real estate, southwest florida, ft myers, mike kelly

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This post has been included in Florida Real Estate News Lee County, FL Real Estate News Cape Coral, FL Real Estate News
Post is included in group: Fort Myers Real Estate
Post is included in group: Realtors®
Post is included in group: Agents who want REFERRALS!
Post is included in group: Florida Snowbird Central
Post is included in group: Florida's Gulf Coast

18 Comments on Short Sales Are Paying Off!

JUN

2008

Mike- Jake Forbes needs your help. He just wrote a blog about a short sale he is having a problem resolving.

Veronica

JUN

2008

Wow, you are the expert! You have made the best of a very difficult time in Florida. Great job!

JUN

2008

Mike I noticed your post and just finished a 2-day course on Distressed Property and Short Sales that I really did not want to attend but as it was in my office how could I not. I highly recommend it and so have a number of other top producers in my office as well as in other companies. These guys were phenomenal. It was one of the best courses I have taken. Check out their website and if anyone you know is interested in learning more and becoming an expert, Alex and Cadey Charfen are excellent. They offer a certification that is about to be endorsed by Star Power and I am sure will become one of the premier certification courses for short sales/distressed properties in the U.S. They are on Active Rain acharfen is their user name and their website is www.1cdpe.com. Well worth it and I hate all -day seminars and spending money on seminars.

Mike, Thanks for the info! I will check it out!

Mike: CONGRATULATIONS on your success with short sales. Many Realtors don't understand the process and get frustrated to easy. I'm negotiating one right now and the buyer agent is getting upset because this Realtor wants to put in the language that if it is not closed by a certain date that the buyer has the option on the time line of the extention. ( Which right now this Realtor is giving less than 45 days ) Now you and I know this is only a pipe dream in most cased.

I have a feeling this may not be a great question- please bare with me- Do they ever consider open predication offers? Thanks in advance for being patient & not condescending with your answer.

Amy, I am not sure exactly what you are asking, but we have short sales with offers over asking prices, 50% of asking price or lower and at the asking price. There is no rhyme or reason for what we see. All offers are sent to the lender and I am sure they consider all offers. I recently heard of one home that sold for 55% of what was owed! I hope I have answerd your question! Have a great day!!

Mike Kelly

I friend of mine became aware of a potential foreclosure. She contacted the owner. The owner agreed on an amount that worked for both parties. Her home is currently listed and is getting a great response. I think it would be worth submitting an offer including an open predication upon the sale of her home. She was advised that it wouldn't even be worth submitting an offer with a predication. It seems like every situation is different.

Amy, I guess we use different terminology! If you are talking about submitting the offer with a contingency for her selling her home, your friend is right, they will not even look at it! If you have any chance of getting your offer accepted, it must be clean!! Have a great day!

Thank you- I am hopeful she gets an offer this weekend!

JUL

2008

Mike

Empricaly short sales do not a work. a few random deals get done. The clients on average pay a higher price per SQFT for a short sale than an REO.

I don't have any personal experience with short sales but I would say if you did three you were very lucky as well as good.

Congrats on your recent success Mike. It definetly takes an agent to let their buyers know that short sales don't happen over night.

I thought the only things paying off were short pants in 105 degree weather on the sandy beach, Mike. Glad there's a windfall for you. Good post.

AUG

2008

REALTORS - Here is some good news for you!!! We have an awesome program in place for the Realtors that are out in the field working hard everyday to make a living and there are no costs invloved for you or the homeowners, we have taken the sting out of your Short Sale Deal Processing. You bring us the listing and we do all of the processing for your plus we Guarantee a definite no bars held (3%) Commission for just being the Agent and it doesn't stop there we also Guarantee and Additional (3%) Commission for bringing the End-Buyer to the closing table as well. Zachary (6%) Commisssion is Guaranteed. Our turn around time for our Short Sales are (35 - 50)Days depending upon the Bank/Lender.

THE STATES LISTED BELOW---WE DO NOT PROCESS SHORT SALES:

Alabama
Colorado
Idaho
Indiana
Kansas
Kentucky
Maine
Michigan
Minnesota
Missouri
North Dakota
New Mexico
Oregon
Rhode Island
South Dakota
Tennessee
Vermont
Wisconsin
Wyoming

REALTORS - all other STATES WE DO PROCESS Short Sales!!!

I hope this information is helpful for you and that it will benefit you greatly because we do all the work for you and you go out & get the listings because (1) Short Sale per month can bring an extra $100,000 + Per Year!!! You can contact me direct @ 1-888-474-6781 Ext. 137.

AUG

2008

Wow, some real mis information here. First off, the lenders will look at a short sale with a contingency, second, the pricing of the property should be simple: Price at or slightly below the market in your area. Third, the comment on how you get a better deal on an REO is way off base. A short sale will get a higher discount because the lender has not had to spend the money on legal fees, lost interest, marketing and holding costs, etc. REO's are for amature investors unless the property has been on their book for a very long time, then they will liquidate it. By then, the property has deteriated and the investor has to factor in rehab costs. For investors, I average a 47% discount when buying a short sale, and I average 20 closed per month.

Mike, good job on closing your short sales in 90 days. That is a really good average, even for an experienced short sale expert.

http://activerain.com/blogs/short_sale_expert

I have been trying to get REO's for ever now. Ever one that I seem to have registered for ( I have registered for too many of them ) asks for money or looks fake. Any suggestions? I am parked here for comments.

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Mike Kelly

Cape Coral, FL

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Sellstate Advantage Realty

Address: 703 Cape Coral Parkway West, Cape Coral, Fl, 33914

Office Phone: (239) 549-9200

Cell Phone: (239) 470-9111

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