Billy J. Carroll, Jr. BSBA

It is my "Guesstimation" that 80 percent of real estate professionals are affiliation-oriented. They join organizations, specifically a real estate organization, and expect the affliations to obtain rewards for them. Their happiness, money, fringe benefits, and parties are all gotten for them in exchange for the dues they pay. Their attitude seems to be, "Let others get my rewards for me."

They even expect the real estate organizations to write newspaper releases and television commercials about the good deeds being done by the real estate professionals and their firms. "Let others bring me respect!"

It is my "Guesstimation" that 20 percent of the real estate professionals are achievement-oriented. Real estate professionals who are achievement-oriented do more than belong to an organization. They may attend workshops or conferences or serve on a local committee. They derive their satisfaction from earning their own rewards in life.

Because the 80 percent of the real estate professionals who are affiliation-oriented so willingly step aside, it is fairly easy for the 20 percent who are achievement-oriented to excel without too much effort.

Real estate professionals who are successful are self-driven people who put in effort and have an achievement-oriented attitude.

Short Sales

The biggest problem withshort sale negotiations has little to do with the buyer's agent and everything to do with the listing agent. If the listing agent is incompetent and misleads on pricing the home, coupled with weak short-sale negotiation skills, nothing short of a miracle is going to help.

Short sales involve asking the existing lender(s) to accept less on a sales price than the mortgage amount. They work primarily because the home is upside-down in value -- meaning more is owed against the home than the home is worth on today's market.

Be aware that the seller does not need to be in default for a short sale to occur; however, the credit ramifications can be exactly the same for a short sale as a foreclosure.

Negotiation Problems

Many lenders do not return phone calls. Banks will call the listing agent when it's convenient for the bank to call and when they have something to say, providing they haven't already lost the file or laid-off the previous negotiator.

If your file is incomplete, it's entirely possible your request for a short sale will fall to the bottom of the pile.

• You will start with the loss mitigation department and talk to a different person each time you call.
• If foreclosure is looming, ask for the file to be escalated to a negotiator immediately, but expect that request to fall on deaf ears.
• The seller must be facing a hardship. If you can't substantiate the hardship, chances are your short sale will be not be approved.
• Send comparable sales that support the offering price because if the bank thinks it can get more money through foreclosure proceedings, it won't entertain offers at list price.

Short Sale Negotiator

Don't be astonished if you end up dealing with more than one negotiator. I don't know if negotiators quit mid-stream because they can't handle the pressure or if the bank reassigns them to another position because it's short-handed.

Much like a projectionist at the movie theater being forced to sell popcorn in the lobby, your negotiator could be out in the bank's parking lot directing traffic the next time you call.

Get the name, phone number (and, if possible, email) of the negotiator.

• Withhold your disappointment if that negotiator is no longer available when you call. Get the data on the next person.
• Find out the bank's objectives. Ask pointed questions such as "Is this offer feasible?" "Does your bank ever do short sales?"
• Don't take no for an answer. Ask for a supervisor. Be persistent.
• Be prepared to state your case in strong terms that the bank will understand.

Be Relentless

The bank will be relentless, so you better be prepared to fight with the same set of tools. Be polite, but be firm and don't back down. Most likely, the bank will want to negotiate the real estate commission as well, plus there are cases where the bank decided at closing to renege on the promise to pay a commission.

• Be aware that the bank isn't forced to agree to anything.
• Ask for every agreement to be in writing, but don't be surprised when you don't get it.
• Make notations and keep a record of every conversation, with whom, and the date and time. You may need it in court.
• Ask the bank for a timeline and when it might be a good time to call back. Then call again a few days early.

• When you repeatedly receive voice mail, leave a message and call again just before lunch, right after lunch, just before the day ends and again in the morning before the day begins.

I'd love to see the day when banks get their acts together to deal with short sales on a practical level, but until that day comes -- like when pigs fly -- don't let the day-to-day irritations annoy you and keep on making those calls. Many short sales do eventually close.

Visit me online at www.billycarroll.net!

Get Pre-Approved for a home loan fast at www.billyjcarroll.net!

If you or someone you know is thinking about selling, I really believe I can help you. If I didn't think that I could help you, than I wouldn't ask you to hire me! If you are thinking about selling and are hesitant to pick up the phone and give me a call, it's usually because of price. You might feel that I charge too much or you may feel that you will not get enough money in your pocket to make your move more comfortable.

What if I told you that you would probably lose a sale or maybe lose thousands of dollars, would you hire me then? I am certain that you are probably advertisng your home in the paper, passing out flyers at work, and maybe even posting some ads on the internet. By sellling on your own, you might eventually succeed. But it may take forever... Suppose I said that I could save you some time and you knew it was better to hire me than to do it on your own, would you hire me then?

Down here on the Gulf Coast. We do a lot of fishing. Fishing just happens to be one of my hobbies. 95% of the people that fish use a fishing pole when they go fishing, but when I want to catch some fish I use a cast net. You see, I have houses to sell and a fishing pole will not allow me to catch the most fish in the least amount of time. So when I want some fish - I grab my cast net and go catch some "Biloxi Bacon." The other 95% of the people down here can spend all day if they want catching 10-15 fish, but not me. I can catch 10-15 "Biloxi Bacon" in about 5 minutes and than go "Sell Your House."

By putting a few ads in the paper, creating some fliers, you're basically using a fishing pole to catch some fish. It might take a while. How much time do you have? When do you need to make your move? Hiring me will be just like using a giant cast net to catch a lot of fish in the least amount of time. We don't need many buyers - just one good buyer. By using the Multiple Listing Service, Yard Signs, Referrals, Open Houses, and Trade Magazine - we can get the most potential buyers through your front door in the least amount of time.

So what is it going to be: The Fishing Pole or The Giant Cast Net? By using a giant cast net we create more potential buyers thus increasing the odds of selling your house. Call me today at 228-348-0306 and we can get started right away!

Visit me online at www.billycarroll.net!

Get Pre-Approved for a home loan fast at www.billyjcarroll.net!