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Short Sale Success Principles

By
Real Estate Agent with EXP Realty of California Inc. DRE 01022275

Everywhere I turn in Southern California short sales dominate the real estate industry. A growing percentage of listed properties are identified as short sales, many are overpriced as they should be short sales, and too many are falsely hidden short sales. Buyer Beware! Every real estate agent is presenting them self as a short sale expert, yet statistics indicate less than 10% of short sales close, costing lots of wasted time, wasted money, and misery for everyone in the transaction.

Then add lenders changing places like musical chairs, overstaff asset management departments, declining values, and the general stress of a real estate market on the move and this becomes an adventure.

So, what does the buyer do to protect his interests? What does the homeowner do to protect their legal rights and finances? How does a professional realtor serve his clients in this environment?

I am offered a new seminar, online program, book, or teleconference daily. Yet, when you talk to those professionals actually closing short sales, a few principles are consistent:

1. Hard work. Anyone who tells you there is an easy way to "steal" property, "fool" banks, or any other short cut is watching a movie from 2003. Short sales are a lot of work. Buyers have to check out ALL the facts. Homeowners have to fill out ALL the paperwork requested. Realtors have to oversee every piece of paper, follow-up, and communicate. There are no shortcuts.

2. Communication: short sales require a lot of communication, and if you cannot work with the buyer, seller, homeowner, or agent in the beginning of the transaction, you will not grow fonder over the next 4-6 months of detailed paperwork.

3. Details: you have got to review every document, follow every instruction, and follow-up on every detail. The complexity of the process, while offering savings and other benefits, requires every step be completed properly.

My wife, a one-time loan closer, oversees our short sale packages. She is 12 for 12 so far. Professional agents with expert technical skills should expect 80% of their short sales to close. Buyers, if properly coached, can use the process to get the home they really want at these great rates. Homeowners in trouble can limit their losses. Lenders can limit their losses. Short sales offer a great opportunity, but like every opportunity short sales need to be studied and worked professionally.

Everard Korthals
---Preferred Lifestyle Advisors--- - Lancaster, PA
Mountain Realty

 

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Sincerely, Active Castellum ( Castellum Realty llc - Lancaster PA Real Estate )

Jan 14, 2009 04:02 PM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm

Jan 15, 2009 12:33 AM
Josh David
Bridgeview Bank Mortgage - Tampa, FL
Purchase Specialist... www.joshdavid.us

Hello Bill,

 I belong to a group "Carpe Diem Partners, LLC". Carpe Diem offers a FREE negotiation service for your clients that are willing to entertain a "short sale".

We market to Realtors in ALL 50 STATES and we are in the initial stages of compiling our database of Realtors for RECIPROCAL BUSINESS.

I AM LOOKING FOR AGENTS IN YOUR AREA TO REFER LISTINGS TO and I am also looking for Realtors to provide me with their short sale leads, so we can negotiate on behalf of the their clients FOR FREE.

Once again this is a FREE SERVICE, there will never any upfront fees of any kind.

Carpe Diem is a buy and sell company, not buy and hold company. Carpe Diem is able to make CASH OFFERS to the bank, so we expedite the process rather effectively; this allows us to streamline the process as much as possible.

 Carpe Diem has completed over 500 successful short sale transactions, and currently holds over $37M in escrow.

The process typically takes 60-120 days from front to back. All Realtors are still entitled to their 2.5% commissions on all of their listings.

Carpe Diem has the ability to MONOPOLIZE THE INDUSTRY, this model has been introduced to Fannie Mae & Freddie Mac and is actively in motion, the strategic model has been proofed by attorneys and escrow agents in the state of Colorado and it can be implemented in ALL 50 STATES.

If you are interested, I would love to talk to you about getting started. I simply provide you with an informational lead sheet, (email me for one, josh@josh-david.com) and  send it back w/a CMA and we will have an approval w/in 24-48 hrs.

As of next week, you will be able to track the short sale progression in it's entirety online. This is a proven system that avoids the title seasoning, so Carpe Diem can resell to an end buyer without any conflict from the lender's under writers.

Peace, Love, and Happiness to a PROSPEROUS "09"
JD
704.998.7609
josh@josh-david.com

Jan 17, 2009 06:21 AM