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Short Sale Tip of The Week 4-22-09
Posted on 22. Apr, 2009 by ctlms in Short Sale, foreclosure
Real Estate Agents Must Embrace Short Sales or Face Extinction!
Let’s face it. Homeowners today are faced with many different financial and personal issues; from interest rates being reset, to property tax hikes, to job losses. These issues and many more, are forcing many homeowners to have to sell their homes. Which means that a vast majority of these properties will require a short sale or reduction in debt in order to get their properties sold! And so in order for many of today’s real estate agents to stay in business, they must embrace short sales, or else look for another line of work.
In 2009, it is estimated that roughly 56% of all listings will require a short sale. The fact of the matter is there will be no way around this. And so for all of you real estate agents, you must understand that the majority of your listings will likely be over debted properties. With the fact that there are not enough listings (with equity) for every real estate agent to pick and choose from, short sales are a must in today’s market!
The good thing about short sales is that just because you have to wait for the lender to approve an offer, doesn’t mean you won’t get paid. Lenders understand that sellers can’t afford to pay closing costs (hence the reason they’re in default in the first place!), and so lenders pay the sellers’ closing costs for them, which typically includes real estate commissions, attorney or title company fees, conveyance taxes, delinquent property taxes, and all other common closing costs.
But everything else aside, it is essential that all real estate agents out there embrace short sales as a necessity to your business, or else you won’t have much business! As challenging as they may be, they will make up the bulk of your listings, and in turn…the bulk of your income. The current market conditions we cannot change. However it doesn’t mean that there isn’t any money to be made by real estate agents, they just have to know where to look.
One question to ponder, for those of you that are still resisting doing or even learning about short sales…would you rather stay in the real estate industry or get a job? In my opinion the choice is easy; learn how to handle short sales! How to call, and where to turn. Trust me when I say you will learn things you never knew existed and you will end up beating this down market and end up on top!
Give us a chance to prove to you how easy and profitable they can be for you.
Have an awesome day and look out for future tips from us.
Sincerely,
Sean Wilder
Loss Mit Services
PS check out our online short sale processing system at www.CTLMS.com that keeps you up to date instantly, whenever there is a change to your short sale file.
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Bio
Sean Wilder started in the pre-foreclosure business in 2007. Previously he enjoyed successbusiness in the transportation industry, real estate investing and as a licensed Realtor. Sean brought the same determination and work ethic that lead to great success in his previous businesses to Loss Mit Services based in East Windsor, CT. His focus, combined with his drive to succeed, have been essential to his success as one of the area's top short sale negotiators.
Known for finding creative ways to overcome hurdles and never ending persistence; Sean, believes in the power of team. Sean and his team are in the trenches everyday, plowing through challenges and objections while negotiating with various lenders, and finding solutions to difficult problems. It is this daily experience that brings Loss Mit Services consistent success and provides them the knowledge to share.
Sean belongs to a number of industry groups and associations that allow him to collaborate, share, learn, teach and stay updated on the latest changes in the pre-foreclosure industry at the federal, state, local and lender specific levels.
Effective Oct 1, 2009 all debt negotiation companies that offer loan modification, short sale, or foreclosure rescue services needed to be licensed by the CT Dept of Banking. Sean and his company Loss Mit Services were the 1st to be awarded the Debt Negotiation License NMLS # 828273 which can be verified at the CT Dept of Banking Website by Clicking Here. In addition, effective Oct 1, 2011 Debt Negotiators were required to also be licensed Mortgage Loan originators and Sean also has received this license, NMLS# LO-831853.
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