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Short Sale Basics, Session III--Just What I Needed Today!

By Debe Maxwell, CRS

Real Estate Agent with Savvy + Company (704) 491-3310 228209

July 18, 2009 04:20 PM

Short Sale Basics, Session III--Just What I Needed Today!

Our own Bryant Tutus (BB or Broker Bryant) & Wendy Rulnick just hosted their third, short sale webinar today and boy, was it a jam-packed lesson in short sales! The information gleaned from this series has just been incredible. I have taken courses on short sales and their presentation is just so much more informative and I have learned an enormous amount from them. In the beginning stages of a couple of short sales myself right now, I really needed the expert knowledge that Wendy & Bryant provided today!

Today's lesson was on pricing the short sale. Do you know HOW to price a short sale? What are the techniques used to evaluate the competition and the sold properties to place a fair market value on the home?

You'll want to consider:

Actives
Solds
Pendings

At what point do you do a price reduction? How much do you reduce the price and how often?

How do you market a short sale?

Are you in keeping with the Realtor® Code of Ethics? Are you:

Disclosing that this IS a short sale listing in MLS?
Sharing equally in the commission splits with the buyer's agents?
Submitting multiple offers or not?
Being honest with your peers (the buyer's agents) as to the length of time needed to Close on a short sale?
Qualifying the buyer before contract negotiations?

Do you have your buyers of short sales:

Perform inspections?
Have their lenders order the appraisals upon ratification of the Contract?

When IS the Contract ratified?

WHO is responsible for having the utilities on for inspections?

These and MANY other questions were answered in Part III of the Short Sale Basics course that Bryant & Wendy hosted today.

Short Sales

A few of the short sale terms that we touched upon during the third session.

Image above created by the Wordle.net web application are licensed under a Creative Commons Attribution 3.0 United States License.

Sorry but, if you'd like the answers, you'll have to sign up for the classes!! If you missed the first three, that's okay, they have them recorded and you can catch up so that you're prepared for the next one on Saturday (7/25)! The cost is MINIMAL (only $97)--and for the wealth of knowledge that you'll glean from these true, short sale experts, you can't beat this deal!

OH, and if you missed the surprise announcement--there's a new SHORT SALE SUPERSTARS website being unveiled on August 1! Stay tuned...

Thanks Bryant & Wendy--and, of course, TLW for giving me JUST what I needed today!

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Vickie McCartney

Maverick Realty - Owensboro, KY

Broker, Real Estate Agent Owensboro KY

Hi Debe~ I figured that their (Bryant and Wendy's) short sale class woud be wonderful! So nice of you to praise their efforts!

Jul 18, 2009 04:26 PM

Brian Brumpton

Keller Williams Boise - Boise, ID

Boise Idaho Real Estate

Sounds like a good class. They definitely know their stuff when it comes to short sales.

Jul 18, 2009 04:31 PM

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Hi Vickie! I can't tell you how wonderful it is to listen to these classes--together, they have a vast knowledge of the short sale market and process and are quite impressive. Their real-life stories are a lesson in and of, themselves!

Hi Brian! It really is and they both have had so much experience at it--and offer so many wonderful lessons in how to handle a vast number of situations that arise with short sales.

Debe in Charlotte

Jul 18, 2009 04:36 PM

Steve Shatsky

Dallas, TX

Hi Debe... I have read both Bryant's and Wendy's posts on AR and based on that alone I am certain that you are getting wonderful instruction/guidance on Short Sales... and at their introductory prices, a tremendous bargain!

Jul 18, 2009 06:52 PM

Toula Rosebrock

Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ

Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Debe:

Sounds like it was a great webinar.

Good topics for even the most experienced short sale agents also...

Jul 18, 2009 11:05 PM

Bryant Tutas

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

Selling Florida one home at a time

Awesome Debe! I really appreciate you sprerading the word about these webinars. AND.....I'm really happy they are helping you in your short sales. We need to hire you as are marketeer!!!!

Jul 18, 2009 11:55 PM

Barb Szabo, CRS

RE/MAX Above & Beyond - Cleveland, OH

E-pro Realtor, Cleveland Ohio Homes

Sound like it was jam packed with tips and well worth the time and money.

Jul 19, 2009 12:59 AM

"The Lovely Wife" The One And Only TLW.

President-Tutas Towne Realty, Inc. - Kissimmee, FL

Hi Debe...

I agree with my other half. We really should put you on the payroll :)

I was actually really impressed with the classs and you know me well enough to know that impressing me is not an easy thing to do :)

TLW...ROAR!

Jul 19, 2009 01:16 AM

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Steve: Really, can you believe the price?! And, the two of them offer so much experience that I feel they've collectively been through every possible scenario with short sales and know how to manage them with their eyes closed!!

Toula: We've been doing them with 'a little guidance from a friend' and this class has been MOST helpful to me so far! Once again, a reason to be thrilled about being on AR--I would have NEVER known about this fantastic webinar!!

Bryant: So, what is your pay scale?! I need to chat with you or TLW about the new site as well--I've got a proposition for you!!

Barb: Yes it was--both filled with information AND certainly worth the money spent! Just one of the documents that they shared was worth the 97 bucks!! LOL

TLW: Hey, how much and when do I start?!! LOL This one was just chock-full of factual information that really did answer a couple of issues that I'm going through right now--one being a buyer with an inexperienced short sale listing agent--I'm taking Bryant's advice and putting my buyers back in my car!

Have a great day...

Debe in Charlotte

Jul 19, 2009 03:50 AM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Nice job spotlighting BB and Wendy. They are doing quite a job with the short sale series.

Jul 19, 2009 04:15 AM

Wendy Rulnick

Rulnick Realty, Inc. - Destin, FL

"It's Wendy... It's Sold!"

Debe- Wow! I guess we really did cover a bunch of into yesterday. We could have gone on and on!Thank you for the wonderful write-up. I am so glad that you find our classes helpful!

Jul 19, 2009 05:07 AM

Thom Abbott

MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA

Midtown Atlanta GA Condos For Sale

Sounds like a great class, and one I need to look at. I've got a short sale listing I've had for 6 months, and have not been able to move it. However, EVERYTHING around it has sold...because they are foreclosures and the Buyers' know what they are getting into.

The lender has told us it will take 20-25 days to respond to an offer....who the heck wants to wait that long when they can move on something else?

But then, my Seller (who lives out of town now) does not seem to be to excited about doing anything on their part by pushing the lender to approve an amount they will accept. I know it would move then.

Does the class address these kinds of things? I must check into this.

Jul 19, 2009 06:04 AM

Lynn Pineda

eXp Realty - Boca Raton, FL

Real Estate Promises delivered in SE Florida

Debe, wow...it sounds like a great class...no suprise to me!

Jul 19, 2009 01:07 PM

Pat Whitehouse

RE/MAX 1st Olympic Lynchburg Va - Lynchburg, VA

Broker/Owner

Hi Debe-You are a special person my friend. Not only are you a hard worker and a superb realtor yourself but you highlight 2 other folks that are also great. I hope you have been doing well. Busy as always I know. I know the feeling. Have a super week. :-)

Jul 19, 2009 03:44 PM

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Hi Bill! Yes, they are! I'm SO glad that I signed up for this class--WELL worth the $$ !

Hi Wendy! Well-deserved! You two are just FULL of valuable information and I hope to, one day, be as knowledgable as you with these. Thanks again!

Hi Thom! You definitely need to sign up--you will learn when to press the bank, how to price it to sell and how long the approval process takes with certain banks. You'll be amazed at how well they pull everything together for you. SIGN UP! :-)

Hi Lynn, Me either! I'm so glad I signed up! Even after doing short sales, I feel that it really has helped me pull the process together and am SO glad that I am taking it.

Debe in Charlotte

Jul 19, 2009 03:44 PM

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

Hi Patty P! I so wish I had time to highlight SEVERAL other members but, time is constraining these days! I'm busy but, certainly NOT complaining!! Hope you had a great weekend and here's to a wonderful week for you...

Debe in Charlotte

Jul 19, 2009 03:48 PM