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Marketing Short Sale Properties
Started this discussion. Last reply by Steele V. Propp Feb 8, 2010. 19 Replies 0 Likes
I negotiate short sales throughout the country. However, I'm finding that the listing agents in various areas don't seem to be creative enough in finding buyers or even getting showings for that…Continue
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Bill Montroy commented on Mark & Elly Ostrovsky's blog post Question About Lender Deadline"I just had the same thing happen to me today. Flagstar gave me an approval letter today and stated that I have to close by Feb. 23 (this includes a weekend). I consulted with both the negotiator and her supervisor only to have both of them tell me…"
Steele V. Propp replied to Bill Montroy's discussion Marketing Short Sale Properties"I was throwing out the possibility of a bonus that isn't ultimately covered by the listing agent. Thinking out loud so to speak. The comment that sellers have no money and that's why they are in foreclosure doesn't always completely…"
Amos Elroy replied to Bill Montroy's discussion Marketing Short Sale Properties"Could you elaborate? Are you talking about seller concessions to the buyer, or a bonus to a buyer's agent?
The later strikes me as legally fishy for some reason. Either way, the seller is in a short-sale because they can not afford the…"
Bill Montroy replied to Bill Montroy's discussion Marketing Short Sale Properties"Very well put, this is good info.
"
Steele V. Propp replied to Bill Montroy's discussion Marketing Short Sale Properties"Here is a thought. Instead of all the negatives and what won't work and why, how about taking some of the ideas and seeing if there is a way that they will work.
While many think a bonus is not feasible ("won't come out of my…"
Annie Koesterman replied to Bill Montroy's discussion Marketing Short Sale Properties"I'm finding that the long process is putting Buyers off shortsale. First time buyer are excited to get in a new home and the promise of tax credits. Many feel they are going to miss out so opt for a less complicated deal."
Joseph C. Alfe replied to Bill Montroy's discussion Marketing Short Sale Properties"Then answer is simple: price it right. What I tell the REALTOR's and agents that I process for is this: Do a detailed CMA. Include comps that are less than 6 months old, other short sales and foreclosures. If you truly believe that the current…"
Phillip G Rubin, SFR replied to Bill Montroy's discussion Marketing Short Sale Properties"If you price a house well, bonuses are not the answer. Pricing a house well will bring buyers. Knowing how to price a house is what a realtor should know, this is his or hers job."
Benjamin S. Lehrman replied to Bill Montroy's discussion Marketing Short Sale Properties"Not to mention that there is no guarantee what the Commission Rate will be except for Freddie and Fannie. If it is a total of 5%, sometimes it is in best interest to list for 3% on selling side. That leaves only 2% on listing side. After a $1k bonus…"
Karen Hulbert, Woodland CA replied to Bill Montroy's discussion Marketing Short Sale Properties"I can tell you I would not be willing to offer a bonus out of my pocket. With the amount of work that is involved in short sales, no way. Luckily in my market this is not needed to get an offer."
Amos Elroy replied to Bill Montroy's discussion Marketing Short Sale Properties"Ya bet'cha!
The listing agent would probably have to fork the difference over out of their own bowl of crispies.
For certain loans there is a torterouse close, where the bank is prohibbited from requiring the reduction of the commission…"
Bill Montroy replied to Bill Montroy's discussion Marketing Short Sale Properties"Kristen,
I think that the bonus would come from the listing agents commission.
"
Kristen Blanchet replied to Bill Montroy's discussion Marketing Short Sale Properties"Sonny, Do you think it really is a good idea to offer a selling bonus on a short sale? What if the bank does not approve the compensation you are offering....
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Profile Information
- Occupation
- Negotiator, Investor
- Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
- Chicago, IL
- Short Sale Transactions Completed
- 0-5
Comment Wall (1 comment)
- At 9:44am on January 22, 2010,
Ethan Gregory said… - Bill, finding investors to purchase properties as rentals can be a tough sell sometimes, especially in this market. Sometimes it helps to go back to the negotiator and try and push the price down some or see if the investor can move off their price.
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