Don't List Short Sales- If You Don't Know How To Do A Short Sale!

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

Don't list those short sales unless you know what you are doing! STOP! Do not pass Go until you know!

We listed a home while we were helping homeowners with their foreclosure options at the HOPE Taskforce Workshop this past Saturday.

This single mom who had been divorced since they had purchase their home can no longer pay her mortgage payments.

She had her home listed with an agent and this is what the agent told her:

  • Countrywide turned down your short sale because you do not qualify.
  • Countrywide turned down a $115,000 offer on your house.
  • You need to give me your 401K and IRA account statements.
  • You can not longer do a short sale because Countrywide was just bought by Bank Of America and so they are not going to do any more short sales!

SO the agent cancels the listing and leaves this lady hanging out to dry.

This was totally irresponsible and NOT true. The truth is: 

  • Countrywide turned down her short sale because of missing documents that the homeowner did not know were missing and the agent did not collect.
  • Countrywide did not accept the $115k offer because the last sold in that neighborhood was over 250K! DUGH!
  • Countrywide does not require IRA statements and IRA's in Florida can not be forced to be cashed out to pay deficiencies.
  • Countrywide is still doing short sales, we close them each month and they are still answering the phone as Countrywide. Bank of America also does short sales.

This agent did NOT do the following:

  • She never told the homeowner what she was listing the house for.
  • Never gave the lady a copy of her listing agreement.
  • Never took any photos nor asked the homeowner for any photos for mls.
  • Communicate with Countrywide other than sending in an incomplete package.
  • Did not keep in touch with Countrywide and follow up.
  • Did not do a CMA on the property.
  • Put the wrong number of bedrooms in the mls and left all the other fields blank.


SO why did this agent even take this listing in the first place? What for? I don't get it!

If your home is in foreclosure or you can no longer make your mortgage payments choosing the right agent is not only more important than ever, it is crucial to the outcome of your short sale.

Please ask questions and find out if the agent you are choosing knows how to do short sales!

**********************************************************************************

Contact Nestor Gasset 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 and Port St Lucie Florida. We are accepting referrals.

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 Search For Homes We know Palm Beach County and St Lucie Country; we 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.

Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.

P.S. If you are listing your home as a short sale in Palm Beach County Florida and Port St Lucie Florida 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 about Palm Beach County Short Sales and Port St Lucie Short Sales.

Copyright © 2008 By Katerina Gasset, All Rights Reserved.* Don't List Short Sales- If You Don't Know How To Do A Short Sale! *

 
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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Lisa Schlitz 10/23/2008 10:52 PM
  2. Antoinette Murphy 10/24/2008 02:35 PM
  3. Mirela Monte 10/25/2008 06:51 PM
Topic:
Real Estate General Information
Location:
Florida Palm Beach County Wellington
Groups:
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Specialists
Short Sale REALTORS®
Sharing Information of Short Sales
Local Expert
Tags:
short sales
short sale education
foreclosure options
short sales palm beach county
wellington short sale expert agents

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Ambassador
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Jared- These companies you are talking about are not any better than the agents are. I can not begin to tell you how incompentant most of them are and more unethical than this agent. This is a subject for a post and I will get to that hope by next week. Long story short- we just had to pass laws in Florida to help stop some of these 'short sale companies' from ripping off the homeowners.
I would never hire one of them unless I can verify their track record, see their closing ratios and then talk to their customers randomly!

Oct 24, 2008 02:07 PM #52
Ambassador
2,713,582
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Weichert Realtors Synergy-  I don't agtee that you should be certified. Nestor and I are not certified in short sales and have been doing them since 1995. We get our short sales approved and get them closed. I can teach this stuff blindfolded and I am not certified. I coach other agents around the country in doing short sales and they are successfully doing them.

And I have been to these so called short sale trainings and they have just as much misinformation as this seller received from her agent.

I do think the basics of short selling should be addressed in real estate licensing courses and on the state exam. Katerina

Oct 24, 2008 02:15 PM #53
Rainer
28,727
Darla Jensen
Edina Realty - Crosslake, MN

I think people are making desperate actions they may not have made before.  That does not make it right, please don't get me wrong.  I recently was asked to list a short sale property and decided to bring in an agent with short sale experience to co-list the property with me.  I wanted to learn - and believe me, there's a lot to learn.  We better know what we're doing because short sales and foreclosures are forecasted to be 30% of the 2009 transactions (thats what I recently heard).  Yikes.

Oct 24, 2008 02:17 PM #54
Ambassador
2,713,582
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

WOW Everyone! As I have been reading your comments about 3 or 4 new posts popped in my head! I am running to write them down right now! Thanks! You guys are awesome, keep them coming!

Oct 24, 2008 02:21 PM #55
Rainer
22,498
Antoinette Murphy
RE/MAX Atlantic - Absecon, NJ
GRI

WOW!  How did that agent get the listing to begin with...floor call?  Let's hope that agent decided to get a job at the local mall!  Just heard this afternoon that 1/3 of the listings will be short sales and foreclosures.  We need agents who know what they are doing.   These sellers deserve an experienced agent.

Oct 24, 2008 02:25 PM #56
Ambassador
2,713,582
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Jeffrey Dillon- Wells Fargo is the worst and all I have to say is that because of their absolute idiotic turning down of good offers and insisting that deficiencies get paid off- they better not even breathe the words, BAIL OUT! WSFG is the WORST!!!!!! We also just lost a good buyer on a short sale with them. I am sorry this happened to you. Our next step is going up the ladder to the top. I am serious, write to your congressman and your Senator, CC the upper management of Wells Fargo!

Oct 24, 2008 02:48 PM #57
Rainmaker
236,392
Debbie Summers
Charles Rutenberg Realty - New Smyrna Beach, FL

Katerina - I couldn't agree with you more... I have a buyer closing with Countrywide on Tuesday...  It will be day 88... Not bad in the grand scheme of things.

 

Oct 24, 2008 03:12 PM #58
Rainmaker
709,707
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale

Katerina - I smell an Ethics Complaint for this Realtor - hopefully this agent is not in Real Estate anylonger.

Oct 24, 2008 03:26 PM #59
Rainer
43,016
Sharon Richards
Kirsten Realty Tampa Florida - Tampa, FL

Short Sales are going to be here for awhile, and on the other side of the coin, putting in offers on short sales for your buyers.  I had a buyer where we lost 4 offers on four different properties because the agents did not know what they were doing.  My buyer wanted one of the  houses so bad, she paid for an appraisal and that was our offer, and the selling agent said it was not accepted. I feel a lawsuit will be coming soon. 

Oct 24, 2008 04:12 PM #60
Ambassador
251,837
Jesse & Kathy Clifton
Jesse Clifton & Associates, REALTORS® - Fairbanks, AK
Retired

Thank goodness they found you & Nestor.  It sounds like the first agent could use a lesson or two in representation. 

Oct 24, 2008 05:18 PM #61
Rainer
1,724
'Jammin' Jan Stannard
Prudential Utah Real Estate - Ogden, UT

OK...so what good resorces are out there to learn about working with short sales (other than  the random junk mail for internet training)?

Oct 25, 2008 03:42 AM #62
Ambassador
1,511,547
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Sounds like that agent wants to be a not for profit agent.

I refer most of them out.  I do know how to do them but prefer not to.  I would rather have a good, quality lead go through the ranks of an agent's system who is highly successful at these.

Oct 25, 2008 04:20 AM #63
Rainmaker
539,227
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Thanks for saying it, Katerina!

Oct 25, 2008 04:32 AM #64
Rainmaker
307,884
Pam Graham
All Real Estate Options - Jacksonville, FL
Jacksonville, Clay & St Johns Counties

On the other end of it as a listing agent, I have ran into a bunch of buyer's agents who have never taken a short sale class and I have to tell them what forms to use or what to put into the contract to protect their buyer. Whether you're a listing agent or a buyer's agent, if you don't educate yourself, you do a disservice to your clients. To think you won't run across a short sale is crazy in this market. 

Oct 27, 2008 08:16 AM #65
Ambassador
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Peta, thank you for taking the time to comment, have a great week.

Oct 28, 2008 01:27 PM #66
Ambassador
2,713,582
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Wendy, you are welcome, thanks for commenting, we appreciate it very much!

Oct 28, 2008 01:28 PM #67
Rainer
7,489
Evelyn Broxterman
Keller Williams Realty - Lakeland, FL

AMEN!! I also hear horror stories from Sellers about their previous agents. I was hoping the current slow real estate market would weed out the bad ones, but I guess some are still hanging around!!!

Nov 05, 2008 12:34 PM #68
Rainer
21,743
Josh David
Bridgeview Bank Mortgage - Tampa, FL
Purchase Specialist... www.joshdavid.us

Hey guys,

I can help your investors with financing if they are interested in buying shortsales and flipping them to an end buyer. My private REIT has unlimited funds to fund these types of transactions. The REIT will provide funds for initial purchase, and also to the end buyer, so the investor can earn full spreads and avoid seasoning required by ALL conventional banks.

If you are intersted I would love to work with you. You can also check out my blog at:

http://activerain.com/blogsview/782441/We-provide-FUNDS-for-END-BUYER-on-Short-Sales-NO-SEASONING-earn-FULL-SPREADS

Josh David (JD)

704.998.7609

josh@josh-david.com

Nov 10, 2008 12:45 AM #69
Rainmaker
134,281
Marcia Kramarz
Re/Max Executive Realty - Medway, MA
CDPE,LMC,CBR

I agree with comments - Her level of service STINKS - short sale or NOT!

Katerina, I got a short sale listing yesterday and the sellers are NOT behind in payments YET -They both lost their jobs - and probably could drain savings to make payments for 2 or 3 more months - they want out so they can get into a rental but are NOT behind YET - Will the lender look at their situation?

Nov 12, 2008 09:46 PM #70
Anonymous
Short Sale Police

Short Sales are not rocket science! They are just a pain in the ARS! Realtionship with the servicers are not as important as people will lead you to believe. The turn over is to great to establish long term realtionships. The key is to have reputation that your sales will close...

I use NORTH WEST LOSS MITIGATION SERVICES LLC. to negotiate and facilitate all my Short Sale's because they understand each and every aspect of the transaction from title issues to the buyers's financing eligibility. NWLMS is not an investor or a want to be, NWLMS is not an Escrow company, Mortgage Broker or Real Astate Agent trying to capture your listing or suplement their income. North West Loss Mitigation Service's is a third party negotiator where negotating short sales is all they do.

I have closed over a dozen Short Sales this year. I will close another three to six by the end of the year. North West Loss Mitigation Services get's them done!!! 

visit nwlossmitigation.com

Nov 15, 2008 05:58 AM #71
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