Eric Host

OPEN HOUSE ALERT! Sunday, November 1, 2009 from 1:00 - 5:00 PM Multiple Homes in Camelot Hills Subdivision in Clarksville TN Real Estate for Sale - Exit Realty Clarksville

I closed my first short sale! That makes me an expert, right? - Clarksville TN Real Estate

I closed my first short sale yesterday, so now I am a bona fide expert, right? Well, of course NOT! But, I did learn a lot about the process that will certainly help me with my next one.

Back in March, while on floor duty, a customer came in to list his house with us. He was extremely unhappy with the service he had received from his current listing agent/brokerage and wanted to move the listing to us. I instructed him on the steps he would need to take and once the listing was withdrawn, I listed the house at $297,900. While we have had a pretty strong market during the economic downturn, homes above $250,000 have really taken a hit in terms of value and days on market. During the first couple of months there were some showings, but no offers. My clients would be relocating in July with the military and needed to get the house sold. In May my clients decided to sell the house as a SHORT SALE! The owner had spoken to his lender about his VA loan and, based on several changes in their circumstances, it seemed likely that they would qualify for the short sale.

Now, I had never worked a short sale before. Luckily, working for EXIT REALTYallows me the opportunity to take training from some of the top agents in the country. I had taken advantage of this and attended a 3-day training session with Johnny Lowey that included a class on short sales called Short Sale Success. Based on what I learned in that class, I proposed a pricing plan that would drop the price to $279,900 and then another $10,000 every three weeks, with $250,000 being the rock bottom price. Once the price reached $259,900, the activity really picked up and we received three offers on the property within a few days of each other. We were able to settle on a full price offer with each party paying their own closing costs. We had a binding agreement on 7/17/09. Now the fun begins!

When we first went to a short sale listing, I had our clients start to complete and gather all the necessary paperwork ahead of receiving any offers. This way we would only have to get the latest check stubs once an offer was accepted and then everything could be sent off to the bank. Even still, it took about a week to make sure we had a complete package that could be submitted. My good friend and colleague, Roland Woodworth, had advised that everything be 100% complete before sending to the bank (in addition to many other great pieces of advise). I sent the 60+ page package to the bank and waited to hear back from them.

I have learned that it is NOT a good idea to wait for them to get back with you. After about a week or so, I called to check on the status of the package. Unfortunately, they had rejected the short sale and not bothered to call anyone. The reason: The homeowner was not behind on their payments! But they had not made their August payment, so they were now behind I was instructed to re-submit the short sale package.

I have learned is that even when the package is complete, it is still NOT complete. Every week or so I would call the loss mitigation department. At GMAC (who was servicing the loan), they have a "team" of people who handle these files. AS a result, every time I called I would talk to a different person, which meant every time I called I was told I needed something new to complete the package. After speaking to Shane, Antoine, Christa, Jen & Valerie, the file was finally assigned to Leslie. And by the way, Leslie, apparently, only has a fax #. During this time I was told I needed this, that and the other thing (which, of course, were all submitted with the original package). I was told I needed signed copies of their tax returns. When I protested that my clients had E-Filed, I was told I needed SIGNED copies of the tax returns. So I had to white out the signature boxes and have my clients sign them. I was repeatedly asked for the Mrs.' pay stubs, even though I told them more than once that she was not working. They then requested a signed affidavit from my clients stating that she was not working. I was asked if there was a hardship letter. I said that there was not because their forms did not request one and the forms were very specific as to what to submit.

I have learned that when you call, you will answer the same questions every time. Every time I would call, that I would have to answer the same questions over and over. These consist of things like:

- Will you be making a payment on your client's behalf?

- Why have they fallen behind?

- Will they be making any payments?

- Do they want to keep the house?

- Is the house occupied?

- Is the house being maintained?

- Are the utilities on?

I learned that the right hand (lender) has no idea what the left hand (loan servicing company) is doing. On September 1st, my client talked to the actual lender and was told that we would have a response in 48 hours. 48 hours later, GMAC called and asked if the seller would be bringing funds to closing or would sign a promissory note?

WHAT? For the difference?

Yes.

This is a SHORT SALE, that would kind of defeat the purpose, wouldn't it?

Hold in a minute.... Ok, the seller can bring $6,000 to closing or sign a promissory note for $12K.

I don't think they have any money, but I'll ask.

So I speak to the my clients, who in turn calls the lender and informs them that he is not bringing any cash, but he might sign a primissary note for $6k. That was the last we heard of it.

I have learned that even the short sale approval will not go smoothly. So finally, after going around and around and jumping through all their hoops, the package gets submitted to the investor for review on 9/8/09. That's about 6 1/2 weeks after they received the package the first time. On 9/11/09 we receive notification that the short sale has been approved. But, just to prove that nothing can go smoothly, we don't receive the letter until 9/15/09 due to fax problems, which of course, are my fault. In the end, the bank agrees to the short sale and that the funds received will satisfy the debt in FULL! YAY!

I have learned that with a little bit of patience and persistence, a short sale can be successfully closed by a newbie! Even though I have only been in "the business" for less than a year, having good training (thank you Johnny Lowey) and listening to the experience of fellow agents (thank you Roland Woodworth) were critical in navigating and bringing this transaction to closing. We closed 9/29/2009, about 2 1/2 months after the Binding Agreement Date. I look forward to applying this experience in the future in order to help another family who might be in a tough situation.

Clarksville Tennessee is located about 45 minutes NW of Nashville in Montgomery County. Search for more homes in Montgomery County. The Clarksville/Montgomery County TN is home to about 160,000 people. In addition, Clarksville is situated right next to Ft. Campbell, KY, home of the U.S. Army's 101st Airborne Division.

Clarksville TN Real Estate, Eric John Host REALTOR®

I specialize in marketing homes for sale in Clarksville TN, Adams TN and Montgomery County TN. I love helping my clients realize their dreams as they move from one home to the next. I have a passion for providing SERIVCE WITH THE ATTENTION & RESPECT YOU DESERVE! If you are considering selling your home, call me at (931) 241-0868. Exit Realty Clarksville

WILLIAMSBURG SUBDIVISION Adams TN Real Estate - Exit Realty Clarksville

Market Update 9/22/2009 - Clarksville TN Real Estate

The Williamsburg Subdivision subdivision located in Adams TN in the 37010 zip code.

Homes for sale in Adams TN

This neighborhood consists of 95 residential properties and is located off Dixue Bee Road between Trough Springs and Sango Road.

Homes in this subdivision were built between 1998 and 2008.

1998 - 5 Homes

1999 - 3 Homes

2000 - 2 Homes

2001 - 3 Homes

2002 - 1 Homes

2003 - 7 Homes

2004 - 14 Homes

2005 - 13 Homes

2006 - 34 Homes

2007 - 8 Homes

2008 - 2 Homes

SALES DATA (Source is the Middle Tennessee Regional MLS)

YTD 2009, 8 homes have sold for an average of $224,862 with an average days on market of 84.

In 2008, 7 homes sold for an average of $207,178 with an average days on market of 97.

In 2007, 28 homes sold for an average of $226,437 with an average days on market of 184.

There are currently 6 ACTIVE homes for sale with an average list price of $248,866 with an average days on market of 58.

There are currently 0 PENDING sales.

Clarksville Tennessee is located about 45 minutes NW of Nashville in Montgomery County. Search for more homes in Montgomery County. The Clarksville/Montgomery County TN is home to about 160,000 people. In addition, Clarksville is situated right next to Ft. Campbell, KY, home of the U.S. Army's 101st Airborne Division.

Clarksville TN Real Estate, Eric John Host REALTOR®

I specialize in marketing homes for sale in Clarksville TN, Adams TN and Montgomery County TN. I love helping my clients realize their dreams as they move from one home to the next. I have a passion for providing SERIVCE WITH THE ATTENTION & RESPECT YOU DESERVE! If you are considering selling your home, call me at (931) 241-0868. Exit Realty Clarksville

SOMERSET SUBDIVISION Clarksville TN Real Estate - Exit Realty Clarksville

Market Update 9/9/2009 - Clarksville TN Real Estate

The Somerset Subdivision subdivision located in Clarksville TN in the 37043 zip code.

Homes for sale in Clarksville TN

This neighborhood consists of 90 residential properties and is located off Rossview Road between Warfield Blvd. and I-24 (Exit 8). Of the 90 properties, about 37 homes have been constructed.

Homes in this subdivision were built between 2002 and 2009.

2002 - 7 homes

2003 - 9 homes

2004 - 11 homes

2005 - 5 homes

2007 - 1 home

2008 - 2 homes

2009 - 2 homes

SALES DATA (Source is the Middle Tennessee Regional MLS)

YTD 2009, 7 homes have sold for an average of $229,928 with an average days on market of 196.

In 2008, 5 homes sold for an average of $217,257 with an average days on market of 126.

In 2007, 5 homes sold for an average of $217,080 with an average days on market of 55.

There is currently 1 ACTIVE home for sale with an average list price of $259,900 with an average days on market of 217.

There are currently 2 PENDING sales with an average list price of $236,500 and an average days on market of 3.

Clarksville TN Real Estate, Eric John Host REALTOR®

I specialize in marketing homes for sale in Clarksville TN, Adams TN and Montgomery County TN. I love helping my clients realize their dreams as they move from one home to the next. I have a passion for providing SERIVCE WITH THE ATTENTION & RESPECT YOU DESERVE! If you are considering selling your home, call me at (931) 241-0868. Exit Realty Clarksville

COLONY & CHESAPEAKE ESTATES SUBDIVISIONS Clarksville TN Real Estate - Exit Realty Clarksville

Market Update 9/7/2009

The Colony & Chesapeake Estates Subdivisions are located in Clarksville TN in the 37043 zip code.

Homes for sale in Clarksville TN

This neighborhood consists of 130 residential properties and is located off Rossview Road between Warfield Blvd. and I-24 (Exit 8). Colony Estates makes up the northern half of the sub while Chesapeake Estates makes up the southern half.

Homes in this subdivision were built between 1985 and 2003.

1985 - 1989 - 110 homes

1990 - 1994 - 12 homes

1995 - 1998 - 5 homes

2003 - 1 home

SALES DATA (Source is the Middle Tennessee Regional MLS)

YTD 2009, 8 homes have sold for an average of $173,563 with an average days on market of 84.

In 2008, 6 homes sold for an average of $156,983 with an average days on market of 86.

In 2007, 12 homes sold for an average of $164,062 with an average days on market of 66.

There are currently 2 ACTIVE home for sale with an average list price of $220,950 with an average days on market of 108.

There are currently 0 PENDING sales.

Clarksville Tennessee is located about 45 minutes NW of Nashville in Montgomery County. Search for more homes in Montgomery County. The Clarksville/Montgomery County TN is home to about 160,000 people. In addition, Clarksville is situated right next to Ft. Campbell, KY, home of the U.S. Army's 101st Airborne Division.

Clarksville TN Real Estate, Eric John Host REALTOR®

I specialize in marketing homes for sale in Clarksville TN, Adams TN and Montgomery County TN. I love helping my clients realize their dreams as they move from one home to the next. I have a passion for providing SERIVCE WITH THE ATTENTION & RESPECT YOU DESERVE! If you are considering selling your home, call me at (931) 241-0868. Exit Realty Clarksville