Year End Thoughts, Observations and Predictions On Short Sales
Happy New Year!
Short Sale Superstars
From Wendy and Bryant
Good morning Superstars.. Here we are at the end of 2011. I spent some time this morning reflecting on short sales and these are some of my thoughts, observations and predictions.
In 2012 Banks are going to have even more control over our real estate businesses when it comes to Short Sales.
“Pre-approved Short Sale” really means the Bank will now dictate how you market, how you are paid and who you can sell to.
- Examples are:
Last week I received an email from BofA, for a Co-op Short Sale listing, stating that they require the listing agent to hold 3 open houses and have at least 1 broker caravan.
Wendy received an email from a different lender requiring the listing Broker to split the commission 50/50.
I have had lenders refuse to sell to a corporate entity even though they are NOT the Seller.
Banks are outsourcing more of their Short Sales to 3rd party vendors and are requiring the listing broker to pay for these services out of their commission.
Loan mods are rarely given. One reason for this is that Mortgage In.surance doesn’t pay out on a loan mod but will on a foreclosure or Short Sale.
Through Short Sale Superstars we can help 1,000s of people avoid foreclosure in 2012.
If you think you are a Short Sale expert...you are wrong. You may be experienced but you are not an expert.
Short Sales will increase for 2012 in the hardest hit areas.
You may not need a hardship to sell your property as a Short Sale.
You may not need to miss payments to do a Short Sale.
Needing to sell but not being able to due to your mortgage balance being too high IS a hardship.
Since more lenders may start to dictate how we split the commission on a Short Sale we need to think of alternative ways to get p.aid and generate income.
Collect advance commission at time of listing.
Have the buyer pay part of your compensation.
Charge the seller and/or lender for clean outs and maintenance.
Increase your buyer side commissions and fees by using a Buyer's Broker Agreement.
Cut costs.
- Wendy and I have grown http://ShortSaleSuperstars.com to over 8,000 members and have made it the number one place on the web for folks to get reliable short sale information. We now have almost 50,000 unique visitors per month.
Lenders “google” the agents involved in a Short Sale. Remember this the next time you go to write a negative article about a lender or a Short Sale.
Lenders will be hand selecting more Short Sale agents for their distressed borrowers in 2012. (see my last bullet point)
Well folks, that’s it for now. I hope I have given you some food for thought. Please go out and help folks avoid foreclosure. Remember, we cover all 50 States through Short Sale Superstars. Just click on the 'Find an Agent" tab and search by city and state or use the referral map. Make sure your information is accurate so others can find you to give you business.
And if you are in Florida we can co-list and work the Short Sale together. You have options. Just don’t walk away from the Short Sale listing. You owe it to your community to help folks avoid foreclosure.
We will help you in any way we can. Fair enough?
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