by Michael-Edward Cruz – California Real Estate Broker 951-572-2789
I found a promising article detailing how some lenders are beginning to shift their focus from foreclosure to short sales. Unfortunately I could not link to it on my blog due to copyright laws.
Some Lenders are now considering short sales as a real solution. AFTER the mass foreclosures in 2007 – 2008, AFTER the disaster in modifications in 2009, they might finally be listening to us.
I can’t really complain though. Before I worked for this team lead by Troy Huerta, 2 out 3 of my deals foreclosed! I was a typical agent throwing darts in the dark and having the closing figures to show for it. My success rate was less than 33%. Since teaming up with Troy, my success rate is an admirable 100%, so far. This year alone our team has already closed 20 transactions!!!
A big part of my difficulty stemmed from my lack of planning to deal with lenders rather than the lenders not actually listening. Lenders will always find ways to make more and more money no matter what. Otherwise, how will their CEO’s be able to remodel their offices for less than $2 million? When dealing with our pre-foreclosure transactions, we focus our job on showing them that a short sale is better than a foreclosure. Most of the time a short sale is better, unfortunately it is not always easy to get the lender to understand. That is why I have teamed up with Troy Huerta from the Real Estate Insight Team at Keller Williams.
Troy Huerta has been featured by Smart Money magazine (a Wall Street Journal
publication) as a Power Broker. The impressive part of Mr. Huerta’s success is his fundamental understanding of the short sale process and his ability to turn nearly every transaction into a win-win-win situation for lenders, sellers, agents (and buyers). Armed with a strong lending background, Troy foresaw the market turn and did everything he could (including purchasing a local and well-established real estate office) to position himself one step ahead of the rest. The first year (June 2007 – June 2008) he had successfully closed 50+ short sales at a time when offices were folding like houses of cards and agents were being driven from their once thriving (and easy paced) careers. His understanding of how lenders work has made him the “go to guy” on short sale transactions. He has held DRE credit courses on short sales and currently designates certificate courses for agents looking to break into this market. His success has been truly amazing. He has a great team that I am lucky to be a part of.
After my first experience as an REO agent, I knew that this was not the answer for me in this market. The whole experience was not worth the money I made when the sale was finalized. I went into this business to help people realize their dreams of homeownership, not contribute to the nightmare of foreclosure.
I am happy with my choice to be persistent and find a way to become successful with the short sales. Most agents ran from this (sooner or later). Most of the agents I have talked to have said “It’s too much work”, ” I hate dealing with lenders” and my favorite, “they take forever to close”. I agree that they should not work on short sales. You have to love it and “get it” like we do. A comprehensive list of negotiators you’ve closed with in the past doesn’t hurt either.
While our primary focus is on listings and homeowner assistance, we offer professional negotiation services to agents who can’t or don’t want to handle the negotiation portion of their transactions. Our system of short sale closings enable us to continue our success as things get “easier”.
WITH LENDERS WORKING WITH US + OUR SUCCESS WHEN THEY WERE NOT = THE ABILITY TO HELP AS MANY PEOPLE AS POSSIBLE IN 2010
Are you late on your mortgage? Do you have an NOD and are in danger of foreclosure? Do you know someone who is struggling to make ends meet? Is the loan modification game getting you tired and at greater risk of foreclosure? CALL THE NUMBERS BELOW, LEAVE A MESSAGE WITH YOUR SITUATION AND A SPECIALIST WILL CALL YOU TO DISCUSS YOUR OPTIONS
North San Diego County – 760-420-5498 – http://lenderhelpinc.com
South Orange County – 949-630-9743 – http://shortsalemc.com
South Riverside County – 951-BANK-GIRL – http://livinginharveston.com
