How Much Time Do You Spend On A Short Sale File?

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

Hi folks. One of the biggest myths with Short sales is that it takes a lot of time to work them. I have been asked numerous times why I don't outsource my files and use a 3rd party negotiator instead of handling the process myself.

Well it's simple........I enjoy working short sales!! I like doing paperwork and I love negotiating with the lenders. Short sales fit my skill set perfectly.

Time wise I spend about 30 minutes per week per file unless I have something out of the ordinary going on. I can handle about 35 files without too much of an issue and I handle ALL of it. The most time is spent at time of listing during document collection. After the property is under contract I follow up with the lenders once a week and preferably by email if able.

My sellers are updated simply by copying them on all correspondence. The buyer's side get's a weekly update via email.

If I ever reach the point where I can't do it myself the first thing I would do is hire a virtual assistance to do the paperwork. I would still want ot be in charge of the entire process because I truly feel that no body is going to look after my sellers as well as I do.

The majority of my short sales are listed over the internet. Because of that, I rarely meet with sellers.  I hire runners to do photos and set up lock boxes (or the seller does it for me). In fact, I have a closing tomorrow where I have never seen the property, never met the seller and never met the buyer. And I'm on both sides of the transaction! How sweet is that?

Currently I have 30 Florida short sale listings either active or pending. I work from home and go to my office by 6am. I never work past 5, go to the gym 3 days a week (during work hours), cook lunch and eat with my wife everyday. I don't work on Saturdays and Sundays except for a couple of hours early in the morning to tidy up emails.

My title company handles my searches, the preliminary HUDs and all closings. I've worked with the same closer for 16 years and have complete confidence in her abilities to deal with my sellers and buyers. I don't attend closings but I am available if there are closing issues. There rarely are since everything has been reviewed and approved prior to going to the closing table

My sellers and I rarely speak on the phone after the initial consultation. This is a huge time saver plus it eliminates confusion by having all communications in writing. However, I do communicate with them several times a week.

BPOs are scheduled through my showing service and prior to the BPO agent going in the property I email them all of the comps, pictures, repair estimates and justification for the purchase price.

Short sales are nothing more than a process. Short sales do not need to be complicated or time consuming. Know what you are doing and have systems in place and you may surprise yourself with how many Short sales you can handle.

Are you under water on your Florida mortgage?

 

Contact Bryant Tutas

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved

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***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

 Copyright © 2017 http://www.brokerbryant.com/ | All Rights Reserved

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Topic:
Real Estate Best Practices
Location:
Florida Orange County Orlando
Tags:
time management
short sale

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Rainer
243,805
JOSH EVANS *JoshEvansHomes 516-655-5000
Village Properties of Mineola, LLC - Mineola, NY

Zero. Don't do them I hate them and they should be outlawded. Waste of time fu-- the banks good luck

Dec 14, 2011 11:15 PM #1
Rainmaker
1,942,785
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

The seller sets up lock boxes, takes photos?

Dec 14, 2011 11:15 PM #2
Rainmaker
1,514,027
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

I can understand how you get things done so efficiently - a system in place that includes delegation. That is something we all need to use.

Dec 14, 2011 11:19 PM #3
Rainmaker
1,142,050
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Josh. Why not tell us how you really feel :)

Andrew. I have sellers contact me about short sales all over the state of Florida. Some insist that I work with them and will not let me refer them out. So we make a deal. They take care of all aspects of the property and I'll get the property listed and work the short sale. It's never been an issue. The beauty of short sales is that folks are hiring me because of my experience with working with the lender. The property is secondary.

Thanks Gary. Systems are everything in this business.

Dec 14, 2011 11:48 PM #4
Rainmaker
4,432,093
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Bryant, Thanks for the inspiration and for all your posts about short sales.

Dec 14, 2011 11:54 PM #5
Rainmaker
4,797,120
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

You sure have the process down Bryant.  Well done!

Dec 15, 2011 01:18 AM #6
Ambassador
1,229,631
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

BB: You are super organized. I do not believe that the average person cannot handle 30 short sale listings with multiple lien holders--each at a different point in the process. And, in my neck of the woods, there are days when you can spend a few hours just hunting down the Cooperative Short Sale Department at B of A. You definitely have found your niche!

Dec 15, 2011 02:55 PM #7
Rainmaker
1,157,274
FN LN
Toronto, ON

Hi Broker Bryant - You appear to have an excellent system for handling short sales that helps you be very effective.

Dec 15, 2011 05:31 PM #8
Rainmaker
523,591
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Bryant - You are one of the most, if not the most, organized people I know. It was fun watching your operation on video. I doubt I'll ever switch from ACT, but I'd love for you to show me your Google Calendar system in depth one day. Ciao!

Dec 17, 2011 02:13 AM #9
Rainmaker
875,983
Janis Borgueta
Key Properties of the Hudson Valley - Newburgh, NY
LIC RE Salesperson

When i grow up i wanna be you! I have no idea how you do it as I can never get them on the phone and when I do they have lost everything we have done so far. They must like you. I think that you should mentor a few of us!!! LOL

Jan 09, 2012 10:23 PM #10
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Rainmaker
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Bryant Tutas

Selling Florida one home at a time
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