My Short-Sale Friends
My Short Sale Friends
by David Fletcher, Founder New Homes Niche
I have six short-sale friends ,
As inconsistent as can be,
Every time I get a prospect,
They change the rules on me.
There’s Cancel, Closing and Condition
Contract, Price, and, of course ,Commission
Closing is my closest friend, but one I seldom see,
Commission is always nice, but likes to disagree,
Contract can’t figure out exactly what to say
Condition finds more fault than God on judgment day,
Price is always bragging and trying to prove himself
And Cancel is always sorry,when the deal goes on the shelf.
This short sale thing is getting old,
but I know what to do.
I’ll start asking all my buyer prospects
If they have ever considered “NEW.”
reprint by permission only
Resolve Process Issues Before Training
We ran across this reminder on the avidrating.com website and thought it beared repeating.
“Ongoing training and professional development are integral to long-term success.
However, you can only get the maximum benefit from your educational endeavors
after you have done the important work to improve and refine your corporate culture
and operational effectiveness.
“ Only then can the benefits of training be fully realized. Many companies make the mistake
of investing in training and program development before they’ve resolved process issues.”
Lenders Find Way To Offset Foreclosures
The housing market is about to shift into at least low gear thanks to lenders putting short sales on the ‘fast cash’ closing track.
You can read the case studies in the October 12 Issue of Inman News. inman.com. Sellers who are facing foreclosure are being offered cash to short sell. By serious cash, I mean like a check for amounts up to $30,000 with no mortgage recourse once the home closes.
It appears that Chase was the first to offer this type of program with Wells Fargo not far behind. Bank of America is conducting a webinar on October 25, expected to reach 16,000 real estate agents, most of whom are Certified Distress Property Experts (CDPE).
Lenders are paying full commissions and expecting first class service from the real estate community, meaning they will will know how to complete all of the paper work the first time.
In effect, lenders are taking a known, management free financial hit up front, taking the seller out of the sales price issue, the risk of the seller trashing the house before it sells or closes, and taking a further hit on the price after it is put on the market.
But even better is the instant and steady cash infusion coming from private enterprise, the lenders. It looks like the ones who led us in, are the ones who will lead us out.
Stay tuned.
Cash Investors Drop Out Of The Bidding Wars, Drop Back In When The Winning Bid Cancels.
Recently I was talking with the president of a major commercial real estate company about one of their investor clients, who was buying fractured condominiums and ‘some retail.’ They had closed recently within 2 and 1/2 weeks for cash on a purchase that cancelled at the last minute.
He said that they grew weary of the bidding process. Join the party.
He believes that there will be increasing pressure on lenders to close commercial deals and that those who can, should be a ‘first responder’ when a deal falls through with the lender.
I would take it a bit further. But that is for another time.
By the way, if you read this and have upper scale fractured condominiums to sell in Florida, let me know. I have a cash buyer who has closed on more tha 10 properties in Florida over the last year or so, and is looking for more. Majority ownership is not important.
Give Investor’s Some Love
Real estate investors, puleeze keep buying foreclosures by the bulk load. We are depending on you to continue to buy and hold or buy and renovate and resell. I want to live to see my young grandchildren buy in a stable market someday. You and jobs are the key. Keep it up!