Short Sales- As The Short Sales Turn *Reality Short Sales*

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Services for Real Estate Pros with Get It Done For Me Virtual Services DRE# SL641317

If you work in Short Sales you will appreciate this As' The Short Sales Turn' Reality Short sales or should I say, sagas! 

Nestor and I list a lot of short sales here in Wellington Florida and Palm Beach County Florida. Most of the short sale listings are in the foreclosure process. Because of the amount of short sales in our area we decided we would do a series about short sales where we explain the short sale process and the qualifying factors to do a short sale. From there we will be continuing the series with what the buyer needs to know about buying a property in a short sale and what the seller needs to do to complete a short sale. 

We also hope this series will help the real estate agents in our area and around the country to understand the short sale process in order to better assist their buyers in procuring a house through the short sale. If the agent is listing a home that will need to be sold as a short sale he or she will know more of what is involved.

This particular post is letting you know some of the ups and downs within the negotiating process that we deal with on a day to day basis. Short Sales Wellington Florida

 

There are lenders who are efficient in their short sale departments and then there are, well, should we say, lenders who are just not from this planet!

We had this listing that we received an offer on and turned in a whole short sale package which on average consists of about 80 to 100 pages of documents and verifications. Nestor puts this whole package together, OH, BTW, you must add the loan# on the bottom of every single page before faxing it in, he faxes it to the lender. The next day, we find out that they just sold the loan to another lender! We call that lender and guess what! They had NO idea that the seller was in the short sale process. Needless to say, the whole process starts all over again and has been going on since November!

Now on another short sale listing, Nestor sends the package all in and the lender confirms they have received it. They order the BPO. We get the call that the BPO is being done and we are told when she turns it in to the lender. Then when Nestor calls the lender, they say they do not have the BPO! Well, we know they do. It was so funny because the person puts Nestor on hold, and while he is waiting, he calls the agent who did the BPO and she is telling Nestor that of course she turned the BPO in by the deadline the lender gave her. The person from the lender gets back on and hears Nestor and the agent talking and then says, " Oh, we found the BPO." Now this same lender calls our seller a week later and asks him how is his sale on his house coming along! He tells them, it is not coming along because you, the lender, is not doing anything to get this deal done and you have not approved the sale so how can it be coming along! 

This one wins the boobie prize! One of our sellers calls the lender to ask them to help them out with a freeze on their interest rate as per our President's request to have the lenders work with homeowners who do not want to ruin their credit, etc. The guy tells this seller that they can not help them and that he does not know what they could possibly do. Then he is looking at their file about their property and says these words, " Gee, you can buy a house for only $150,000 the same size as yours there here in Texas!" They try to explain they are not moving to Texas and that they want to keep their house. He again says to them, "Why don't you move to North Carolina or something!" At least it wasn't someone from India telling them to move there! What a trip! 

You must know what you are doing, be very patient and have very good communication skills in order to succeed in short sales. If you are an agent make sure you have a thick skin and are up to dealing in short sales. If you are a buyer who is interested in buying a short sale stay tuned for our series on short sales in Palm Beach County so you get all the information you need to know. And Sellers, you must choose an agent who has the skills and experience to negotiate with your lender and knows what to do in these circumstances should they arise.

Stay tuned for more As The Short Sales Turn as we share this Reality short sale series! 

Contact Nestor and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida. We are accepting referrals.

Visit our profile to find out more about our services. Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.

To view all the Wellington Florida Luxury Homes For Sale Click here and then click on Multiple Listing Search where the globe is on the right side of the screen that opens up. We know Palm Beach County and will help you get your home Sold if you need to Sell your home and help you buy your Wellington Home or Land ; call us today.

P.S. If you are listing your home as a short sale make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more.

Copyright © 2008 By Katerina Gasset, All Rights Reserved. *Short Sales- As The Short Sales Turn * Reality Short Sales * Contact Katerina Gasset for Customized Business and Personal Coaching.

 

 

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Ambassador
920,601
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate
Thanks so much!!
Jan 26, 2008 11:28 AM #11
Ambassador
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Missy Caulk Ann Arbor Real Estate

Missy- You are welcome. Make sure the trainers that teach this to you are doing it themselves. Katerina 

Jan 26, 2008 11:31 AM #12
Rainmaker
2,826,491
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher
Katerina, Thankfully I am finally figuring out what a short sale is thanks to your posts and some others on here.  I always wonder if the average consumer knows what they are.....I hadn't heard of it until I got onto AR.
Jan 26, 2008 11:40 AM #13
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Carole Provenzale Owner, Feng Shui Long Island

Carole- More consumers are finding out about it because so many people are facing this situation. But most folks do not have a clue of how it works. Katerina 

Jan 26, 2008 12:03 PM #14
Rainmaker
1,053,096
Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
Accredited Real Estate Consultant
Hi Katerina...the Whole USA is having a Giant House Sale, and the customers want to buy, the suppliers(Realtors) want to sell and the store Clerks(Banks and Mortgage companies) are Out to Lunch or Gone Fishing !!
Jan 26, 2008 12:35 PM #15
Rainmaker
338,314
Paul Slaybaugh
Realty Executives - Scottsdale, AZ
Scottsdale, AZ Real Estate
All the credit in the world to you, Nestor and others who handle a large volume of short sales.  They take patience, understanding, a sense of humor, whiskey and sometimes a rifle.  Thanks for these examples, Katerina.  This is going to be a fascinating series, I can tell.
Jan 26, 2008 12:53 PM #16
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Fred Carver,Victoria BC Realtor

Fred- I LOVE THAT! I will have to add your comment to my next post in our short sale series! That is good!  

Jan 26, 2008 02:22 PM #17
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Katerina Gasset
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Paul Slaybaugh, Scottsdale AZ Real Estate

Paul- The rifle sounds good! This one is the humorous or not side of short sales and our other series on short sales is about the how and why and stuff for consumers to know about them and agents to learn how to do them. I have 2 of the Short Sale- what you need to know posts up on the blog. Thanks for your comment and again, I love your humor, you make me smile. Katerina

Jan 26, 2008 02:24 PM #18
Rainmaker
146,488
Arizona Real Estate Associate Broker
MR Realty - Mesa, AZ
Katerina - I bookmarked both and by the sound of your experience you have a ton of patience's to hand the paperwork involved, not to mention the emotions of your clients.  If you are getting deals approval in 2 weeks to 2 months you are doing swell, some lenders aren't even entertaining responses for months here. It's pretty stressful and I am sure then lenders aren't having fun either. I just wonder if they would rather it just go right to foreclosure at times...it seems that way at times. What say you?
Jan 26, 2008 04:02 PM #19
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Katerina Gasset
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Gilbert Arizona Real Estate - Candace Robinson

Candace- It does seem that way at times but the truth of the matter is lenders do not want to own all these properties. They have investors to answer to. They are overloaded with files. One negotiator Nestor talked to said he has 140 files on his desk alone. I am hoping to do an interview with him. Nestor is the one who talks on the phone to these lenders and Nestor puts together all the paperwork. I take care of the negotiations and emotional issues with our sellers, take it from the agreed contract to title to closing. It is a team effort and neither of us could do it alone, it is just too much. I also have my daughter helping with the files too. Katerina 

Jan 26, 2008 04:08 PM #20
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Katerina:  Hey, that's okay--I'm just on a lender rant right now!  Thanks again for the great post!

Jan 26, 2008 05:54 PM #21
Rainer
165,557
Dan Forbes
Bradenton, FL
Katerina, I've heard others tell of the note being sold to several lenders and having to start over several times.  It appears that WE do all the work for so little compensaton, if any.  I am trying to help a large number of short sale clients, but it is challenging to say the least.
Jan 26, 2008 09:56 PM #22
Rainmaker
316,251
James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes
Real Living | At Home - Washington, DC
When Looking to Buy or Sell - Make the Right Move

Thanks for these lessons.  I am looking forward to it!  I have a had a couple of buyers that loved a house - only to find out (when we decided to write) it was a short-sale.  They both ran the other direction because they needed a home now.

I dont think lenders realize that their "bad reputation" for handling short-sales - is hurting them because there are buyers being sacred away from an otherwise great deal.

Jan 27, 2008 12:45 AM #23
Rainer
274,613
Adam Waldman
Westcott Group Real Estate Company - Hauppauge, NY
Realtor - Long Island
KATERINA - I'm looking forward to reading more about short sales in this series.  I do think that you have to be the right kind of agent to do these, and too many out there are doing them haphazzardly.  This is one of the reasons that I have not been taking buyers to see these properties.  Maybe my opinion will change once you put out your buyers series.
Jan 27, 2008 01:00 AM #24
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Katerina Gasset
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Debe Maxwell

Debe- I feel you are suffering from a deep emotional trauma state, it is known, as 'Lender causes traumatic stress syndrome', of which there is no known cure, :) Katerina 

Jan 27, 2008 01:56 AM #25
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Katerina Gasset
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Bradenton Florida Real Estate - Dan Forbes REALTOR®

Dan- We have good ones and we have bad ones. We thought it would be a good release to poke fun and lighten up the experiences a bit. Yes, it is a trying time to deal with these lenders and their ill preparedness for this situation. Dan, since they almost always try to reduce our commission, we have been putting much higher commissions in our listing agreements to see if that will work, so when they negotiate it down, there is still some left. I find it odd, that the amount the investor will accept on a note as his bottom net is always something just enough to do the deal if the commission is lowered again! Katerina 

Jan 27, 2008 01:59 AM #26
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Katerina Gasset
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James Downing

James- I don't think the lenders know to care! I have short sales in palm beach county part 1 and part 2 for learning about short sales. This series is more to poke fun, rant and share the ignorant behaviors of the investors holding the notes. Katerina 

Jan 27, 2008 02:02 AM #27
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Katerina Gasset
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Adam Waldman - Long Island Real Estate

Adam- Thank you for commenting.

Here are the two short sale posts in the series, that give a good overview:

Part 1 is about what is a short sale

Part 2 is about who qualifies to do a short sale

This series you are reading now is really a series of poking fun and adding humor to the desperate situation we find ourselves in from time to time and to rant about the idiotic behaviors of lenders. Katerina

Jan 27, 2008 02:07 AM #28
Rainer
7,198
Cody Loughlin
FloridaPropertyClub.com - Sarasota, FL

We offer short sales, REO, and fixer uppers state wide. You can post your deals for free on the site or just add info@floridapropertyclub.com to your investors network and we will advertise them for you for free. We do not participate in negotiations and you will be the point of contact for all interested investors.

 Cody Loughlin

Jan 28, 2008 12:07 PM #29
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Katerina Gasset
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Cody Loughlin

Cody- Thank you for letting me know that info. In regards to investors buying short sales, several of the lenders we worked with have made the buyer promise they were the end user. Katerina 

Jan 28, 2008 12:31 PM #30
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