Taking Control of the Short Sale Transaction.

By
Real Estate Broker Owner with Bryant Tutas-Tutas Towne Realty, Inc BK607690

You talkin to me?Hi folks. Having success with Short Sales requires being in charge of the situation from the get go. Buyers and their agents MUST have realistic expectations about Short Sales or...........well just read this.

I have attached the counter offer from the Seller. Only the pages with changes have been included. If the Buyer is agreeable have her initial the changes and then I will send the entire contract to the Seller for signatures and initials.

This is a Short Sale. It will require MINIMUM 60-90 days to get closed. If the Buyer is not prepared to wait this long then this property will not work for her. We will require the deposit to be placed once the contract is signed by the Buyer and the Seller. Once under contract the Buyer cannot just walk away. If they do the deposit will be forfeited to the Seller.

The purchase price has to be a price I can justify to the bank or we are all wasting our time. Recent sales place the value of this property in the $240-$250 range. Therefore the counter offer of $239,000 is firm. This is a very good price for this home.

If the Buyer is agreeable to these terms then the Seller and I will do everything we can to get the lender to agree to the Short Sale. The property will go into pending status and we will provide the lender with all the documentation they need to have this Short Sale approved in a timely manner.

Please let me know within 48 hours your Buyer's decision. I'm looking forward to working with you to achieve a successful closing.

If they agree chances of the Buyer lasting through the Short Sale process are very very good. If they don't........NEXT!!

Want to learn more? Our next Short Sale Basics webinar is Saturday, July 18, at 11:00 Eastern. All five sessions will be available on MP3 if you cannot attend live or miss any. Session 3 we will be covering the short sale listing, price reductions (one of my favorite subjects) and more. See you then!

 

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***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Topic:
Real Estate Best Practices
Groups:
Sharing Information of Short Sales
Short Sale REALTORS®
Short Sales and Forclosures ONLY
Short Sales Specialists
Short Sale Support Group
Tags:
short sale
short sale basics

Comments 48 New Comment

Anonymous #46
Anonymous
Basilovecchio

Before I post this i am going to take a stiff drink (coffee) and brace myself for the "boo's"

I believe that all short sales done by all REALTORS should have an addendum that shows the terms and conditions of their E&O insurancealong with information as to how a claim can be made.

Also the MLS should be held liable.

A short sale sholud only be allowed to be completed WITH AN ATTORNEY.

(Pause for the boo's)

You have in todays market, a real estate agent advertising a property for sale by someone

who is NOT the owner who can convey clear title.A real estate agent that will try to get a price that is lower than the amount owed,which is touted as a "bargain" for the buyer.

A real estate agent that will allow the alleged seller to sign and attast to a "loss deficiency"

that the lender could try to recover for years.

I am not an attorney,I am a broker owner.

Go back and read all the comments,read all the hidden agendae,read all the practicing of law involved in the short sale process;the disclosures not being presented!

Yes I list short sales But only upon the condition that the "seller" will retain legal counsel

to do the process after an offer is received PERIOD.

Perhaps a future ad ??

"Have you lost money using a real estate agent doing a short sale for you?"

call 1-800-for this legal group "You may be entitled to compensation"

 

The MLS needs to put proper disclosure on all "Short Sales" one of which should be

"You should consult with legal counsel as a short sale may have some financial dangers

that you need to be made aware of."

The real estate agent needs to disclose,"

I (We) are not an attorney and there are legal matters that have to be disclosed"

OR GO BACK TO THE SENTENCE-An adendum giving the E&O Insurance information.

 

For background info GOOGLE

"Short Sale Horror Stories"

"Should I stop paying my mtg"

 

July 20, 2009 07:02 AM
Rainmaker
1,080,210
Bryant Tutas
Broker/REALTOR, Tutas Towne Realty, Inc
Bryant Tutas-Tutas Towne Realty, Inc

Basilovecchio,

I appreciate your comment however it is loaded with incorrect information. Including this little diddy:

"You have in todays market, a real estate agent advertising a property for sale by someone

who is NOT the owner"

Last I checked my seller is the owner of the property. They have not been foreclosed on yet. Now I completely agree that we need to have disclosures out the ying yang and should definately check out E&O insurance to make sure we are covered.

A competant short agent can certainly know as much or more than an attorney when it comes to short sales. Although a smart agent will also suggest strongly their sellers speak with an attorney. 

Short Sales are not for everyone. They do require a certain skill set. If you are not comfortable doing them then don't. It's not worth the risk if they are not your area of expertise.

Thanks for stopping by.

July 20, 2009 04:16 PM
Rainmaker
36,255
Jeffrey deJESUS
Realtor
Better Homes & Garden - DeJESUS Real Estate Group

Thank you for clarifying these aspects of a short sale! you have some great posts!

July 23, 2009 06:30 PM
Rainmaker
380,167
Elva Branson-Lee
CDPE - Atlanta Real Estate & Short Sale Agent
Solid Source Realty GA

Bryant, I want to be you when I grow up.

July 30, 2009 07:54 PM
Rainmaker
197,630
Mark Velasco
Friendly Hills Homes for Sale - Whittier, Ca. Real Estate - Listings
Realty Source, Inc (Luxury Homes Division)

Great post Brian.  We have to be willing to offer a discount to reward the Buyer's time. Otherwise...they may not be your Buyer anymore

August 13, 2009 12:13 AM
Rainmaker
1,080,210

Bryant Tutas

Broker/REALTOR, Tutas Towne Realty, Inc
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