The Short Sale Podcast for Real Estate Agents

Short Sale Help for Agents: Selecting the Best Buyer Part 1 During this episode we will cover the essential ingredients for selecting the best buyer for your Short Sale.(Read the Unedited Word-for-Word Audio Transcript Below) _________________________________________________________________________________ Follow this link to Subscribe to my Short Sale Podcast in iTunes -- CLICK HERE __________________________________________________________________________________ Let me know your thoughts by commenting below... Thanks for Listening and Happy Learning - Scot   The Unedited Word-for-Word Audio Transcription:  Episode 11 of The Short Sale Podcast. This is Scot Kenkel. In our last episode, we discussed how to price your short sale listings to make sure that you're getting them sold quickly. If you missed that episode, go seek out Episode number 10 of The Short Sale Podcast. Many agents make their very first short sale mistake by pricing their listings too high, which makes it nearly impossible to find the best buyer. In this and the following two episodes I'm going to share with you some very well-used tips that I've shared with my boot camp students to make it possible for them to get their short sales not just listed and sold, but listed, sold and closed. Notice I said listed, sold and closed, because it does you no good to list a short sale and not sell it, or worse to list it, sell it, and then have it not close, have it cancel. Why would a short sale listing be listed and sold, but not get closed? Well, in most cases it's because you had the wrong buyer, the not best buyer. The number one most common reason for short sales falling apart is paperwork, bad paperwork, and the number two most common reason short sales fall apart is not the best buyer, but the wrong buyer. Notice I didn't mention price as a reason that short sales don't get closed. I want to emphasize this over and over again. Paperwork is more important than price. The right buyer is more important than price. If you go back to short sale truism number one, properties that are put on the market at too high of a price are at greater risk of going to auction than properties that are priced correctly. So let's assume that you have followed my advice to the T. You have listed the short sale, you've priced it aggressively, offers are pouring in. Now what? Well, let's understand what you're looking for, the characteristics that are going to increase your odds of success so that you go from a listing that is sold to a listing that is closed, versus a listing that is sold to a listing sale that has cancelled. The characteristics that you're looking for, there are three of them. The number one characteristic is that you find a buyer that is getting a good enough of a deal that they're motivated and committed to doing what you ask them to do. It has to be a deal. If it's not a deal, why would they stick around long enough to get this thing closed? Number two characteristic is you want a buyer that knows exactly what they're getting into and is willing to spend the money to find out what they're getting into. In other words, they're willing to spend the money to make sure that the property is worth the right amount and it is in the condition they think it's in. We'll discuss that a little bit more in detail. The number three characteristic is you want a buyer that has a degree of financial flexibility. Again, you'll hear me describe that in greater detail. Now let's compare those characteristics to what the lender, this is the lender for the seller who's going to have to approve this buyer, what are the characteristics that they're looking for? Well, there's only two. Number one, they want to make sure that the property is being sold at a fair price to a solid buyer. Number two, they want to make sure that they've got all the paperwork to prove number one. Let me say that again.

  During this episode I’ll give you an overview of my background and the Short Sale Podcast Series  An Introduction to the Short Sale Help Podcast Series During this episode we will be discussing: — About the Author – Scot Kenkel, CRS GRI — A brief history of the Mortgage Default crisis — The primary […] The post SSP 001 : Short Sale Help: An Introduction to the Short Sale Help Podcast Series appeared first on How to Sell More Houses.

Short Sale Help for Agents: How to decide on the RIGHT Price During this episode we will go through the steps for effectively setting the price on your next Short Sale listing. (Read the Unedited Word-for-Word Audio Transcript Below) _____________________________________________________________________________ Follow this link to Subscribe to my Short Sale Podcast in iTunes -- CLICK HERE _____________________________________________________________________________ Let me know your thoughts by commenting below... Thanks for Listening and Happy Learning - Scot   The Unedited Word-for-Word Audio Transcription: Episode 10 of the Short Sale podcast. This is Scot Kenkel. In this episode, we're going to discuss how to set the price of your next short sale listing. Pricing is a really tender subject for most agents because they never develop the skill to deal with pricing effectively with a seller. It's especially a critical component of helping sellers, especially when they're in distress, as you may be dealing with those folks that are having challenge meeting their obligations or perhaps they owe too much on their house and they're really looking to you for advice. But I want to give you a couple of truisms about short sales. And the first one, as it relates to pricing, is very simple. Properties that are put on the market at too  high of a price are at much greater risk going to auction, than those that are priced appropriately or aggressively, meaning that they're priced correctly. And truism number two regarding short sales, Properties that are sold at auction, those would be the ones that did not involve a real estate agent, will always sell for less than those sold when a real estate agent is involved. So how do you know whether or not your new short sale listing is overpriced? What's the easiest way to know? Well, you know it's overpriced if A, You're not getting any showings. That's pretty obvious. B, If you're getting showings but no one's writing an offer. Maybe not as obvious… But when you think about it, getting showings but no one's writing any offers, priced too high. Or C, You're getting showings and you're only able to eeck out a single written offer. That's how you know that your listing is overpriced. Is there a formula for how to price a listing properly when you're dealing in short sales? Absolutely! The pricing model that I'm going to recommend that you become familiar with is the Wholesale Investor Price Formula. There are some things that you're going to need to know in order to follow along with this, but understand this about pricing. There's retail, and that's the highest price possible to sell something for when you have ample time and you're not in a distress situation. And then there's the other way, which I would refer to as wholesale. Wholesale is where you sell a property in the existing condition it's in, but you sell it at a reduced price, a wholesale price. You're not expecting first time home buyers to come along and buy it. It's not really for them. It doesn't mean you won't sell it to a first time home buyer but first time home buyers are typically looking to buy retail as opposed to wholesale. How do you get to that price, the formula, if you're not familiar with how real estate investors think? You're going to love this next part because I'm going to tell you the formula that they use, and as an active long-time real estate investor, this is a formula that we all use. First of all, you have to have a good understanding of what the property would be worth in mint condition. Investors refer to this as the ARV, after repair value. For this example, let's say that the property that you've got, forget how much they owe on it, but if it was put in tip top condition, and there was no distressed component, no risk of foreclosure and you're selling it for retail, the estimated after repair value we're going to use for the example of $150,000.

Short Sale Help for Agents: Does filing Bankruptcy matter? During this episode we will discuss how understanding a little more about the effects of filing Bankruptcy will keep your sellers better informed. (Read the Unedited Word-for-Word Audio Transc...

Short Sale Help for Agents: What can the Numbers tell you? During this episode we will discuss how understanding the numbers in your market will help you decipher the future of Short Sales. ______________________________________________________________ Follow this link to Subscribe to my Short Sale Podcast in iTunes -- CLICK HERE ______________________________________________________________ Let me know your thoughts by commenting below... Thanks for Listening and Happy Learning - Scot  

Short Sale Help for Agents: The Three Critical Ingredients During this episode we will discuss three critical ingredients that must be present so you can make sure your Short Sales get approved by the Seller’s Lender. ______________________________________________________________ Follow this link to Subscribe to my Short Sale Podcast -- CLICK HERE ______________________________________________________________ Let me know your thoughts by commenting below... Thanks for Listening and Happy Learning - Scot   ______________________________________________________________ Follow this link to Subscribe to my Short Sale Podcast -- CLICK HERE ______________________________________________________________  

Short Sale Help for Agents: Is a Short Sale the BEST Option? During this episode I will be discussing how to help your homeowners decide whether doing a short sale is better for them or not. I’ll also share with you some tips on what it takes to re...

Short Sale Help for Agents: Are Short Sales more complicated?   During this episode I will be discussing why agents mistakenly avoid working Short Sales because they think they’re much more complicated than normal listings. I’ll also share with you some tips on what it takes to really master the Short Sale Process so that you’ll be in a better position to help more homeowners.   ______________________________________________________________ Follow this link to Subscribe to my Short Sale Podcast -- CLICK HERE ______________________________________________________________ Let me know your thoughts by commenting below... Thanks for Listening and Happy Learning - Scot   ______________________________________________________________ Follow this link to Subscribe to my Short Sale Podcast -- CLICK HERE ______________________________________________________________  

Short Sale Help for Agents: Why do Short Sales take so long? Short sales are definitely not going away anytime soon! In fact in many markets across the country distressed sales account for as much as 40% of houses being sold. To be successful in real ...

Short Sale Help for Agents: How to do a Short Sale ________________________________________________________________________ Follow this link to Subscribe to my Short Sale Podcast -- CLICK HERE ________________________________________________________________________ During this episode we will be discussing the following: -- What you learned in Pre-License really did matter -- Short Sales aren’t that different from normal transactions -- What role does the Lender play in the Short Sale -- Additional documents you’ll need to get from your sellers -- Make sure you don’t leave their home without these… -- How long should it take to get their house Sold -- What should go on the HUD1 – especially line 504 -- Is the Lender clear on what you’re asking them to do -- How can you best handle all those darn documents -- The SINGLE most Common Reason Short Sales get denied Thanks for Listening and Happy Learning - Scot  

Short Sale Help for Agents: What Most Agents don’t Know about Short Sales During this episode we will be discussing: -- WHAT is a Short Sale and WHY should agents even care? -- The creation of an entire population of Non-Equity Homeowners -- Mortgage default rates battle the euphoria of optimism -- How the “Negative Home Value Spiral” became a national epidemic -- 1 in 5 home mortgages are already at least one payment behind -- A quarter of all mortgaged homes are worth less than they owe -- People will continue to move regardless of debt owed on their home -- Agents familiar with Short Sales will have a marketable advantage   Thanks for Listening and Happy Learning - Scot          

Short Sale Help for Agents: An Introduction During this episode we will be discussing: -- About the Author – Scot Kenkel, CRS GRI -- A brief history of the Mortgage Default crisis -- The primary role of the Real Estate Professional -- Why Short Sales are so misunderstood and mishandled -- Objectives of the Short Sale Podcast   Follow this link to Subscribe to my Short Sale Podcast -- CLICK HERE Thanks for Listening and Happy Learning - Scot   Got a Short Sale Question?