Steven Wright~Home Real Estate~720-989-5283

Realtors,

I was thinking this week how much of an impact the economy has on our profession and how significant it is for those who have been Realtor's their whole career. I wonder if the government will bail us out while times are tough, anyway enough politics, I will give that a rest at least for the next 12 months.

For those Realtors who work in the Denver Metro Area, I have a question for you that I could really use your input on. Our business is a referral business and out of all the referrals we get for new business, when it comes to seller referrals how many of those sellers are upside down? Next question, How many of you pass on those because they are going to be Short Sales? I could really use your input on this as I have a proposition for you that could potentially increase your income every year. Are you ready for my proposition? Here it is, for any of my fellow Realtors who refer me a Short Sale Lead (that fits the parameters that I will share in a bit) I will give you 30 percent of the commission upon closing. I am more than happy to fill out anything contractual (within reason) to help make sure that your interests are protected, especially since we do not know each other yet.

Here are the minimum requirements:

• Must be a Single Family Home and above. Please do not refer me any townhouses or condos.
• Must be more than 30 days before the Foreclosure Sale Date.
• House must be worth around $150,000.00 or greater.

Just think of it this way, you will be getting additional income from my hard work and you can continue about your regular business, without the pain and heartache of dealing with the banks. That is a type of torture that most of would not wish on anyone. In addition to that, you and I both are making new contacts and may be able to help each other in the future. It is really important in these times to stick together and help one another when possible. There is plenty of business for everyone.

Thanks for you time and below you will find my contact information. Feel free to e-mail or call, whichever is most convenient for you.

With Grattitude,

Steven Wright

Steven Wright
Broker Associate/Realtor
Home Real Estate
stevenwwright@gmail.com
www.stevensellsco.com
(720) 989-5283 - Cell
(303) 750-5935 - Fax
"Remember that the finest compliment I could ever receive is a referral from my friends and clients for Residential and Commercial Real Estate opportunities."

The question "when should I consider a short sale?" is often asked by home owners, it is second to the question "what is a short sale?". This is a reasonable question to ask, especially when a person has limited Real Estate knowledge.

A Short Sale simply put, is selling a property short. This means that if a person owes 200,000 dollars on their house and the market value will only bring buyers at 170,000, you are forced to ask the bank to take less money than what is owed to them. Why would a bank even consider something like this (another good question)? Most people who are in a position where they need their Realtor to negotiate a short sale are typically not in a good position financially. This could be for many reasons, the most common is an unfavorable loan that adjusted to an interest rate (Subprime loan) that now increases the mortgage to a payment that the owner can no longer afford. This is the situation that most people are facing that are in a short sale situation.

The lender will not always consider a short sale in this situation, some of the reason for that are for the following reasons:

• The offer that is submitted to them is unreasonable by their standards and is not supported by the BPO or appraisal. (Typically the bank will not give more than a 20 percent discount to a buyer) There are a number of factors that come into play, but this is a general rule.
• The seller does not have a good case or justification for the short sale. Most of the time, the bank needs to have some sort of hardship (Loss of Job, health problems and so on) in order to consider a short sale.

A short sale is not for everyone, but for those in a loan modification process working directly with the bank, a short sale is statistically for about 70 to 80 percent of those people. Here is the upside of a short sale if it is done correctly. Upon the sale to a qualified buyer, with all lien holders in 1st, 2nd position agreeing to it, once the property is sold the bank most of the time will agree that your debt has been satisfied. What does this mean for you? The bank will not come after you for the difference and place a judgement against you. Be aware that you must get this in writing, but the banks will agree to it in the majority of cases.

Be sure to hire a Realtor that understands the short sale process, If you are in Colorado in the Denver Metro area, hire me because I have investors who are cash buyers and people that I use that are experts when it comes to negotiating short sales. Who are these people? I guess you are going to have to contact me and find out. My website is www.stevensellsco.com and my e-mail address is stevenwwright@gmail.com.

All the best,

Steven Wright

I am sure that we can all talk about the trials and tribulations of trying to purchase a Short Sale. How many of you have made an offer on a Short Sale and then waited 3 months for an answer? Then to add fuel to the fire, your client loses interest because it is taking too long. This is just one of the many horror stories that Realtors have to tell.

I am here to tell you that 2 things are needed in order to complete a Short Sale. One is Capital, the other which is the most difficult, Patience. Patience is something that most of us struggle with daily, in some area of our life. In the area of Real Esate, (considering our current market conditions) it is the most important. Most of us can probably find money sources, especially if we are wise and make it worth the investors participation. For example, you could offer the investor a 50/50 split on the profits and sell them on the fact that they will make money off of your blood, sweat and tears. This will require you to crunch the numbers and justify the investment on the part of the Investor as they are numbers people and typically do not make emotional decisions. They look at all the facts, assess the risk and then make a decision. Do not be frustrated when they scrutinize the deal and ask a thousand questions. If you are on your game, you will satisfactorily answer them and begin to build their trust and confidence in you.

I will stop for now as I could write on and on about all aspects of Short Sales, but I will keep this short and give you more information on my next post. In the meantime, if you have any questions about Short Sales, do not hesitate to visit my website www.stevensellsco.com and send me an e-mail. I am always willing to share knowledge with Realtors and Consumers alike.

Till next time,

Steven Wright

Realtors,

I was thinking this week how much of an impact the economy has on our profession and how significant it is for those who have been Realtor's their whole career. I wonder if the government will bail us out while times are tough, anyway enough politics, I will give that a rest at least for the next 12 months.

For those Realtors who work in the Denver Metro Area, I have a question for you that I could really use your input on. Our business is a referral business and out of all the referrals we get for new business, when it comes to seller referrals how many of those sellers are upside down? Next question, How many of you pass on those because they are going to be Short Sales? I could really use your input on this as I have a proposition for you that could potentially increase your income every year. Are you ready for my proposition? Here it is, for any of my fellow Realtors who refer me a Short Sale Lead (that fits the parameters that I will share in a bit) I will give you 30 percent of the commission upon closing. I am more than happy to fill out anything contractual (within reason) to help make sure that your interests are protected, especially since we do not know each other yet.

Here are the minimum requirements:

• Must be a Single Family Home and above. Please do not refer me any townhouses or condos.
• Must be more than 30 days before the Foreclosure Sale Date.
• House must be worth around $150,000.00 or greater.

Just think of it this way, you will be getting additional income from my hard work and you can continue about your regular business, without the pain and heartache of dealing with the banks. That is a type of torture that most of would not wish on anyone. In addition to that, you and I both are making new contacts and may be able to help each other in the future. It is really important in these times to stick together and help one another when possible. There is plenty of business for everyone.

Thanks for you time and below you will find my contact information. Feel free to e-mail or call, whichever is most convenient for you.

With Grattitude,

Steven Wright

Steven Wright
Broker Associate/Realtor
Home Real Estate
stevenwwright@gmail.com
www.stevensellsco.com
(720) 989-5283 - Cell
(303) 750-5935 - Fax
"Remember that the finest compliment I could ever receive is a referral from my friends and clients for Residential and Commercial Real Estate opportunities."

Hello again,

I was pondering Short Sales and wondering how it may be a critical portion of our sales as Realtors in the next 2 to 3 years and wonder how many agents see the value in working them? Some agents consider Short Sales to be the closest thing to a rectal exam and have no interested in pursuing them. Are they passing on a lot of business by doing so? Did you know that there were companies out there that will process those for you and then turn the listing back over to you. If it is priced right, the listing will move like hotcakes. Some of these companies do it legally, without having to do a double sided closing. Go to my website www.stevensellsco.com and contact me to find out where some of these companies are. I can tell you who a few of them are in Colorado.

Till Next Time,

Steven Wright