I found this post (#1 I might add) when looking for reference material. There are some great points in here!

Some of our state laws hamstrings this just a bit, but for the most part it’s great material.

I do think it’s important for the agent to read the entire document and not be scared off by the fact it’s not the norm.

When properly done, this really has helped out some Seller’s in distressed.

There’s plenty to learn on both sides.

Many realtors wield what they think is the sword of disclosure and ethics then cower behind the statement that they can’t practice law or that their “looking out for the best interes of their client”.

That is such a lame argument as more than likely, from Patrick’s own words, most of them end up failing and the homeowner ends up losing the home.

Can’t wait to see the fallout from lawsuits when foreclosed homeowners begin suing real estate agents for misrepresentation and gross negligence because they had no idea as to how to get the deal done to help them avoid foreclosure.

Protecting your client is getting the deal done! Do you hear me??? What good is it if you “protected the interests of your client” and they end up with a foreclosure on their record because you didn’t know how to get the deal done.

It’s shameful. I am not saying Patrick is like that but as he says in his comment he is finding that 80% of short sales fail. And don’t give me the crap about it being the bank’s fault.

We were running at 100% for the longest time and even now have only lost 2 friggin deals. Why? because it is our intent to close and make the “serious jack” that Patrick mimics as if there is something wrong with making “serious jack”.

People wake up, before we lose our direction…making “serious jack” is what it’s all about in business…not posturing and playing make believe like many realtors do. Get the friggin deal done! Bottom line!

Of course my objective of making a profit is the most important thing to me. I would assume it would be the most important aspect of any investor’s business.

I have to differ and of course most agents don’t like what I have to say. There is NO REASON whatsoever why the failoure rate of 80% is as it is in your market or any market other than the fact that agents simply refuse to learn how to properly execute short sales. I run into it all the time and could write volumes about it…wait a second..I have!

It’s a tired argument and one that has been validated time and time again. I wish you well in your endeavors and I thank you for the debate. Please visit and comment again.

It’s solved in two easy words, legally and ethically. (Despite what Patrick thinks there are very good title companies and attorneys who know how these deals are supposed to be closed)

Pat was this a riddle or do you, as a long time Realtor, not know how to get these deals done?

1. Not competing in your market

2. I am past blasting agents for the fun of it

3. My wife’s cooking is calling me to a more important appointment

What I said is we got tired and bored with moronic agents like yourself. Real estate is pretty good to us and as you seem to know someone close to me is one who knows how to get it done.

If you are training your agents…they’re in for a bunch of trouble. Since you guys have been around since the dawn of time, that maybe you would understand a bit about technology, the way the market has evolved and what being involved in the business means today.

Obviously, Capitalism isn’t on the menu for your agents. Pity ..pity..pity…and yes…I am NEVER going to be ashamed at making a profit….you do see the header image of this blog don’t you?

PS Thank you for providing interesting training material for our agents.

Here’s a question for ya…from your mighty stature as a legal folly…have you ever closed a short sale or do you merely choose to pontificate from your sphincter?

I’m pretty sure you communicate quite well utlizing the latter method. But hey, that’s fine..please by allmeans continue. I love it when realtors actually speak to give the consumer even less reason to pay some hack 6%.

Hey…Good Luck and keep waiting for the market to return to normal…whatever that means.

Agents like you may not like the reality of business but we are indeed here to make as much profit as possible. Perhaps that isn’t taught in Coldwell Banker training.

In a decade of doing shorts, we have NEVER had a problem, have always made a profit and have had banks write letters thanking us for helping them out.

Maybe if more realtors would get their heads out of their collective asses and learn how to actually execute short sales then the number of short sale failures you quote wouldn’t be so high.

Instead of quoting bullshit numbers why not address the problem. Realtors , for the most part, are clueless as to how to get them done. Meanwhile I, and my clients, enjoy being on the side of the fence wherein the 30% or so as you say succeed.

Personally I could care less about the 70% that fail. They’re not my deals!

The other thing you do not discuss when talking about the real estate developers using options all the time is that they are not usually (in fact almost never, but always with full disclosure) asking someone to take a shorted amount of money in order for their option to work. If it is not illegal why are you afraid to tell the lender you are shorting that you have someone else willing to pay more than you are. Is it because you are offering nothing to the transaction other than skimming cash? At least the developer is adding value to the transaction and I totally believe in anyone being able to make profit. In addition I do not see the disclosure that the “investor” who can not flip the option contract within 24 hours of closing a negotiated short sale will not perform on the second contract with a final buyer (look up the definition of material fact). The dilemma for anyone who does hold a state real estate license is that it is illegal to withhold material facts. You may check your local code for the definition of material facts.

Short Sales are a good method to sell property and sometimes they are the best route for sellers but not always. Locally and nationally the failure rate of written short sales is 70% – 90%. Licensed agents as well as ordinary citizens such as investors should take careful measure to not practice law without a license; this could include giving advice on the best route for a distressed seller to take. I suspect we will see many law suits in the future with sellers who have been taken advantage of.

There is the one other problem for the new buyer, that is FHA will not loan money on a flipped property for 90 days and I am now seeing many lenders refusing to lend on any flips within six months. Without financing there simply are very few buyers. “Investors” who want free and get rich quick deals most times I have found do not fully disclose. I understand that you are in the business of teaching people how to do just that.

Thanks.

Now if it’s already listed you will obviously need the previous agent to terminate the listing..which I can imagine would be a whole lot of fun!

The Option Contract wasn’t included in the Short Sale Video Course but after getting a bunch of emails from members after this article, I will be posting it this week in the Short Sale course documents.

Where is the option contract for my review? When I click on the hyperlink it brings me back to this page. Since I’m a subscriber to the course, I’ve checked there and can’t locate it as well.

Thanks,
Tony