FLORIDA SHORT SALE SUCCESS REQUIRES LISTING AGENTS WITH EXPERIENCE AND DEDICATION.
Thanks Lenn for the great testimonial! This short sale closing was quite the one from you know where. We never gave up. No matter how hard or tough it got, we hung in there. Lenn and I were ready to throw in the towel when Nestor said, hold on, let's just wait to see what happens. It is a much longer story than stated here on what went on behind the scenes.
The seller had a relative who decided when we received one of the low ball offers that if that buyer could buy the property this low, the sellers should just buy the note. I asked the seller ( after working on the file for nearly one year and going through offers with the lender that were turned down) how would we get paid? You see, when you buy the note there is no transfer of title, thus, no commission is earned. She then asked me what I was going to do to earn the money! I told her we do not work for free. She never did speak to me again after that.
It was only our daughter who is our listing manager and Nestor that saved this. Nestor said, just let time go by and see what the seller does with the next offer. The sellers stopped seeking for buying the note on their own and accepted the next offer which we got approved through two short sale lenders.
FLORIDA SHORT SALE SUCCESS REQUIRE LISTING AGENTS WITH EXPERIENCE AND DEDICATION.
A TESTIMONIAL FOR KATERINA and NESTOR GASSET of International Properties and Investments, Inc. in Wellington, Florida.
The first time I read in one of Katerina's posts wherein she stated that she and Nestor have a 100% successful track record closing their short sale listings, all I could say was WOW! To say that I was impressed would be an understatement. I know how difficult short sales can be for sellers, buyers, listing agents and buyers agents. I also know that, when compared with the complexity and degree of difficulty involved in listing short sales, a Buyers Broker's job is far easier.
Our job, as a Buyers Broker, may be complicated with new and different procedures for each listing, each approving lender(s), each property, etc. However, it's a piece of cake when compared with the complexity of the listing side of short sale transactions.
GO WITH EXPERIENCE! I am a firm believer in the value of experience, particularly for financial advice, products or services.
If a home buyer is in need of short sale real estate brokerage services, they should be seeking the services of a broker with successful short sale experience.
If a real estate agent or broker is in need of referring a home owner/seller in need of short sale services, it makes sense to make the referral to an experienced broker with successful short sale experience.
Last October 2008, I received a request for information about short sales. However, the property happened to be in Florida. So, I did what I always do when in need of help with any real estate matter in Florida, I contacted Bryant Tutas of Tutas Towne Realty, Inc. I refer all matters involving Florida real estate to Bryant Tutas. If it's a buyer, Bryant will either help the buyer himself or, if the buyer is not in his area or for some reason he can't help the buyer himself, Bryant will contact an agent who can.
When I contacted Bryant about the short sale prospect, he immediately contacted Katerina Gasset who is in the geographical area of the property. Katerina took over, listed the property, worked through a myriad of problems and finally, last week closed the sale.
I LOVE FEEDBACK. I got better and more frequent feedback from Bryant and Katerina about a referral about 1000 miles away than I often get from agents 10 miles away. I love feedback. Bryant kept me posted and Katerina would call when things looked like they might not work out.
THERE WERE A FEW PROBLEMS:
- Ball 1. The property was listed for about $270,000. No problem getting a contract with the seller. The bank turned it down.
- Ball 2. Cash buyer made offer of $235,000. Bank countered to $260,000. Buyer walked.
OVER THE MONTHS, THINGS BECAME A TAD TEDIOUS.
- Strike 1. Tenant refused lockbox, access and made it generally difficult to show.
- Strike 2. Owner tried to cancel listing and wouldn't communicate with broker.
NOT OUT YET!
The property went under contract in July and the tenant moved out in August. It appeared from the feedback that Katerina got tough with the owner who got tough with the tenant.
Over the period of the past 11 months, when the property would go under contract, Katerina or Bryant would call me with an update. Of course, they also called when a contract would fall apart.
The property finally closed for $235,000, the same price the bank rejected months ago.
I WROTE THIS RE REFERRAL OFF ABOUT 5 MONTHS AGO. I underestimated the tenacity of Katerina and Nester. They are a powerful, experienced, hard working team who know short sale processes as well as anyone in their market. Of course Bryant Tutas is in the same league which is why this referral had a successful outcome.
LAST WEEK, I got e-mail from Bryant that the property closed and the check was on the way.
THE MESSAGE IS, when making buyer or seller referrals, go with experience and folks who will keep you in the loop. You just might be getting a referral check in the mail.
THIS ONE IS LIKE FOUND MONEY
MAP OF FLORIDA
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
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