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Short Sale Listing Package $27

The Short Sale Listing Package

Listing Disclosure LetterLetter of Authorization,Short Sale Detail Sheet,Short Sale Questionnaire,Short Sale Listing Check List,What is a Hardship?Short Sale Hardship Letter Outline,Short Sale Financial Worksheet,Short Sale Submission Package Cover Sheet,Short Sale Submission Letter,Short Sale Package Labels (sample)
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Are you a short sale specialist? Are your hands cramped from using the phone? Is your neck permanently twisted from being on hold all day? Are you tired of your faxes getting lost, buyers walking and your files being closed? What is going on? How can you improve your short sale processing and get an "edge" on success? Well, we've got a solution.

On Saturday, August 29, at 11:00 Eastern, Bryant Tutas and I will be interviewing a working short sale negotiator from a "Top 5" Servicer. Believe me, this is a big bank that you have likely dealt with, but he has to remain anonymous or he could lose his job . Friends, we've lassoed a big one for you to answer any short sale questions you've ever had. Get out your calendars, pen and paper and get ready!

Do you want to know:

What is the best question to ask when you follow up on your short sale?

What are the short sale phone reps looking at on their computer screens?

How are all those faxes separated and imaged in?

What qualifications do short sale negotiators have?

Why do they tell you "No" when it makes sense to you?

Why do they deny your BPO and comps?

Do they care if the buyer is going to "walk"?

What is going on with your package after two months of waiting?

What happens with Fannie Mae files?

What agents get the best treatment and why?

What would the negotiator tell you if they were allowed?

What can you do to mess up your chance of approval?

Why do they cut your commission when they are the junior lien?

How can you get them to reduce the promissory note or cash contribution?

If you want answers to these questions and more, join me and Bryant Tutas when we interview The Negotiator of a "Top 5" Servicer this Saturday, August 29 at 11:00 Eastern.

It is not necessary to be there live - we will send the recorded MP3 for everyone who signs up. The cost is a modest $27 to pay him for his time.

So, get in YOUR questions. This is real, this is "insider", and this information is going to help YOU! ..... Sign up below!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

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CWHL is sleeping at the switch

In April I listed a nice golf course frontage home in Sebring for $150,000. The seller's husband had died and she could no longer afford the home. There were also a pile of unpaid bills and incurred debt she didn't know about.Not long after that, we got a cash offer. We submitted a complete and comprehensive package in April, confirmed receipt! We have a short sale negotiator in our office and she's very thourough and professional. She has been contacted CWHL once a week, only to hear the same thing. No negotiator has been assigned. For the last two months we have been told, once a week, that the package now has a negotiator but hasn't gone to the investor yet for approval. Same song every week. Somehow, in a miraculous way, the buyer hasn't walked yet. This is a cash deal and we are now at a point where we contact CWHL every day. And we hear the same song every day.I can't understand how this same lady answering the phone every day can make it to work in the moring knowing she'll have a boat load of phone calls to answer and make up excuses for not processing short sales fast enough, hear about buyers walking away from cash deals, knowing it's costing her company ..........I would say.........millions per week.Whew, I feel better now.
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Alas! There is more than one version of the Bank of America approval letter. One without the dreaded "deficiency" reference. Mind you, not stating they reserve the right to pursue a deficiency may not mean Bank of America has given up that right, but it does cause less trepidation.

Deficiency... what deficiency? My theory - they are leaving out the deficiency reference, but not "forgetting" about it!It's Wendy!Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
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A Short Sale Contract is STILL a Contract.

Hi folks. Allison Stewart wrote a very good post this week titled WALK THIS WAY... CAN BUYERS JUST WALK AWAY FROM A CONTRACT?. Allison’s post is talking about Buyers who feel they can just walk away from a Short Sale transaction and get their deposit back because they are just tired of waiting. They feel the contract is not binding.

Here is my opinion on why Buyers feel this way. They are misinformed.

A Short Sale contract is no different than a regular contract with the exception of the 3rd party approval contingency. This contingency is related to the Lender approving the “Short” NOT approving the contract. The lender has no authority to approve the contract since they are not a party to the contract.

They do however have the authority to approve or disapprove the Seller’s request for a “Short” payoff.

A contract is binding and legally enforceable when:

  1. It has a legal purpose
  2. The parties are legally competent
  3. The offer has been made and accepted
  4. There is consideration
  5. The parties have willingly consented to the terms

There may also be contingencies in the contract. Contingencies are: Conditions which must be met if a contract is to be performed.

Some contingencies may be to protect one of the parties:

  1. Survey
  2. Inspections

Some contingencies may need to be removed in order for the purchase to be completed:

  1. Title
  2. Short sale approval
  3. Financing

The Short Sale approval is just one more contingency in the purchase contract. And just like any other contingency it should have a time period to be removed.

If it can’t be removed in the time allowed then the parties can either extend the time period or cancel the contract and return the escrow deposit.

If it can’t be removed at all because the Short Sale was denied then the contract becomes “null and void”. The Seller is now unable to perform. This is no different than when the Buyer’s financing is denied. He too is now unable to perform.

Folks....this stuff is NOT complicated. It’s Real Estate 101. Stop trying to complicate matters by treating the Short Sale as anything other than what it is…..a contract contingency.

If your Short Sale listings are not closing. Get training. You’re doing something wrong.

If your Buyers are getting frustrated then you are not setting the right expectations.

These are my thoughts. What are yours?

***I am NOT an Attorney and this is not legal advice. I am however a Licensed Florida Real Estate Broker and this IS my opinion.

Bryant Tutas
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker

***The content of this blog is solely my opinion***


Listen to a sample of the 5 part webinar:

Copyright © 2009 | All Rights Reserved

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Are you helping sellers with short sales? Part of the lender’s process will be to verify if your seller has a true financial hardship. Short sale lenders analyze the information you provide, including paystubs, bank statements, tax returns and the financial worksheet. They will run a credit report, they will review bank statements line by line, and they won't just gloss over the financial worksheet.If something does not "add up", be prepared for the following questions and requests:1. Why do you list a car payment expense, when your credit report shows it’s paid off?2. Why do you show credit card bills higher than what is on your credit report?3. How are you spending $6,000 a month on bills, when you have no income or savings?4. What was the $15,000 withdrawal from your bank statement last month? Where did it go?5. What is $2000 per month “miscellaneous” expense? Please itemize this.6. Provide a copy of your bank statement from account XYZ, that was used to transfer funds into your checking account.7. Provide a copy of ABC bank statement that you listed when you first bought the property.8. Why are you listing a mortgage expense from a house you have sold?9. What happened to the $70,000 capital gain from your last year tax return?10. Why are your food expenses $1000 per month for a two-person household?Of course, you cannot be a detective or a private investigator, but you don’t want to be a party to deceit. Question your sellers when something seems amiss.If it looks like fraud-- run!It's Wendy!Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
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Bank of America - Countrywide

BofA has cancelled my 2nd lien approval 2x so far. They said that the BPO was too high compared to the offer. They want a higher offer. My jaw dropped...they don't have any authority. Wellsfargo (1st Lient) has already approved the sales price and package 1.5 months ago. BofA is playing the game. We are also offering them over the original 10% which is $10,000 which Wells approved. Now it is at the 3rd negotiator and I'm hoping they don't kick it out again.
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When I’m hired as your Listing Agent handling your Lakeland Short Sale, time is of the essence. The lenders may have filed already a Lis-Pendens, which puts the property already in a pre-foreclosure status.Pricing your home is the most crucial step to marketing and selling – the comparative market analysis that I will provide is comprehensive and more emphasis is given to recent sales comparables similar to your home that are in distress as well as condition. My price suggestions are based on facts and statistics. Competitive pricing will generate more showings and a faster offer.Multiple Listing Service (MLS) – Listing your Lakeland Short Sale in the MLS has all the information it requires plus a whole lot more. From the maximum pictures it can hold, to detailed information about room sizes, school information and style to elaborate description of your home that will entice a prospective buyer. Sellers deserve the Best when it comes selling their home. Likewise, Buyers deserve the Best information true to the home they want to make it their own.Marketing Short Sales – My Lakeland Short Sale properties have the same marketing exposure as if it would be a regular Lakeland Home for Sale. From virtual tours to blogging, direct mailing, flyers and the magnitude of web sites available to me – all of them will get your Lakeland Short Sale the exposure it deserves.Communicating with my sellers is one of my top priorities. Handling a short sale on my seller’s behalf requires discipline, negotiation skills, time management, problem solving skills and patience with all parties involved in a Lakeland Short Sale.If you are experiencing hardship or facing foreclosure, please contact Petra Norris at (863) 619-6918 for a confidential consultation. You may be qualified to do a short sale and save your Lakeland home from foreclosure.
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I sent out a listing agreement a couple of weeks ago for a Destin Florida condo. This was a Bank of America short sale, and no payments have been made for 9 months. I never received the listing paperwork back, so just wrote it off.Today I got a call from “Clyde”, who said he was a licensed real estate agent in the sellers' home state of Georgia and knew them personally. He was helping the sellers with a short sale of their primary residence. Clyde said the sellers still wanted me to list the property, but that Clyde would go ahead and negotiate the short sale for them. He also said he himself would be the buyer, but would line up another “investor” to do a property flip.(OK, I don’t want any part of this, I thought. Help me off the phone.)“Clyde, I negotiate my own short sales, so I cannot help you with that arrangement”, I told him. He reiterated I would not have to do anything but list the property, and he would take care of the rest, even though he was not licensed in Florida. “No thank you, sorry, I am not interested” I restated, and I wished him luck.“Why not get involved?” you might be thinking. After all, I could save hours of calls, emails, negotiating, stress and have a built-in buyer. Well, one reason is I want to be sure my short sale listing closes. I know I have a 90% chance or greater of getting an approval if I handle it personally. And I don’t know Clyde.But the biggest reason is, I don’t want to be involved in a short sale flip, even as just “the listing agent”. Bank of America’s approval letter states “There are to be no transfers of property within 30 days of closing”. Other lenders state there are to be “no assignments” by buyer to other parties. To me, that means, no flipping! I am not going to get involved. Why ever risk getting near a deal like this? Not me.So, I lost a listing today. But you know what? I really didn’t want it.It's Wendy!Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.Destin FL
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"I had the fortune to be part of your short sale basics webinar. I want to express my gratitude and appreciation to Wendy Rulnick and Broker Bryant sharing their expertise in a conversational setting walking us students through from start to finish of a typical Short Sale transaction. This webinar was filled with materials and information giving the most inexperienced the confidence taking on Short Sales.Having participated in classroom environment, read, studied short sale blogs, information and guidelines in the past; this is by far the best step by step instruction that I have received in my over 10 years experience in real estate. You guys truly are the SuperStars! Thank you, Petra Norris Broker . Lakeland, FL"I had the honor of participating in the first of a five-part series on Short Sales with Bryant Tutus & Wendy Rulnick and the class was absolutely wonderful!" Debe Maxwell, Realtor, Charlotte, NC"I am very impressed with yours and Wendy's webinars! I learn much better with audio, where I can listen to it repetitively. I have downloaded these webinars, and that is just what i have been doing (listening to it over and over to learn the material). You are making the short sale exceedingly understandable. In my previous office, this stuff was secret like REO's, and only for the "experience seasoned agents" That is why I did not have access to this info, or get to learn this. It was not taught!!! Thank you so very much for allowing us to participate, share, and learn. I find you both to be extremely knowledgable in this field, and make it tremendously enjoyable! You both are wonderful teachers! I do love all the real short sale experiences that you share with us also. This is an enormous learning experience for me. I also like the "conversation aspect" of this training. It is very informative to have you and Wendy converse, unrehearsed, so that we may learn. Thank you for sharing!" Ginger Moore,"Thanks for sharing your joint experience in the minefields of Short Sales, the web forum, and all you have done. The webinars have been fantastic. I look forward to sharing with you and the charter members as well. This will be an awesome resource site for all of us as we work through the Short Sale maze. Short sales will be around a long time and there is great opportunity for all. The webinars have been fantastic."Don Duft, Realtor, Virginia"Today's webinar (Session 5) was the best of all, a great capper to the entire series. You and Wendy impart wisdom, not just process. I'm going to listen to this session again" Judy Chapman, Realtor, Oveido, Florida"Both Wendy and Bryant's presentation skills are fantastic and between them they have a wealth of experience with short sales. Thank you Wendy and Bryant I really appreciate all your hard work and help in mastering the intricate details of short sales.Best wishes" Sharon Senger, Sharon Senger & Associates"I have signed up for your class and I have to say it is very helpful. My current focus is working with buyers and this really helps me understand things from your (listing agent) perspective and I am sure it will help me seek out the “good short sales” for my buyers. I wonder if you could create a designation like “Short Sale Expert”? You could even have it endorsed by ECAR or FAR. I will certainly write a letter of recommendation for you." Clayton Bonjean, Realtor, Destin FL"I've enjoyed having my morning coffee with you every Saturday for the past 5 weeks as I listened in and tried to absorb all you had to offer. What an amazing gift you and Bryant are giving - the experience that you share is of such great value and I'm so grateful to be in your circle. I've learned to not be afraid of this process and begin embracing the possibilities. As you mentioned, I think short sales are here to stay for a while. Also, I've really appreciated the personalization of your setup and how you were able to answer our questions.I’ve completed lots of training but feel yours was most valuable in your method of approach and delivery. The dialogue made it feel like I was in an actual brick and mortar classroom with real live scenario" Wendy Weber, Realtor, Scottsdale, AZ"Thanks so very much for all the wisdom, and Relaxed atmosphere. I love listening to yours and Wendy's conversations. I feel like a fly on the wall!! " Ginger Moore"I am really glad you guys are doing this, I was looking for a class taught by practicing real estate brokers." Jana Hristova"Your webinar was very impressive and informative. I feel that it didn't come across as a lecture, but good and clear conversation. The short sale is a very complex process, but you have made it much clearer and there was a lot of useful information." Richard Barton Real Estate Investor"If you are a Real Estate agent, you may want to join up with our short sale educational group. This is a fabulous online group, with 2 awesome instructors: Wendy Rulnick, and Bryant Tutas from Florida. They each have many years of experience in short sales. I have enjoyed it immensely and hope to always be a short sale superstar! Won't you come and join us You won't be sorry!"Ginger Moore, Gastonia NCSHORT SALE BASICS IS 8 HOURS OF INTENSE, REAL LIFE TRAINING, plus DETAILED, REAL EXAMPLES, PACKAGES, and MORE FOR $197 CLICK HERE TO SIGN UP
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