Mike Hancock

I closed my first short sale today. I was Dual Agent and did it in 56 days from call to close. In light of all of the articles I've read and research I've done. I have to say it was a lot less painful than I expected. Most will say it takes 2-3 months to even get an approval from the bank and that there's not enough money in it for the headache.

I don't know if it's the way I did it or just plain luck, but it went very smooth for me.

My advice, for what it's worth, to make things move along.

1) Complete an accurate BPO with Good comps. The bank will have their own interior/exterior BPO completed but it certainly helps for yours to be as close as possible, since you'll most likely be advertising the property before they have completed their BPO and set the acceptable price. In my case I was at 35900 with my BPO and they came back at 38k which I thought was a little on the high side. My comps were very good. A couple were nearly exactly the same property.

2) Disclose Disclose Disclose. This also helps with an accurate BPO advertised price. In my case, I had multiple offers and had to counter with the final BPO price from the bank. Since my client's were well informed that this was an absolute possibility, it didn't come as a surprise. However, had I done a poor BPO, and not only disclosed but kept reminding the potential customers, and ultimately clients, of the process, the difference would have been harder to justify.

3) Have your Docs in a row. Certainly have a proper listing contract with a copy of the deed, mortgage payoff, and don't forget to ask about liens and 2nd's. You will need an authorization letter from the seller and also a hardship letter, financial information including recent paystubs, bank account information etc and a list of monthly obligations. The mitigation department should have a checklist for you.

4) Crash the gate(keepers). This can be taxing. Be patient and pleasant and before you know it you'll have the proper contact information. Just be sure to get in touch with the mitigation department and find the negotiator assigned to the case. Then document his/her contact info. Be prepared by having the full address of the property, client's account number, full name and last four of the social.

5) On to negotiations. Make sure to ask the negotiator about possible deficiency judgments or tax consequences for the seller. Direct your client to the proper professional for assistance should there be a concern. Here's where you can negotiate commission. In my case it was 6% unless Dual Agency was in effect and in that case it was 5% maximum. However, I have heard that you can negotiate a "mitigation fee" of your own. I found this out too late and couldn't implement it. It seems reasonable though with all the work involved.

6) 8 Seconds. From here just stay in the saddle and hopefully you'll come out on top.

This is not by far everything that I had to go through but all in all it was not bad at all. As for the pay, I think $2000 was good enough when I look at having about 15 hrs total and around $100 in advertising and expenses. Not to mention I picked up a lot of client's from the TONS of inquiries and if I can pipeline them properly I can see a profitable future in this end of Real Estate. I will actively seek more. Good luck to everyone and I would welcome any comments or advice.

This question just won't go away. Folks are scared to sell their homes and buyers are scared to purchase. Others think that they can "Steal" a house right now. I just don't agree. Here in Greenville, our market is steady. I have listed and sold a lot of homes through this "Bad Economy". I think Greenville is and will remain strong due to the steady fluctuation of people. After all we have an enormous Medical district and East Carolina University. Not to mention it's just a great place to live. As for the "house theives" that I mentioned. These folks are out there thinking that they can prey on a situation that doesn't really exist. In their mind they should be able to find a market full of $200,000.00 homes they can buy for $10,000.00. That just isn't the case. And Foreclosures?? Fuggetaboutit! They are few and far between and the ones that are on the market are priced at retail, because the banks won't listen to reason, or they were priced appropriately and, hence, were snatched up in a flash.

Sure our market is "off" a little right now, but I have to say that I attribute that to the "conception" of the market produced by the media. If folks would look at the facts instead of listening to wide spread panic, they would see that right now is the best time in decades to purchase a home. Not because prices are down, but because the incentives are up. $8,000 tax incentives for 1st time buyers (this on has been beat to death) or how about the lowest interest rates in many decades. What about the 100% (LEGITIMATE) financing programs available through programs like USDA? You can't tell me the bank's aren't lending either. Otherwise how did I sell over a Million dollars worth of homes smack in the middle of the "market downturn"? And this wasn't in a couple of $300k homes, this was average 70k to 200k transactions, most of which I was Dual Agent? You see I didn't let the media babble psych me out. I went harder than ever before, because my people deserved to get the service I promised. No matter what!

Question: Can you think of anywhere better to put your money, that will give you higher return in faster time frame, than investing in Real Estate? If so, please let me know about it. I'd like to pass it on to my client's who have pulled all of their funds from the Stock market and the bank to invest in Real Estate.

Bottom line: Sell it! Buy it! Invest in it! Whatever you do do it NOW! (preferably with me)

If I had a penny for every time I've heard that recently, I'd retire someplace tropical and drink Rum from a coconut for the rest of my days! I must say that here in our market, (The Greater Greenville are of NC) things are pretty stable compared to some areas. Don't get me wrong, overall there has been about a 30% decline in the market from this time last year. But, I don't attribute that to much more than folks believing what the media has to say. I personally have had a steady incline in business within the last 6 months and the homes I have had on the market have sold pretty quick, with an average of 75 days on the market. On top of that, I haven't had to do but one price reduction and that was due to an impending foreclosure, which I saved the client from having to go through, and they still made a decent profit! I think that the hype is intensified when Brokers start to buy into it. If your Broker isn't optimistic and creative, then certainly his or her success rate will be low. I tend to "make lemonade" myself, and that's what I tell my clients. You know, when the going gets tough, the tough get going. I have done my best to keep a positive outlook and stand when others fall. Personally, I think now is the time when we, as agents responsible for giving our best to clients, are put to the test. This is when part-timers and folks who got into the biz with delusions of grandur, will be weeded out and stop muddying up the waters for those of us who are dedicated, focused and prepared to ebb and flow. So, everytime I've had to give my opinion about the market and timing, I've been met with some amount of skeptecism. That is until I show my performance ratio. At that point, my prospects have become satisfied clients and continue to spread the word. For those that believed in me and gave me the opportunity to earn their business, I am forever greatful. I just hope they can spread the word about me as fast as the media can spread gloom and doom. I'll leave off with this, Lead. Follow. Or Get Out Of The Way!

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