11.17.07 Take 2 Aspirin and Call a Short Sale Specialist!
I recently saw another agent who specializes in Short Sales suggest that not every agent who works Short Sale transactions has the ability to conduct them properly. I believe that this is only the case if they do not prepare themselves properly. Unfortunately many do not and try to navigate the Short Sale terrain without the right knowledge or a good map!
Short Sales are definitely a niche market and definitely require some sort of training, experience, guidance or mentoring to understand and work properly (assuming you have your client's best interest at heart). Any agent can get the training or guidance (you don't have to be a rocket scientist to "get it") but in my experience of nearly 4 years of Short Sale specialization, many just don't care to take the time away from other activities that take less effort and might result in more direct revenue generation. This is a business decision and I understand that we all cannot attend (or pay for) every training class on every subject. But that decision carries certain consequences which may require additional “tough” decisions as a result.
I liken it to a real estate HMO... any licensed agent can make a career as a primary care Realtor, but to be a specialist requires additional knowledge and training (unless to salvage the transaction you want to have to eventually use the defibrillator paddles on your client). Smart primary care physicians and smart primary care Realtors know when it is best to make a referral to a specialist who can help them and protect their best interests. My advice is that if you don't want to take the time to get educated about Short Sales (and they are time consuming and frustrating at times, so I can completely understand why someone would choose not to) then do the responsible thing and refer your clients to an agent who knows the rules and ins-and-outs of this type of transaction and collect your referral fee. Or, if you want to take the time to learn (and there is a considerable amount of time spent on most Short Sales), perhaps you could offer to refer the client to a colleague and ask them to allow you to “assist” or “shadow” them on the transaction – the experience you will gain will be invaluable if you want to do short sales by yourself in the future. It's a short sale WIN-WIN and the patient client will get the care he/she really needs to make the transaction as easy on everyone as possible!
Do you qualify for a Short Sale in the Dallas/Fort Worth Metroplex? Need to speak with a Short Sale Specialist? Please email or call today for more information. I will be happy to schedule a consultation so that we can get started on helping you move forward.
- Steve Shatsky
I recently saw another agent who specializes in Short Sales suggest that not every agent who works Short Sale transactions has the ability to conduct them properly. I believe that this is only the case if they do not prepare themselves properly. Unfortunately many do not and try to navigate the Short Sale terrain without the right knowledge or a good map!
Short Sales are definitely a niche market and definitely require some sort of training, experience, guidance or mentoring to understand and work properly (assuming you have your client's best interest at heart). Any agent can get the training or guidance (you don't have to be a rocket scientist to "get it") but in my experience of nearly 4 years of Short Sale specialization, many just don't care to take the time away from other activities that take less effort and might result in more direct revenue generation. This is a business decision and I understand that we all cannot attend (or pay for) every training class on every subject. But that decision carries certain consequences which may require additional “tough” decisions as a result.
I liken it to a real estate HMO... any licensed agent can make a career as a primary care Realtor, but to be a specialist requires additional knowledge and training (unless to salvage the transaction you want to have to eventually use the defibrillator paddles on your client). Smart primary care physicians and smart primary care Realtors know when it is best to make a referral to a specialist who can help them and protect their best interests. My advice is that if you don't want to take the time to get educated about Short Sales (and they are time consuming and frustrating at times, so I can completely understand why someone would choose not to) then do the responsible thing and refer your clients to an agent who knows the rules and ins-and-outs of this type of transaction and collect your referral fee. Or, if you want to take the time to learn (and there is a considerable amount of time spent on most Short Sales), perhaps you could offer to refer the client to a colleague and ask them to allow you to “assist” or “shadow” them on the transaction – the experience you will gain will be invaluable if you want to do short sales by yourself in the future. It's a short sale WIN-WIN and the patient client will get the care he/she really needs to make the transaction as easy on everyone as possible!
Do you qualify for a Short Sale in the Dallas/Fort Worth Metroplex? Need to speak with a Short Sale Specialist? Please email or call today for more information. I will be happy to schedule a consultation so that we can get started on helping you move forward.
- Steve Shatsky
11.15.07 Short Sales & Foreclosure: As Nevada goes, so goes the nation?
I’ve already confessed that I’m a news junkie (Is there a 12-step program for that?) and that I listen to a lot of Nation Public Radio, so I won’t get into that again. What I will mention is that I love that our local public radio station (KERA 90.1 FM) broadcasts the audio portion of The NewsHour with Jim Lehrer and I can listen to it on my way home from the office every evening and that between this show and The Diane Rehm Show in the morning I come up with great topics to write about.
Las Vegas has been in the news all week this week. Between the Democratic Candidates debate, O.J. Simpson going to court and the NAR flooding the streets of Las Vegas with Realtors®, despite tourism ads claiming the opposite, what’s happened this week in Vegas has clearly not stayed there. One story, “Economic Issues Weigh on Minds of Las Vegas Voters” was reported by the smart and insightful Ray Suarez on Tuesday’s edition of The NewsHour and from several different perspectives it was eye opening.
Nevada now has the highest rate of foreclosure of any state in the nation. According to the report, “One of every 61 homes is being lost by its owner.” WOW! That number really hits home. There are 605 homeowners in my Condominium HOA. Based on that statistic, roughly 10 of my neighbors would lose their homes. Stop for a moment and put this number into terms that you can relate to. How many people do you have in your address book or PDA? Divide this number by 61. Which of those people do you think deserve to lose their home to foreclosure? This is astounding.
Additionally, the report talked about how homeowners are struggling to save their homes. They interviewed one homeowner who had refinanced her home with an adjustable rate and at closing saw a roughly $200,000 balloon payment. She was told by her lender not to worry and they would refinance her again in a year at a fixed rate and it would all by OK… she should not worry. BAD ADVICE! She should have worried. Despite the fact that she has lived in and made payments on this home for 15 years she is now being advised to abandon the house and mortgage and to begin again.
According to the story, the housing market is also affecting the state tax revenue, and since Nevada has no state income tax this is becoming such a concern that some people are questioning whether the state needs to reconsider how it funds the services it provides.
With one in 61 homes being lost to foreclosure I wonder if many could be saved through Short Sales or other mortgage restructuring programs. I also wonder if this is a sign of things to come for other states that so far have been less impacted by the rising rate of foreclosures nationally.
Are you facing foreclosure? Do you want to explore options for the sale of your home, either through a short sale or more traditional sales methods? If so, call me today and we will schedule a consultation to assess your situation and discuss the options available to you. Helping homeowners facing foreclosure move forward is what we are all about!
- Steve Shatsky
I’ve already confessed that I’m a news junkie (Is there a 12-step program for that?) and that I listen to a lot of Nation Public Radio, so I won’t get into that again. What I will mention is that I love that our local public radio station (KERA 90.1 FM) broadcasts the audio portion of The NewsHour with Jim Lehrer and I can listen to it on my way home from the office every evening and that between this show and The Diane Rehm Show in the morning I come up with great topics to write about.
Las Vegas has been in the news all week this week. Between the Democratic Candidates debate, O.J. Simpson going to court and the NAR flooding the streets of Las Vegas with Realtors®, despite tourism ads claiming the opposite, what’s happened this week in Vegas has clearly not stayed there. One story, “Economic Issues Weigh on Minds of Las Vegas Voters” was reported by the smart and insightful Ray Suarez on Tuesday’s edition of The NewsHour and from several different perspectives it was eye opening.
Nevada now has the highest rate of foreclosure of any state in the nation. According to the report, “One of every 61 homes is being lost by its owner.” WOW! That number really hits home. There are 605 homeowners in my Condominium HOA. Based on that statistic, roughly 10 of my neighbors would lose their homes. Stop for a moment and put this number into terms that you can relate to. How many people do you have in your address book or PDA? Divide this number by 61. Which of those people do you think deserve to lose their home to foreclosure? This is astounding.
Additionally, the report talked about how homeowners are struggling to save their homes. They interviewed one homeowner who had refinanced her home with an adjustable rate and at closing saw a roughly $200,000 balloon payment. She was told by her lender not to worry and they would refinance her again in a year at a fixed rate and it would all by OK… she should not worry. BAD ADVICE! She should have worried. Despite the fact that she has lived in and made payments on this home for 15 years she is now being advised to abandon the house and mortgage and to begin again.
According to the story, the housing market is also affecting the state tax revenue, and since Nevada has no state income tax this is becoming such a concern that some people are questioning whether the state needs to reconsider how it funds the services it provides.
With one in 61 homes being lost to foreclosure I wonder if many could be saved through Short Sales or other mortgage restructuring programs. I also wonder if this is a sign of things to come for other states that so far have been less impacted by the rising rate of foreclosures nationally.
Are you facing foreclosure? Do you want to explore options for the sale of your home, either through a short sale or more traditional sales methods? If so, call me today and we will schedule a consultation to assess your situation and discuss the options available to you. Helping homeowners facing foreclosure move forward is what we are all about!
- Steve Shatsky
11.13.07 Profits, Short Sales & the Changing Market
I was listening to the radio again this morning and heard a story about how Home Depot’s quarterly profits were down 27% from the same period a year ago. While I know that many retailers are experiencing slower sales, (and I have heard that many expect this to be the worst December Holiday selling season in many years) what bothered me most about this story was the commentator’s remarks about this being attributable to the slower real estate market. And people not wanting to fix-up or repair their homes since prices are eroding and they aren't selling… talk about sending the wrong message and creating a self-fulfilling prophecy!
With market and economic conditions being what they are, I can certainly understand that Do-It-Yourself chains like Home Depot and Lowes may be experiencing slower sales than in a more robust market. However, in a market where homes ¬may be selling more slowly and as sellers look to me for advice in gaining a competitive edge in selling their homes more quickly (and for the maximum price), one of the smartest moves I think they can make is to do whatever they can to enhance the appearance of their property in comparison to their competition and Home Depot and Lowes are both excellent sources for the products and materials that smart sellers need to gain an advantage. Depending on the competition, sellers might consider…
I was listening to the radio again this morning and heard a story about how Home Depot’s quarterly profits were down 27% from the same period a year ago. While I know that many retailers are experiencing slower sales, (and I have heard that many expect this to be the worst December Holiday selling season in many years) what bothered me most about this story was the commentator’s remarks about this being attributable to the slower real estate market. And people not wanting to fix-up or repair their homes since prices are eroding and they aren't selling… talk about sending the wrong message and creating a self-fulfilling prophecy!
With market and economic conditions being what they are, I can certainly understand that Do-It-Yourself chains like Home Depot and Lowes may be experiencing slower sales than in a more robust market. However, in a market where homes ¬may be selling more slowly and as sellers look to me for advice in gaining a competitive edge in selling their homes more quickly (and for the maximum price), one of the smartest moves I think they can make is to do whatever they can to enhance the appearance of their property in comparison to their competition and Home Depot and Lowes are both excellent sources for the products and materials that smart sellers need to gain an advantage. Depending on the competition, sellers might consider…
- Slapping a fresh coat of neutral colored paint on the walls (or exterior) of the home (it will make the home feel larger, brighter, cleaner, and will actually eliminate some odors that may exist in the home);
- Investing in new kitchen countertops or appliances. If the current kitchen looks old or drab, a spruce up may require a small investment, but keep in mind that kitchens DO sell houses and if investing a couple of thousand dollars makes your house sell a few months more quickly you will likely make back all or most of what you invest in not having to make several extra mortgage payments and in what will likely be a higher sales price.
- Replacing worn or old carpet or outdated flooring. New carpet is not as expensive as many people think and is an improvement over old worn-out carpet. Even with shampooing, old carpet holds years of odors… new carpet will leave the house smelling fresher and newer. And that 1970’s-vintage linoleum which is discolored and cracking definitely needs replacing.
- Light fixtures add more than just light. The right light fixtures add upgraded style. Consider replacing cheap builder’s grade fixtures in key areas (such as bathrooms and dining rooms) with nicer and more stylish ones. New light fixtures are not very expensive, can be easily hung by a handyman or a DIYer, and add light, atmosphere and a decorator's flair that can easily lead to higher offers.
- My dad (who has been an agent/broker for nearly 30 years) always says that it doesn’t matter how great the inside of your home looks if you can’t get the buyers out of the car! Maximizing curb appeal in this market is a must! Take care of deferred maintenance on the exterior that add curb appeal – fix broken gutters, replace a dented of damaged mailbox, replace dead landscaping and shrubbery… all of these will add to the curb appeal of your home.
Now I understand that not every homeowner has a budget to do all of these things. Pick and choose the things you think you can afford and accomplish. If you are not sure what is the best use of a limited "sprucing up" budget ask your Realtor… they will know what buyers in your market are looking for. Even in a short sale situation, where you are dealing with a limited amount of time to sell before your lender forecloses, a small DIY investment could be all that stands between you and the longer-term pain of foreclosure on your credit score!
Please contact me today for more information on how I can help you sell your home effectively. I will be happy to schedule a consultation with you so that we can get started on helping you move forward.
- Steve Shatsky
11.09.07 Home Value & The 3 T's
As a Realtor® one of the most common questions I get asked is "What is my house worth?" In my opinion, there are two reasonable answers to that question. One answer is that based on current knowledge or a market analysis, in your opinion their home is worth an approximate amount. The second answer (which is perhaps more accurate, if somewhat less precise) is that their house is worth what a buyer is willing to pay for it at that moment in time.
I love to be a part of any conversation at a social gathering when the topic of home prices comes up. People love to talk about how much the value of their home has increased since they bought it and how much they think they could sell it for. They go on and on about how high of a price some neighbor who lived next door sold his or her home for a year or two ago. The price, square footage and how rapidly it sold (for above asking price) are burned into their memories, but this is rarely the case for the foreclosure across the street that sold a month ago for significantly less, and they never seem to realize that the house around the corner with a similar floor plan and finish-out to their own home has been sitting unsold for over 6 months and hasn’t had a single showing in the past 8 weeks.
In a Short Sale situation, there are many ways I can assist financially challenged homeowners, but creating equity where none exists is not one of them. Nobody can do that. However, helping clients to move forward from their difficult financial situations to possibilities for brighter futures is something that I can do and delivers lasting value.
The Home Sales Remedy team delivers value to Short Sale clients by using the "3 T's" approach. In addition to the knowledge and know-how that we bring to the Short Sale process, the Talent, Tenacity and Technology that we bring to the table truly sets us apart and helps us to help our clients move forward.
Please contact me today for more information on how the Home Sales Remedy team will leverage the 3 T’s help you sell your home effectively through a Short Sale. I will be happy to schedule a consultation so that we can get started on helping you move forward.
- Steve Shatsky
As a Realtor® one of the most common questions I get asked is "What is my house worth?" In my opinion, there are two reasonable answers to that question. One answer is that based on current knowledge or a market analysis, in your opinion their home is worth an approximate amount. The second answer (which is perhaps more accurate, if somewhat less precise) is that their house is worth what a buyer is willing to pay for it at that moment in time.
I love to be a part of any conversation at a social gathering when the topic of home prices comes up. People love to talk about how much the value of their home has increased since they bought it and how much they think they could sell it for. They go on and on about how high of a price some neighbor who lived next door sold his or her home for a year or two ago. The price, square footage and how rapidly it sold (for above asking price) are burned into their memories, but this is rarely the case for the foreclosure across the street that sold a month ago for significantly less, and they never seem to realize that the house around the corner with a similar floor plan and finish-out to their own home has been sitting unsold for over 6 months and hasn’t had a single showing in the past 8 weeks.
In a Short Sale situation, there are many ways I can assist financially challenged homeowners, but creating equity where none exists is not one of them. Nobody can do that. However, helping clients to move forward from their difficult financial situations to possibilities for brighter futures is something that I can do and delivers lasting value.
The Home Sales Remedy team delivers value to Short Sale clients by using the "3 T's" approach. In addition to the knowledge and know-how that we bring to the Short Sale process, the Talent, Tenacity and Technology that we bring to the table truly sets us apart and helps us to help our clients move forward.
- Knowing how to properly price homes for sale requires Talent – we have a talent for research, analysis, understanding the market and navigating the Short Sale process.
- Add to that talent our Tenacity for successfully negotiating and coordinating of the transaction between mortgage companies, other real estate agents, buyers, and lien holders so that transaction is acceptable to all parties and meets the required schedule and you can already see the unique value the Home Sales Remedy team provides.
- And finally employing the latest Technology tools to enable a smooth and timely transaction makes the Short Sale experience an easier and less stressful one for sellers facing enough stress in the rest of their lives.
Please contact me today for more information on how the Home Sales Remedy team will leverage the 3 T’s help you sell your home effectively through a Short Sale. I will be happy to schedule a consultation so that we can get started on helping you move forward.
- Steve Shatsky