Here’s a secret about expired listings. Expired listings are  almost ALWAYS over priced. That’s why they are expired.

E$pired listings are without a doubt my favorite type of lead. These Sellers have already decided to sell and they’ve already decided to use a broker. 

The only hurdle left is to get the price right. That being the case it’s important to establish quickly if this is possible or not.

A CMA (Comparable Market Analysis) for a property that has expired should be short, sweet and to the point. No need to go overboard. A good technique is to arrive at a “range” of where you know the property will sell.

The idea is to make sure the seller is willing and able to make the proper price adjustment BEFORE you spend a ton of time arriving at a more precise price.

Why? Well…. the property was overpriced. This means either the seller was unrealistic about price or they were given bad advice by an inexperienced agent. The first seller will be more difficult than the second.

An example would be an expired listing that was priced at $500,000 that’s worth $325,000. All you really need to know is that the property should sell in the $300,000 to $350,000 range.

If you give the seller this price range you will know almost immediately, by their reaction, if you have a chance of getting the property priced right or if you just need to walk. If  you feel the seller is receptive to pricing right then get serious and do a full blown analysis.

Good listers can establish this stuff during a phone call. No need to set an appointment unless we know for a fact we can get the price right. I know my time is valuable. Is yours?

Do you need a new Broker?

Want to find out more? www.TTRealtyNet.com

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

We now have 1,300+ members of www.ShortSaleSuperStars.com  who are ready to help you master Short Sales. And if that’s not enough…….

Need Training?

If you need short sale training to feel comfortable pulling off the deal, you’re not alone. The number of foreclosures happening across the United States is unprecedented, and it’s not often that short sales are mentioned outside of this kind of economic environment.

It’s time for you to get the expertise you need, because short sales are becoming extremely common. You don’t want to be caught feeling unsure when a client asks for one.

That’s why we offer you three different training solutions, each of them custom-made for agents just like you. These training sessions take you from complete confusion to calm confidence in no time flat – and you’ll be able to turn that new knowledge into perfect closures immediately. 

This five-part Short Sale Agent Training webinar with short sale professionals Bryant and Wendy takes you through 8 full hours of short sale training, walking you through each step of a short sale so you know exactly what to expect and how to deal with problems that may arise. Click the button above to order $97

Bryant and Wendy interview a short sale negotiator from one of the major lenders to get you the insider secrets that make your short sale a huge success. If you want to come out ahead in a negotiation, ask the negotiator – and we did just that, so we could give you that insider info. $27

First short sale? Use this handy Short Sale Listing Package, and you won’t leave anything out next time. Everything from the short sale submission letter to a listing checklist, as well as anything else you‘ll need, all in one tidy package so you don’t have to stress. Just check it off, and close the deal. $27

Wendy Rulnick and Bryant Tutas
www.ShortSaleSuperStars.com

Copyright © 2010 REGrow, LLC | All Rights Reserved

…..and then complain about it! Today I want to talk briefly about co-brokes and the “ole’ 50/50 rule”. In my area it is quite common for short sale listings to have verbiage in the MLS remarks stating that what ever commission is received will be split 50/50 with the selling agent. Then of course they offer a ridiculously high co-broke so the uneducated Buyers agent believes he will get that x% co-broke when most of us know the short sale lender will rarely allow more than y%.

I don’t handle my listings that way. I offer z% percent as a co-broke and I guarantee it. No matter how much the lender allows me to get paid I honor the co-broker offer. I do this because I completely disagree with changing co-brokes after the Buyers agent has already shown and negotiated a deal on my listing. In my opinion it’s playing dirty pool.

BUT….I’m also not an idiot. I offer a co-broke that is in line with my market conditions but one that still leaves me a little bit of room for play. This means that if the lender allows y% I end up making more money than the selling agent. If the lender reduces the commission I make less than the selling agent. It all works out in the end and I feel it’s a fair way of doing business. There are no surprises for the selling agent. They get what’s offered in the MLS with no exceptions.

Today I had a selling agent upset at me because they saw I was making more than them on the HUD statement. He wanted to know why? I explained my company policy to him but he just didn’t get it and started going off about the 50/50 rule. Finally I just had to tell him that what I get paid is really none of his business. He hung up on me.

So I sent him this email:

Dear agent,

I want to clarify the co-broke on my short sale listings. It is always z% Even if the bank comes back and reduces the commission to h% or j% I still l pay z% to the selling agent. Your commission is guaranteed.

In fact I am the only broker that I know of in this area that does not reduce the co-broke when the lender reduces the commission on a short sale. It was z% when you showed the property and it’s still z%.

My commission agreement is between me and my seller. I’m sure if I were getting less than you there would be no issue. On this particular short sale the lender allowed me to get y% so I made out better. That is not always the case.

There is no such thing as 50/50 rule. That is a figment of your imagination.

Thank you for your hard work with getting this transaction closed. I hope we can do more in the future. End of email.

Is this really that difficult to understand? What say you?

Do you need a new Broker?

Want to find out more? www.TTRealtyNet.com

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

No problem. We’re here to give you everything you need to become a Short Sale Superstar.

Foreclosures are rampant across the U.S. More and more banks and homeowners are turning to short sales as a mutually beneficial solution. The problem? Short sales seem to be what everyone needs – but you never had to do many short sales before.

That’s where we come in. We’ve been working in short sales for years, even before the economy tanked, and we know the strategies that work best to make the banks, the lenders, and most of all your clients come out on top.

Share our knowledge and make sure you have all the tools you need to become an expert in short sales – so you can reap all the rewards of getting your clients just what they need.

What’s standing between you and Short Sale Superstardom? Nothing but the click of a button.

Join our Short Sale Superstars network to get the benefit of a worldwide community of short sale experts, or get in on our 8-hour ultimate seminar in Short Sale Agent Training. From know-nothing to seasoned expert in just 8 hours – there’s no faster route to expertise in short sales.

Get started right now, and say goodbye to that feeling of uncertainty when someone mentions a short sale.

Say hello to the confident feeling of a great close and a happy client.

Wendy Rulnick and Bryant Tutas
www.ShortSaleSuperStars.com

Copyright © 2010 REGrow, LLC | All Rights Reserved

I really don’t have anything to say after watching that video except for OUCH!!! Here are a few links to some stuff you may like.

Have you submitted a Short Sale through the Equator system yet?

Bank of America brought up on charges

Twitter? Facebook? Google Buzz?

Speed painting is very cool

Short Sales Suck and I Ain’t Doin’ Them!!

“He who has overcome his fears will truly be free.” Aristotle

Does this sound familiar? You’ve never had to deal with a short sale in your life – until about a year ago, when foreclosures became so common it was rare that you had a seller without one. You’re not even sure you have a real grasp on what a short sale is, much less how to go through the process. And no one seems to be able to tell you how to do it quickly, with no stress.

Well, except us.

Short sales have become the norm. They’re often treacherous, and they can be extremely painful for buyers, sellers, and agents alike.

But they don’t have to be. We’ve spent years figuring out how to make short sales less painful all around. You need to know how to handle a short sale, and we’re more than happy to share everything we’ve learned the hard way – so that you can learn the easy way.

This training series walks you through an entire short sale, from the very moment you realize you need one to the final signature on the deal. We’ve included every single trick, technique, and time-saver in our book to make short sales easy on you and on your seller.

You’ll have all the time in the world to learn at your leisure, too, with audio files, Q&A sessions, worksheets, and sample documents. Learn how you want, when you want, the way you want.

Ready to get rid of short sale stress and get yourself into short sale superstardom?

What Do You Get?

· Two experts in the short sale industry walk you through an entire short sale from start to finish

· 8 hours of easy-to-follow instructions along with insider tips and secrets for an extra edge

· All the forms, approval letters, and sample documents you need for your next short sale

· mP3 audio files of all seminars so you can listen at your leisure or refresh your knowledge later

· Q&A for as long as you need to get all your questions answered

We’re here to help you. We’ve been dealing with short sales for several years, and we know it can be rough on homeowners and agents alike. We want to make sure this process is as easy for you as possible, and that starts with getting you the education and short sale training you need to make the right deal.

The best part? It’s only $97. You’ll get to listen in as two short sale industry experts walk you through the process of making a short sale happen, and then get the extra support you need, when you need it, by having direct access to Wendy and Bryant via www.ShortSaleSuperStars.com (By the way…..the site membership is FREE!)

That’s 8 hours of training for one low price– and a real bargain at less than $10 an hour for the best consulting on short sales available in the market.

What Do We Talk About?

If you’re wondering exactly what we cover in each of the short sale training sessions, here’s a quick layout of what we’ll talk about and the specific strategies you’ll learn:

Session One: Short Sale Basics

· What is a short sale?

· How do short sales affect the seller?

· Why would the lender consider a short sale?

· What’s my role as an agent in a short sale?

Session Two: Taking the Listing

· How to qualify the seller

· Questions to be sure to ask (they’re not what you think)

· Documents you’ll need to make a solid short sale

· Disclosures and addenda you MUST have on the listing contract

Session Three: Placing the Property on the Market

· Proper pricing for a short sale

· Our price reduction strategy

· How to market your property for the best leverage

· How to qualify the right buyer for the sale

· How to negotiate the contract that puts you ahead

Session Four: Preparing the Package

· How to check the HUD1

· How to prepare and submit the package properly

Session Five: Presenting the Short Sale

· Making your case to the lender

· The secrets to following up the right way

· How to negotiate the final payoff

Start to finish, the perfect short sale. You’ll receive audio files of the course so you can listen to them as many times as it takes for you to feel comfortable that you can pull off a short sale as perfect as ours.

We know you can – all it takes is a little training, and the help of a few seasoned experts.

Becoming a short sale superstar is just that easy.

Who Are These Experts?

We’re Wendy Rulnick and Bryant Tutas, and we have 35 years combined experience in real estate and short sales.

Wendy is the award-winning Broker/Owner of Rulnick Realty, and she’s been selling real estate for 20 years. She’s been featured in Kiplinger Personal Finance Magazine and Florida Realtor Magazine as a short sale
specialist.

Bryant is the Broker/Owner of Tutas Towne Realty, and he’s been in the real estate business for 15 years. Some of his happiest clients are sellers who have been through the short sale process with him and are grateful for how painless he made it for them.

We know firsthand just how rough the short sale process can be on sellers, and we’ve been working for years to fine-tune a process that’s easier on them – and on us.

Now we’re making it easier on you. We’re just that kind of people.

What If I Don’t Like It?

Then you get your money back. It’s just that simple. We know we have the knowledge that helps you become a short sale superstar, but if you don’t feel the same for any reason, then we’re happy to refund your money. We want everyone who takes this course to feel they got their money’s worth.

After we refund your money, we’ll ask you how we can improve for others. We’re that devoted to making sure this is the best training course on short sales out there.

Ready to become a short sale superstar?

SHORT SALE AGENT TRAINING

ONLY $97

Wendy Rulnick and Bryant Tutas
www.ShortSaleSuperStars.com

Copyright © 2010 REGrow, LLC | All Rights Reserved

Hi Folks. Richard Zaretsky wrote apost earlier this week titled SHORT SALE MARKET EVOLUTION – GMAC SOLUTION TO FALSE BUYERS  If you haven’t read it pop over and do so.

Richard’s post spawned an article by Bill J Archambault titled Successful REALTOR Or Failed Social Reformer.

Bill’s post got me thinking about this one. Funny how that works!

Here is the language GMAC wants if you have a short sale with them as the lender:

2-3% earnest money must be agreeable to buyer. Contingencies must be removed 14 days after we issue approval letter and earnest money becomes non-refundable. If buyer walks, buyer and seller must agree in writing that earnest money will be wired to GMAC.

GMAC is interfering with my listing agreement and interfering with a purchase agreement.  This is, in my opinion***, Tortious interference. They are NOT a party to either of these contracts and have no right dictating the terms.

GMAC’s new “deposit language” is interfering with my contractual right, as per my listing agreement, to a percentage of the deposit when a buyer walks. Why? I didn’t do anything wrong. In fact, I spent time, effort and money during the pending status of the contract and have the right to be compensated if the deal kicks due to the buyer walking. GMAC wants to steal my money.

And what about the fully qualified buyer that doesn’t have 2% to 3% to put up as a deposit? They could be purchasing the home using VA or USDA (100%) financing but may not be in a position to place 2% to 3% down as a deposit. Now due to this GMAC requirement they are blown out of the water. And of course these are exactly the buyers that are willing to pay a premium for a property.

Make no mistake about it this is just one more step towards banks dictating the real estate market.

Banks are now:

• Limitting how much I can charge for my services.

• Preventing me from being compensated for my time and effort.

• Dragging property values down even further by limitting the buyer pool.

You can be sure I will work the system to my advantage. BUT…dictating how I can charge for my services is a violation of anti trust laws. GMAC can certainly choose to not accept a short sale. That is their decision. How I get paid is my business and they are interfering with my contract. GMAC is not losing money. They are the servicer. They get paid whether payments are made or not. This new verbiage is not to lesson their losses it is to increase their profits.

I wonder if they pass the claimed deposit off to the investor? I doubt it.

Short Sales Suck and I Ain’t Doin’ Them!! Agent Training.

Time. Mine is valuable. Is yours? One thing that agents struggle with is being in control of their time. How often have you popped out to show property at the last minute? Or had to cancel a personal event because one of your customer/clients needed to see you? What about the Buyer who can only look at properties every other Saturday from 4-7 pm? Do you work with them?  I don’t.

Here’s a fact. There are NO real estate emergencies.

Here’s another fact. You will NEVER be caught up. There will always be another call to make. Another website to update.

If  you want to have lasting success in this business and avoid burn out you MUST get control of your time. Work by appointment only.

Don’t let others dictate your schedule. Don’t do same day appointments. Just let them go. It will save you a lot of aggravation in the long run. If people don’t respect your time they will never respect the relationship. That’s a fact.

Let folks know at first contact how you work and when you work. People will appreciate knowing these things up front. If your schedule doesn’t fit with theirs then just let them go. We can’t work with everybody.

Once you set boundaries with your time a funny thing will happen…..you’ll start attracting people that will work within your time frames. And because of this you will be less stressed and you will become better at what you do.

Do you believe that? Well even if you don’t it’s still true. You just need to trust me on this one. Can you do that?

Do you need a new Broker?

Want to find out more? www.TTRealtyNet.com

Copyright © 2010 http://www.brokerbryant.com/ | All Rights Reserved

Hi folks. As most of us in this business I seem to have a lot more frustrating days than I used to. Real Estate is hard. My personal business is about 80% short sales and REOs (foreclosures). Frustrating.

I work in a very low end market and have to do lot’s of transactions every month in order to make a good living and pay the business bills. But that’s ok. So many folks have it much worse than I.

Yet, they have more strength than I could ever imagine. A perfect example is…..

.……Artist Leon Botha, one of the world’s longest surviving Progeria sufferers, and photographer Gordon Clark embark on a collaborative and artistic adventure, exploring the questions of destiny and immortality to bring us this powerful photo series Who Am I? Transgressions.

“By words one transmits thoughts to another, by means of art, one transmits feelings.” Leo Tolstoy

Hi folks. Did you know, when I wake up in the morning the first thing that comes into my head is, “What can I Blog about today?” Then the phone rings and my question is answered…..

“Good morning, Tutas Towne Realty, this is the incredibly good looking and intelligent Broker Bryant speaking, how may I help your dreams come true today?“

“Hi Broker Bryant, this is your Seller over at 4321 Desperation Ave. I’m calling to let you know I have found a Buyer for my house. My neighbor, who has lots of money, wants to buy my house. I know he has lots of money and can pay cash for it, if he wants. I told him I would only take full price ($259,000) for it but at that price I would leave the appliances. He said something about putting 5% down and me giving him back a check for $15,000 at closing and he wants me to pay all his closing costs. Did I mention he has lots of money?”

“OK, OK, Mr. Overwhelmed, the first thing we need to do is have him call me. I need to talk to him about his qualifications and make sure he is in a position to even purchase your home. Then we can get his offer in writing so we can sit down together and go over your options. By the way, you can’t just give him money back a closing, that could be mortgage fraud and we can’t do that. But we will worry about that after I get a written offer from him. OK?”

“OK, but I know he has lots of money. I told him I was in foreclosure and he said he could help me out. He really likes the house, since it is the best house in Poinciana, and he has lots of money.”

Anyway, I received a call about an hour later from a REALTOR®, all excited, wanting to submit an offer on this listing. She asked me the price and I told her it was $259,000. “Broker Bryant my Buyer would like to offer $225,000 and wants the Seller to pay $14,000 in closing costs. He will be getting 100% financing. Do you think we have a deal? He said he has already talked about this with the Seller.”

Now folks, does this offer sound anything like what the Seller had mentioned to me earlier? Of course not. They never do. Desperate Sellers hear what they want to hear and say things they shouldn’t say and Buyers will and do try to take advantage of the situation. Why would you tell a potential Buyer you are in foreclosure?

This is one of the most important reasons to hire a REALTOR®. We are not emotionally involved in the deal. We are a calming force and we are trained to weed out unqualified and unrealistic Buyers. Without a REALTOR® looking out for him, who knows what kind of a deal this Seller would agree to? You can be sure it would have cost him a lot more money than what he is paying me. This assumes he wouldn’t have wasted months and months of market time, while the neighbor, with lots of money, tries to sort out 100% financing on a second home.

Hiring a professional REALTOR® who has experience and market knowledge in your area, is the best investment you can make. So before hiring a REALTOR® to sell your house ask these questions.

1. How many properties do you personally have listed on the market in my area, today?
2. How many closed transactions did you have in my area last year?
3. How many pending transactions do you have in my area, today?

There are many more questions you need to ask before hiring a REALTOR® but, in my opinion, you need to have the right answers to these three, first. And make them show you their sales record from the MLS.

By the way, I never did hear back from the Buyer or his REALTOR®. I guess I need to call Mr. Overwhelmed back and let him know the neighbor has no money. Better yet, I will send him a link to this post.

I wonder who will call me tomorrow morning?