June 2009 Blog Posts (5)

Pricing the Short Sale

When listing a Short Sale it is imperative that the property is priced right. When I say "priced right" I mean as close to market value as possible at a price that will get the property under contract quickly.

One of the problems I see in my market is that short sales are priced way to low. It seems like listing brokers are just picking a number out of the clear blue sky and placing the property on the market. While they may generate a lot of activity, these deals, more than likely,… Continue

Added by Bryant Tutas on June 14, 2009 at 12:31pm — No Comments

Short Sale Submission Letter

Hi folks. I'm sure there are many of you that are either doing short sales or want to do short sales. Therefore, I am posting this sample cover letter that may help you when submitting a short sale package to the lender. Just remember, you are submitting a fully signed and accepted contract and asking the lender to remove the 3rd party approval. You are not asking them to accept the offer. The lender is not a party to the contract. The offer has already been negotiated and accepted by the… Continue

Added by Bryant Tutas on June 14, 2009 at 12:00pm — No Comments

Why I Negotiate My Own Short Sales

In the last couple of days I've been approached by two Destin FL sellers who wish to do Short Sales. After explaining the Short Sale process, I explained what items I would need. When I got to "financial worksheet" etc. I was stopped in my tracks. These sellers told me that their attorney said not to turn over any information, that he would be handling the short sale negotiations. I immediately told the sellers that I will only take the listing if I handle the entire transaction including bank… Continue

Added by Wendy Rulnick on June 10, 2009 at 2:03pm — No Comments

22 Questions to Ask the Short Sale Lender

Are you at a loss for words with the Short Sale lender? Here are some questions to pose when you check in on your Short Sale transaction status. Even if you've asked some of these questions before, you may want to ask them again, and repeat certain questions on each call. Many times, you'll elicit a different answer or discover a problem that may help you get your approval more quickly.

1. Have you received our package?

2. Is anything missing from our… Continue

Added by Wendy Rulnick on June 10, 2009 at 1:58pm — No Comments

Short sales are serious business.

Hi there. Whether you like short sales, want to do short sales or want to avoid short sales, they are here to stay. Short sales are a major part of the market and in my opinion will become even more so. Lenders WANT to do short sales. A successful short sale cuts losses and keeps the lender from owning a declining asset.

This post is about taking control of the short sale situation from the get go, knowing what we are doing, preparing the Seller in advance of what to expect and being… Continue

Added by Bryant Tutas on June 9, 2009 at 4:47pm — No Comments

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