Central Florida Short Sales: June 2009

OK....tomorrow's the big day!!!! Don't miss out.

Broker BryantHi folks. Did you know I have been giving away free information on Active Rain for three years? Just about everything I know about Real Estate I have shared and have never asked for anything in return. Today, is going to be different.

Starting Saturday June 27th at 11:00 am Wendy Rulnick and I, Broker Bryant, will be launching “Short Sale Basics”. This will be a 5 part, very comprehensive, course on Short Sales.

If you are not familiar with Wendy check out her blog here. Wendy is the Broker/owner of Rulnick Realty in Destin Florida and…..

  • “Wendy Rulnick, is a Florida Realtor and Broker, and has been selling real estate for 20 years. She has won numerous awards, including the coveted ADDY for advertising design. Wendy was featured in Kiplinger Personal Finance Magazine as a short sale specialist.”


Wendy RulnickWendy and I will be your instructors. Our goal is to help as many REALTORS® as we can become better at handling Short Sales. By empowering you we can do our small part to help Mr and Mrs Homeowner get through these difficult times. Together we CAN make a difference.

Short Sale Basics is being presented as a Webinar. Each class will be 60-90 minutes long. As students you will be able to call in by phone or listen in on the Internet. We will take questions in advance of each class and will try to answer as many as we can during the session.

These sessions are NOT for trying to sell you a product. Instead these are training classes. If you attend all 5 classes you will have the knowledge and confidence needed to succeed at Short Sales. You will be in a position to help folks and make a good income while doing so. We want you to succeed and we'll be there to help you in any way we can.

Wendy and I will both be available during and after the course to answer any questions you may have as you start working with Short Sales.

Here’s the class schedule and curriculum:


June 27th Session 1: Short Sale Basics

  • What is a Short sale
  • How does it affect the Seller
  • Why would the Lender consider a Short Sale
  • What role does the REALTOR® play


July 11th Session 2: Taking the Listing

  • How to qualify the Seller
  • Questions to ask
  • Documents needed
  • Disclosures and addenda to the listing contract


July 18th Session 3: Placing the property on the market

  • Proper pricing
  • Price reduction strategy
  • Marketing
  • Seller disclosures


July 25th Session 4: Selling the property

  • Qualifying the Buyer
  • Negotiating the contract
  • Knowing what the lender will accept
  • Time frames


August 1st Session 5: Presenting the Short Sale to the Lender

  • Preparing the package
  • Making your case
  • Follow up
  • Negotiating the payoff

Folks as you can see we have a lot of information to cover. There will be course materials sent to you in advance of each session.

OK since I already mentioned this is not free…you’re probably wondering how much it is?

The cost is $67 per session or you can purchase the series for $297. All sessions will be recorded and given to you as a MP3 file so you can go back and listen at your leisure. AND....you will get a membership for our Short Sale Networking site.

The course is guaranteed. If for any reason you feel you didn’t get your money's worth just let us know and we will give you a full refund. All we ask is that you are honest with us and yourself. Let us know where we let you down so we can improve.

Wendy and I are just like you, we both work Real Estate full time. We both handle our own Short Sales from beginning to end. Wendy has tons of experience and is a wealth of information. My job will be to get this information from her and present it to you in a no nonsense style so we can all learn together.

Short Sales are going to be around for years to come. If you are not interested in listing them that’s OK. You may still be selling some on the Buyer side. This course will give you the knowledge needed to assist your Buyer in choosing the right property. Knowledge is power.

I can already see I’m going to need to write a few more posts about this. This one is waaaay too long.

So.....are you ready? All you have to do to register is send us an email at shortsalebasics@gmail.com  Let us know what sessions you want to attend. We’ll then send you the instructions on how to pay and where to “go” for the class. We have room for 250 people.  Who wants to be first? 

Short Sale Basics

                                    Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

 
6 comments • Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc • June 26 2009 05:22PM

My time is short. Can I do a Short?

Florida Short Sale

Hi folks. A few months ago I had  Sellers call me who had just received notice that their property was being sold at auction in 10 days. Of course they wanted to know if I could help. As the good little Broker that I am I said “Maybe”. I asked a few qualifying questions and found out the property was:

  • Purchased as a “flip” that flopped.
  • They had a first Mortgage with 1st  Horizon and a 2nd with Etrade.
  • The mortgage balances totaled roughly $220,000 and the property was worth about $60,000.
  • The Sellers had recently divorced.
  • One was in California and the other was in China.

The biggest obstacle of course was the auction date barreling down on us. Both Sellers would have to get me their financial information very quickly AND we would need to find a Buyer…… yesterday.

So my question is……..would you take this listing?

***In order to be successful with Short Sales you have to be able to pick and choose who to work with. You have to make sure the Sellers qualify and you have to make sure they are motivated. Want to learn more?

Short Sale Basics

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

30 comments • Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc • June 21 2009 03:28PM

Short Sales and Condo Dues: The Next Generation of Junior Liens

 

I knew there was a reason I teamed up with Wendy for our upcoming "Short Sale Basics" webinar series. She's sooooooo much smarter than I am. Check it out.

 

Via Wendy Rulnick "Its Wendy!" Destin Short Sales (Rulnick Realty, Inc.):

Destin Condos

In Destin, Florida, and around the country, as time goes by with short sales, a new problem is growing--  unpaid condo association dues.  I currently have two short sales pending with with over $20,000 in unpaid association dues.  Short sale mortgage holders are growing weary of paying these huge back-fees to facilitate a short sale.  Sure, I've had $10,000 or $12,000 paid to satisfy associations in short sales before.  But the longer the short sale or bank action takes, the more the dues will start piling up.   Now I have Bank of America balking at paying the association dues on a $300,000 Destin short sale.  They want my seller, with no income at all, to pay a promissory note of $40,000 or cash at closing of $20,000, because of the $20,000 past due amount.  How am I tackling this problem?

Brainstorming solutions is one of my favorite parts of negotiations.  Here is what I found:

Florida Statutes, Section 718.116  states:

The liability of a first mortgagee or its successor or assignees who acquire title to a unit by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due prior to the mortgagee's acquisition of title is limited to the lesser of:

1.  The unit's unpaid common expenses and regular periodic assessments which accrued or came due during the 6 months immediately preceding the acquisition of title and for which payment in full has not been received by the association; or

2.   One percent of the original mortgage debt. The provisions of this paragraph apply only if the first mortgagee joined the association as a defendant in the foreclosure action. Joinder of the association is not required if, on the date the complaint is filed, the association was dissolved or did not maintain an office or agent for service of process at a location which was known to or reasonably discoverable by the mortgagee.

 In my case, there are about two years past due in condo fees.  I have asked the association to agree to a compromise to accomodate the short sale.  Basically, if the condo goes to foreclosure, they will only be paid 6 months dues by the senior lienholder. 

If they could reduce the balance owed in any amount to allow the short sale to occur, then the association will gain by:

1.  Immediate income to fund a project already in financial need

2.  More than the minimal 6 months past due that a foreclosure action will pay them - at some later date

3.  A new owner who will certainly be paying his dues on an ongoing basis, providing immediate cash flow

By agreeing to a lesser amount to allow the short sale, that does not mean the association will not pursue the homeowner separately for the balance owed.  But a compromise can allow the short sale process to take place,both benefitting the condo project's financial position, and helping the homeowner solve his dilemma.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar

starting June 27 - comprehensive, practical knowledge

taught by Wendy Rulnick and Bryant Tutas

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.  

 This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice.  The information provided is for educational and informational purposes only.  It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

 

 

9 comments • Bryant Tutas Broker/REALTOR(R) Tutas Towne Realty, Inc • June 18 2009 07:29PM