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THE SHORT SALE EXPERT

By
Real Estate Agent with Coldwell Banker Residential

As I write the title of this post I chuckle...

"THE SHORT SALE EXPERT"

I am not actually a short sale expert. 

Not even close.  But I will be soon...

It's a rapidly growing portion of my business.

It seems like every home I show these days is a short sale.

I had a listing appointment tonight.  Another short sale.

I expected my business to be nice homes for nice people....

Now, every home is "lender approval required." 

I guess I better roll with the punches...

And become a short sale expert.

Ken

A Realtor you can trust.

 

Comments (21)

Renee L. Norton
Birmingham, AL

Good luck.  I am learning a much as I can in this area.  Was unsuccessful at one attempt...the lender/owner never reviewed the packet submitted despite my daily calls.  The house went to auction and later sold for about $30K less than the purchaser who made the offer on the short sale was willing to pay.

Dec 30, 2008 03:04 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Unfortunately, all of us are becoming short sale experts.... including our clients.  They are certainly a pain in the *?!!!**??

Dec 30, 2008 03:24 PM
Nannette Turner
eXp Realty LLC - Lynchburg, VA
Online Marketing Home Ownership Advocate Specialis

I've not had the opportunity to do one yet.  We have some but it is not that popular here not as many forclosures in my market but that is one of the goals this year to get some more education in that area.  I am so happy to see your success!

Dec 30, 2008 09:40 PM
Harold "Hal" Place
A1 Connection Realty, Inc. - Sun City Center, FL

Morning Ken,

Short sales are a growing part of the business. We all need to bone up on what it takes to bring these transactions to a close. Hopefully the bank representatives will begin to process their end in a more timely manner.

Dec 30, 2008 10:35 PM
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Good morning Sir,

It looks like short sales will be a new niche market for REALTORS(r).

Have a Happy, Healthy and Prosperous New Year.

Dec 30, 2008 10:47 PM
Anne Hensel
South Beaches Real Estate Professionals - Saint Petersburg, FL
Realtor - Broker - St. Pete Beach, Treasure Island

1/3 of all the "under contract" listings in Pinellas county are short sales. Not that every 3 house is a short sale but trust me we have more than enough

Dec 30, 2008 11:26 PM
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Ken...

I try to avoid them at all costs, there's just too much stress involved! Happy new Year!

Dec 30, 2008 11:27 PM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

This market is forcing even those that hate em, to get to know them intimately if they're gonna survive.

Dec 31, 2008 12:04 AM
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate

Thankfully we have not been hit as hard as a lot of places, but we do have a number of short sales and foreclosures on the market. As for me, I don't mind showing them, but I try my very best not to list them.

Dec 31, 2008 01:31 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Ken,

Good luck in your new niche market.  Most agents I know who went this route started with a full head of hair.

Dec 31, 2008 01:37 AM
Ken Tracy
Coldwell Banker Residential - Naperville, IL
Helping clients buy and sell since 2005

Hi Richard, JL, Larry, Richard, Ann, Don, Hal, Nannette, Joan, Renee, and Huiting.

Thanks for reading.

It was good reading the comments.  Sounds like we are all in the same boat.

A growing business segment for most.  And a pain in the ^%$^#.

Hopefully, they will get easier the more we do.

And the stress won't chase away my hair!:)

Thanks again everyone,

Ken

Dec 31, 2008 04:34 AM
Ron Tarvin
Residential, Investment properties, rehab projects, property management, luxury homes, new construction! - Katy, TX
Broker, Katy, Houston, Cypress 77450,77494,77095

I would advise anyone doing a short sale for the first (or maybe even second time) to GET HELP!  You can not have a family pin their hopes on one agent's success while they try to figure out the SHORT SALE process.  It's difficult and demanding and MANY agents are not up to the task to handle SHORT SALES! PERIOD.  Many good agents can not handle them...it truly is a learned SPECIALTY.  So I would advice STRONGLY: BE GOOD AT IT OR GET LOTS OF HELP FROM SOMEONE WHO IS! 

Good job and good luck Ken. 

Dec 31, 2008 09:04 AM
David Timm
Coldwell Banker Residential Brokerage - Fort Collins, CO
CRS, EcoBroker, GRI, ABR

If you find a good training source please pass it on.  Two of my office mates have a couple opportunities rolling but it seems like the rules change every day.

Peace

Dec 31, 2008 09:06 AM
Ken Tracy
Coldwell Banker Residential - Naperville, IL
Helping clients buy and sell since 2005

Hi David and Ron.  Thanks for stopping by.

Learning every day.  Getting better and better.

Happy New Years, Guys.

Ken

Jan 01, 2009 04:08 AM
BRENDA ROGERS
KELLER WILLIAMS REALTY - DPR - Plano, TX
Experience You Can Trust

Hi, There in Naperville, IL.  I'm down here in Texas and have successfully sold around 40 short sale properties  for the last 3 years.  I am a veteran! AND I AM HERE TO OFFER ADVICE!!  I teach classes to my franchise of Coldwell Banker.  We are Coldwell Banker Apex, Realtors located in the Dallas, Tx area with 9 offices.  As a veteran, I know how hard it can be to work with agents who find themselves in this foreign area of residential real estate so I have made it a mission to offer any and all advice I can to those who seek it.   Check out my blog on Active Rain.  Also, my website has a great deal of information, as well.  http://www.brogershomes.com   Just click on the button that says "MISSION POSSIBLE"

Happy New Year everyone and I wish you great success in the world of SHORT SALES!!

p.s. I have family up there in your neck of the woods in Joliet and Champaign!

Jan 01, 2009 04:20 AM
Ken Tracy
Coldwell Banker Residential - Naperville, IL
Helping clients buy and sell since 2005

Hi Brenda. Thanks for stopping by.

I went to University of Illinois in Champaign!

Have a great 2009.

Ken

Jan 02, 2009 05:36 AM
Steve Shatsky
Dallas, TX

Hi Ken... I do not bill myself as a Short Sale Expert... merely a Short Sale Specialist... but any help or guidance I can provide is yours for the asking!   

Jan 02, 2009 08:02 AM
Michael Brenner
Keller Williams - Winter Haven, FL

Right you are Ken!

Here go to this site below and knock it out of the park!

Chris McLaughlin is the Owner Principal, for Keller Williams Winter Haven, Tampa, and Lakeland offices, he Co - developed this system.

As a fellow KW Realtor I highly recommend this system. It teaches you how to get investors to buy and sell Short Sales fast. 

You can get them to buy a house through this complete legal and ethical process approved by Real Estate Attorney's! 

http://www.shortsalesriches.com/cmd.php?af=894587 

According to this system you can have a buyer with a 400 credit score a $400 net worth, and still buy them a home and turn them into a qualified investor.  

http://www.shortsalesriches.com/cmd.php?af=894587 


Michael Brenner
Realtor: Keller Williams
www.movingcentralfl.com 

 

Jan 02, 2009 09:17 AM
Ken Tracy
Coldwell Banker Residential - Naperville, IL
Helping clients buy and sell since 2005

Hi Michael and Steve.  Thanks for reading.

Steve, I originally mentioned you in this post.  The line did not make the final cut!:)

Michael, seems like a good resource.

Thanks again guys,

Ken

Jan 02, 2009 09:46 AM
Michael Brenner
Keller Williams - Winter Haven, FL

Hey Ken,

The Best resource! Be the best at it in your area. It is 30 days free trial, Chris made the comment one time that someone returned it without looking at the content and he was disappointed because all they cared about was getting a refund, and he said he would have given the refund he just wished that the person at least looked at it so they gained some free knowledge. Chris cared more about the fact that the person did not even attempt to take advantage of 30 days of free education. 

http://www.shortsalesriches.com/cmd.php?af=894587 

If you are not doing this you will be behind the others, Only about 3% of Realtors have ever heard of doing these Sales and you have to get in the game now. You will not regret it.

Michael Brenner

Jan 03, 2009 12:22 AM