The Short Sale Podcast for Real Estate Agents

During this episode you will learn which types of buyer financing are most favorable when it comes to getting your Short Sales approved by the seller’s lien holder.  Selecting the Best Buyer Part 3 During this episode you will learn which types of buyer financing are most favorable when it comes to getting your Short […] The post SSP013 : Short Sale Help: Selecting the Best Buyer Part 3 appeared first on How to Sell More Houses.

This is the second of three parts where I’ll share with you some tips to help you to get more short sales listed, sold and closed. Selecting the Best Buyer Part II This is the second of three parts. In the last episode, number 11, we left off explaining what to do once you start getting […] The post SSP 012: Short Sale Help: Selecting the Best Buyer Part 2 appeared first on How to Sell More Houses.

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. Selecting the Best Buyer Part 1 Many agents make […] The post SSP 011 : Short Sale Help: Selecting the Best Buyer Part 1 appeared first on How to Sell More Houses.

 In this episode, we’re going to discuss how to set the price of your next short sale listing. How to decide on the RIGHT Price for your next Short Sale 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 […] The post SSP 010 : Short Sale Help: How to decide on the RIGHT Price for your next Short Sale appeared first on How to Sell More Houses.

During this episode we will discuss how understanding a little more about the effects of filing Bankruptcy will keep your sellers better informed. Does filing Bankruptcy really matter in an ongoing Short Sale? How does bankruptcy affect your sellers that may or may not be considering a short sale? Let me make a disclaimer, I’m […] The post SSP 009 : Short Sale Help: Does filing Bankruptcy matter? appeared first on How to Sell More Houses.

During this episode we will discuss how understanding the numbers in your market will help you decipher the future of Short Sales. What the Numbers will tell you about the future of Short Sales! I want you to take out a piece of paper, unless you’re driving and listening to this, in which case just […] The post SSP 008 : Short Sale Help: What the Numbers will tell you about the future of Short Sales! appeared first on How to Sell More Houses.

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. The Three Critical Ingredients for a Successful Short Sale What are the three critical ingredients for getting your next short sales approved?  You know we’ve all done it, […] The post SSP 007 : Short Sale Help: The Three Critical Ingredients for a Successful Short Sale appeared first on How to Sell More Houses.

During this episode I will be discussing how to help your homeowners decide whether doing a short sale is better for them or not Short Sale Help: Is a Short Sale the BEST Option for your Sellers?  Is doing a short sale really the best option for your homeowners? Answering that question, making that decision, […] The post SSP 006 : Short Sale Help: Is a Short Sale the BEST Option for your Sellers? appeared first on How to Sell More Houses.

During this episode we will be discussing why agents mistakenly avoid working Short Sales because they think they’re much more complicated than normal listings Why do Agents think Short Sales are 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 […] The post SSP 005 : Short Sale Help: Why do Agents think Short Sales are more Complicated? appeared first on How to Sell More Houses.

In this episode you’ll learn whether or not Short Sales actually take longer than normal sales.  Short Sale Help for Agents: Do Short Sales actually take Longer than Normal Sales? 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 […] The post SSP 004 : Short Sale Help: Do Short Sales actually take Longer than Normal Sales? appeared first on How to Sell More Houses.

SSP014: Short Sale Help for Agents: Answer -- Bank of America Short Sale Programs During this episode I'll give my answer regarding Bank of America's Short Sale Programs... ______________________________________________________________ Follow me on TWITTER ______________________________________________________________ Let me know your thoughts by commenting below... Thanks for Listening and Happy Learning - Scot

During this episode you will learn the basic steps for properly doing a Short Sale Short Sale Help: How to do a Short Sale – the RIGHT WAY!! During this episode you will learn the basic steps for properly doing a Short Sale — What you learned in Pre-License really did matter — Short Sales […] The post SSP 003 : Short Sale Help: How to do a Short Sale – the RIGHT WAY!! appeared first on How to Sell More Houses.

SSP013: Short Sale Help for Agents: Selecting the Best Buyer Part 3 During this episode you will learn which types of buyer financing are most favorable when it comes to getting your Short Sales approved by the seller's lien holder. (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 number 13 of the Short Sale Podcast; "Short Sale Help for Agents: Selecting the Best Buyer Part3". This is Scot Kenkel. In the last episode we left off with three of the most common landmines, the inspection, the appraisal, and then seller paid concessions, all of this, of course, intended to help go from sold to closed, as opposed to sold to cancel. Our final number four, landmine, and one of the most often misunderstood, has to do with financing of the deal. Understand this about what we're looking for in a buyer, there are three characteristics or components. #1 We want a buyer that is getting a good enough deal that they'll do what we tell them to do. #2 We want a buyer that knows exactly what they're getting into and willing to spend money to make sure. #3 We want a buyer that has a degree of financial flexibility. We've already gone over how the value of your buyer feeling that they're getting a good deal, how important that is, and that they know what they're getting into and willing to pay to find out. But what does financial flexibility really mean? It means that your buyer has the necessary resources, as well as willingness, to be able to come up with a little more cash than they expected without choking. Now I'm not saying that they're going to go from paying $100,000 to paying $120,000. What I am saying, though, if your buyer, the one that wrote the offer of $100,000, remember it's worth $150,000 if it was in tip-top condition, you listed it wholesale at $108,000, and they wrote an offer of $100,000. Now, if they came back to you and said, "Well, we don't have the money to do an inspection, don't have the money to do an inspection, don't have the money to pay to have an inspection done." My recommendation is it would almost be a crime for you to continue with this buyer. Why? If they can't come up with the money to do an inspection, then they are probably going to have a hard time coming up with the money. The best thing you can do is find a new buyer. No hard feelings. There's a difference between them not being able to come up with the money and them not being willing to come up with the money. There's a huge difference there. If they are not able to, that's different. Likewise, how the buyer plans to finance the purchase is really another entire landmine. Let's say that they agree to the $100,000. But in order for them to purchase it they're going to borrow money. Not just any money, but a federally guaranteed loan, an FHA loan, because they don't have any money available. What's wrong with this? Well, try to keep in mind that it is a short sale and it's a house being bought in as-is condition. Do you really want to bet the next three months of your life on whether or not this buyer is going to be able to close the deal? Especially when they demand upfront that the seller pay their closing costs and cover their down payment? This is the opposite of financial flexibility. That doesn't mean that you can't work a deal out with a buyer who wants to get an FHA loan, but my advice to you is this. There's a huge difference between having no money and not wanting to use the money they have. Having no money, landmine. Avoid them. Discover it quick. Find a new buyer. Choosing not to use their money, that's OK. We all do it.

In this episode I’ll explain why every licensed agent should know much more than they do regarding Short Sales What most agents will NEVER 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 […] The post SSP 002 : Short Sale Help: What most agents will NEVER KNOW about Short Sales! appeared first on How to Sell More Houses.

SSP012: Short Sale Help for Agents: Selecting the Best Buyer Part 2 During this episode we will explain how to avoid some of the most common buyer "landmines" so you can increase your odds of going from Sold to Closed instead of Sold to Cancelled. (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 12 of the Short Sale Podcast; "Short Sale Help for Agents: Selecting the Best Buyer Part 2." This is the second of three parts. In the last episode, number 11, we left off explaining what to do once you start getting offers. The goal is to go from listing to sold to close and not from listing to sold to canceled short sale. To increase your odds of going from sold to closed, instead of sold to canceled, we need to avoid the landmines, these are the negative components.  The landmines that are typically contained within the purchase agreement, or the purchase offer. We want to get rid of those, whether there current landmines or future landmines. Now, future landmines, we want to make sure that we get a buyer that's getting a good enough deal that they're willing to do what we tell them to do, they know what they're getting into, and there willing to spend money to make sure they know what they're getting into. One of the most challenging landmines involves something as simple as the inspection. Here's the scenario. The after repair value as we said before was $150,000 in our example, you put it in the MLS at a $108,000, because that represented a fair price in a whole sale valuation. Remember, we went through that in a previous episode. You got an offer at $100,000. So, it's a little bit less than the price you've got it listed, and, keep in mind that we expect to clean up the offer, because we're not going to expect to accept the initial offer as a trend. We're going to use a counter offer in order in order to clean up any of the landmines. The first landmine that is common is the buyer is asking the seller to let them wait until the lender has approved the short sale, before they do their property inspection. This is a landmine, sounds reasonable if you're not thinking about it and yet they're a problem here. You're going to clean up in the counter offer, but let me repeat what the buyers are saying. they're saying "look we want to buy the property at this price and we want you to let us the buyers wait, until got an okey-dokey from the lender on the short sale. Then if they give you the okey-dokey, then we'll proceed with our inspection." Now, here's what you're going to do. You do not want to allow the buyer to convince you that this in normal. Don't let the buyer's agent convince you that this is normal. In the counter offer, you may be fine with the price, because remember I said it has to be a good enough deal that they'll stick around. You want to make sure that in a counter offer, that you ask the buyer to remove the inspection contingency, or complete their inspections within 10-14 days, whatever is standard in your area, of this sellers acceptance. You do not want them to be allowed to wait until the end of the transaction to do their inspection. Understand this about as-is, if you're buying it as-is your buying it as-is. If you let the buyer until the lender approves the short sale, then you're going to find yourself renegotiating the price after they do their inspection. I've seen it before; you don't want to do that. More importantly, you could also be guilty of fraud. This is the part most agents don't think about; because  effectively gone to the lender and you said "hey Mr. Lender,