The" ten foot pole" on selling short sales has been getting shorter.

By
Real Estate Agent SL3270841

True story:  Several months ago I had a first time buyer client who was looking for a champagne home on a chardonnay budget.  Over a 30 day period, I previewed dozens of homes in the price range and showed them ten.  All of them fell short of their strict requirements.  Been there?  As is my ritual, I check my personalized searches every morning.  Lo and behold, just listed was a home that I was sure was perfect for them......but, it was a short sale.  I decide to preview it anyway.  Everything matched, but it was a short sale.  Some of my associates had told me not to touch a short sale with a ten foot pole!  Deals never get approved, sit on the shelf for months, buyers back out...yadda, yadda, yadda.  I decided pass this information on to my buyers before showing the property.  They agreed to the idiosyncrasies of a short sale.  Saw the home, fell in love with it, and submitted an offer.  In my ignorance I did not realize that essential to a happy ending of a short sale, you need a savvy short sale listing realtor, a creative mortgage broker and a flexible and professional title company.  As it happened, I was fortunate to have all three.  We closed in less than sixty days and I am invited to their house warming.  Like hitting out of the sand trap into the hole, never be afraid of the beach (trap) again.....or a short sale!

If this is your first time to our blog, my name is Ken Theobald and my wife is Pam.  Pam and I have been entrepreneurs virtually all of our lives.  We started out in the advertising and marketing business which led to new product development.  The last business that we started and sold was Maine Grilling Woods.  Before that we introduced America to a myriad of unique products.  Everything from an insect repellant, shoe polish, Maine wild blueberries, predator urines, hunting lures and scents, and even giant baby wipes for the after sports market.

Now we find ourselves on Hutchinson Island in Florida and just lovin' it.  Hutchinson Island is one of those really unique places that once in a while you stumble across.  Although Hutchinson Island is over twenty miles long, you can walk from the Indian River to the Atlantic Ocean in just minutes.  Although the island is attached to Vero Beach, Fort Pierce, Port St Lucie, Jensen Beach, and Stuart, Florida by five causeways, it truly remains a community in itself.

Unique restaurants abound all over the island.  Fishing here is world renowned.  There are literally miles and miles of  beaches.  You may take a forty mile bike ride and never leave the island.  Tennis, anyone?  Every community within the community of Hutchinson Island has an active tennis group.  Bridge in the Colonnades, open to everyone, five days a week.  And the sunrise and sunset on the famous Jetty is breath taking.

Pam and I have been busy learning everything we can about our beautiful Hutchinson Island, Florida. We have been blessed with a great place to live, play, and to expand our entrepreneurial opportunities in real estate. We will be regularly updating our page with all of the experiences and news on the Island. In the meantime, if you have any questions about Florida's best kept secret, please let us know. We look forward to almost any excuse to go exploring for you.

 

 

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Topic:
Real Estate Best Practices
Location:
Maine Cumberland County
Groups:
Active Rain Newbies
Online Marketing Help Center
Tags:
foreclosures
beach
hutchinson island
owner financing
real estate
rentals
florida
short sale
colonnades

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Rainmaker
1,317,551
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Wow -- it must be beginner's luck.  Good for you and your lucky buyer.  I won't go into my short sale saga... Just hope your luck continues.

Sep 09, 2013 12:48 PM #10
Ambassador
2,008,677
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M
Kenneth - Short sales can work out if, as you discovered, the right players are involved.
Sep 09, 2013 03:45 PM #11
Rainmaker
846,015
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Hi Ken-I am a first timer to your blog post. Nice to see you had a happy result on your short sale.

Sep 09, 2013 08:33 PM #12
Rainer
445,266
Barbara Tattersall
Keller Williams Realty Metropolitan (Keene,NH) - Keene, NH
GRI

I have a short sale in progress now. We have made some strides but the buyer is starting to get very antsy and wants to go back to her second choice. I need me one of those crystal balls!

Sep 09, 2013 09:23 PM #13
Rainmaker
755,382
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

I've missed out on opportunities listening to people who "knew" more than me so it's nice that you gave it your best shot. Welcome to AR. I don't believe I've ever seen so many links in one post.

Sep 09, 2013 10:04 PM #14
Rainer
16,202
Kenneth Theobald
Hutchinson Island, FL
Your Keller Williams Realtor on Hutchinson Island

Thank you all for your thoughtful comments and my blog mentor, Kevin.

 

Ken

Sep 09, 2013 10:15 PM #15
Rainer
405,633
Brad MacKenzie
Brad MacKenzie - Duxbury, MA
Turning Houses into Homes on the South Shore

Fantastic. Short sales can be easy enough. Your life sounds great!  So nice to learn about it. Following.

Sep 09, 2013 11:26 PM #16
Rainmaker
471,247
Drick Ward Property Management / Broker Assoc
NEPTUNE REALTY - Virginia Beach, VA
"RealtorDrick" - Experienced Representation

Thanks for sharing your story!

Sep 09, 2013 11:32 PM #17
Rainmaker
495,511
Terry McCarley
REMAX Realty Team - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL

I have  had excellent success with short sales.  Congrats to getting this one closed quickly - your buyers must be thrilled!

Sep 10, 2013 12:23 AM #18
Rainmaker
370,463
Travis "the SOLD man" Parker; Associate Broker
iXL Real Estate-Wiregrasss\ - Enterprise, AL
email: Travis@theSOLDman.me / cell: 334-494-7846

Ok, I just HAD to click the link for "predator urine". Interesting stuff. I know hunters who use it, hadn't thought of the other uses.

Anyway,GREAT results on your short sale. In July, I closed 2 - one after a year, and the other after "only" six months!

Sep 10, 2013 12:24 AM #19
Rainer
285,246
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

Short sale buyers can benefit today providing they are prepared...

Sep 10, 2013 01:20 AM #20
Rainmaker
843,557
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team

Hi Kenneth, we agree.  A savy listing agent and a patient buyer can make for successful short sales.

Sep 10, 2013 01:35 AM #21
Rainmaker
226,833
Liane Thomas -Top Listing Agent
BROKER Allison James Estates & Homes BRE 01885684 - Corona, CA
Bringing you Home!

Hi Ken, yes, this is my first visit to your blog. I am not familiar with Hutchinson Island, yet you paint an inviting picture.

Sep 10, 2013 02:12 AM #22
Rainmaker
138,824
Annett T. Block
NextHome Connect Realty - Fort Lauderdale, FL
Your NextHome in Fort Lauderdale Beach

If everybody is knowing what their are doing short sale can be done. Congratulations you stepped into the world of short sales. Was not so bad - wasn't it?

 

Sep 10, 2013 02:14 AM #23
Rainmaker
1,431,210
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

I am leary of Short Sales, but sometimes they are the best options for buyers.  Thanks for a great post.

Sep 10, 2013 02:26 AM #24
Rainmaker
1,493,209
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info
It's nice when a shirt sale works out in a timely manner. And it's nice to meet you here in the rain. Good luck to your continued explorations and success.
Sep 10, 2013 03:35 AM #25
Rainmaker
1,025,571
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Short sales are a challenge unless everybody is on the ball.  And even then, you still have to get the lenders to play ball too.

Sep 10, 2013 04:54 AM #26
Rainer
116,418
Ric Mills
Keller Williams Southern Az - Tucson, AZ
Integrity, Honesty, and Vast Real Estate Knowledge

Glad to hear it worked out.  70% of our business is short sales.  The mortgage companies have gotten better and we have a full time staff working them.  We are closing 90 % of them and most close in 3-5 months.  I would not ignore short sales for buyers as there are just too many "good" ones.  However, on the listing side, i don't suggest one try to do one with out the education and mentoring of a sucessful SS Agent.

Sep 10, 2013 06:08 AM #27
Rainer
500,251
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Ken,

Congratulations! My shortest short sale has been two months, my longest 19. A colleague has had one for four years. In my view, it mainly depends on which bank you are dealing with and which negotiator you end up with within that bank. The rest of the professionals usually are just that: professional.

Sep 10, 2013 08:21 AM #28
Rainmaker
646,871
DeeDee Riley
Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA
Realtor - El Dorado Hills & the Surrounding Areas

Good for you Ken!!!  Short sales are few and far between in our market these days and I am so glad!  When they were in full force, I remember hearing agents in my office say that they don't show short sales.  I think the key is letting your buyers know what to be prepared for and them trusting you enough to believe you, because the stories we can tell about short sales are hard to fathom!

Congratulations on your sale and  your feature!

DeeDee

Sep 25, 2013 09:49 AM #29
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Rainer
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Kenneth Theobald

Your Keller Williams Realtor on Hutchinson Island
We will treat you like family....maybe better! Give us a try.
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