Short Sales

[drboom]

[quote=AK]Not a week goes by that I don’t see multiple old short sale listings pop up as REOs, or relist at higher asking prices after getting kicked back by the bank.

It’s a bit of a consolation to know that relatively few people actually closed on smoking hot deals earlier this year.[/quote]

I don’t know about “smoking hot deals”. The bank behind the short sale my wife and I bought had an appraisal done before accepting our offer, so it’s not like they were flying completely blind.

No, I think we paid “fair market value” based on a current snapshot of the market. I’m convinced we’ll see a 10-20% paper loss over the next few years in our neighborhood. The only “smoking” is from the crater where our bank account used to be. I doubt we are unique.

We have no regrets, however. This deal makes financial sense for us for reasons other than capital gains or lack thereof.

[drboom]

[quote=sdrealtor]Sorry murf you are correct I need to correct that. I’m closing 100 this month.[/quote]

Even with the sdr 90% hyperbole discount, that’s a lot unless you are a broker rather than an agent.

Let’s see: assuming a low end of $300k/sale @ 3% and an 80% agent cut, that’s $72k in gross commissions for the month. How do you have time to post so prolifically here? I guess you could afford to pay your minions to keep your online persona going. 🙂

[drboom]

[quote=sdrealtor]Sorry murf you are correct I need to correct that. I’m closing 100 this month.[/quote]

Even with the sdr 90% hyperbole discount, that’s a lot unless you are a broker rather than an agent.

Let’s see: assuming a low end of $300k/sale @ 3% and an 80% agent cut, that’s $72k in gross commissions for the month. How do you have time to post so prolifically here? I guess you could afford to pay your minions to keep your online persona going. 🙂

[drboom]

[quote=sdrealtor]Sorry murf you are correct I need to correct that. I’m closing 100 this month.[/quote]

Even with the sdr 90% hyperbole discount, that’s a lot unless you are a broker rather than an agent.

Let’s see: assuming a low end of $300k/sale @ 3% and an 80% agent cut, that’s $72k in gross commissions for the month. How do you have time to post so prolifically here? I guess you could afford to pay your minions to keep your online persona going. 🙂

[drboom]

[quote=sdrealtor]Sorry murf you are correct I need to correct that. I’m closing 100 this month.[/quote]

Even with the sdr 90% hyperbole discount, that’s a lot unless you are a broker rather than an agent.

Let’s see: assuming a low end of $300k/sale @ 3% and an 80% agent cut, that’s $72k in gross commissions for the month. How do you have time to post so prolifically here? I guess you could afford to pay your minions to keep your online persona going. 🙂

[drboom]

[quote=sdrealtor]Sorry murf you are correct I need to correct that. I’m closing 100 this month.[/quote]

Even with the sdr 90% hyperbole discount, that’s a lot unless you are a broker rather than an agent.

Let’s see: assuming a low end of $300k/sale @ 3% and an 80% agent cut, that’s $72k in gross commissions for the month. How do you have time to post so prolifically here? I guess you could afford to pay your minions to keep your online persona going. 🙂

[socrattt]

10 is a great rounded number, but I tend to believe that unless you have a great team of negotiators and tc’s in place for that many deals it is almost impossible. sdrealtor is your real name Gary Kent?:)

[socrattt]

10 is a great rounded number, but I tend to believe that unless you have a great team of negotiators and tc’s in place for that many deals it is almost impossible. sdrealtor is your real name Gary Kent?:)

[socrattt]

10 is a great rounded number, but I tend to believe that unless you have a great team of negotiators and tc’s in place for that many deals it is almost impossible. sdrealtor is your real name Gary Kent?:)

[socrattt]

10 is a great rounded number, but I tend to believe that unless you have a great team of negotiators and tc’s in place for that many deals it is almost impossible. sdrealtor is your real name Gary Kent?:)

[socrattt]

10 is a great rounded number, but I tend to believe that unless you have a great team of negotiators and tc’s in place for that many deals it is almost impossible. sdrealtor is your real name Gary Kent?:)

[sdrealtor]

Admittedly it is my best month ever. The key to doing it as you surmise is having a great team behind me. My negotiator and TC are great. Both are experienced, smart, honest, hardworking and a pleasure to work with on a daily basis. I also have an attorney I work with. I am in constant contact via email, text and phone (gotta love that blackberry thingee!). I have my eyes, ears and hands on everything every step of the way.

I also frequently write checks when we are short at closing just to get it done and move on to the next one. I’m all about being fair to everyone in the transaction while getting results not ego or getting every last penny for myself which is why I beleive I am so successful at closing these short sales. At the end of each transaction, I generally get a thank you from the buyer’s agent and comments that they wished other agents handled them the same way. At the end when everyone is paid I net between 40 and 50% of the gross commission dollars but the volume and consistency is what I am after.

I’m seriously considering shutting it down for month to give myself a break as I’ve been on overload for several months now.

[sdrealtor]

Admittedly it is my best month ever. The key to doing it as you surmise is having a great team behind me. My negotiator and TC are great. Both are experienced, smart, honest, hardworking and a pleasure to work with on a daily basis. I also have an attorney I work with. I am in constant contact via email, text and phone (gotta love that blackberry thingee!). I have my eyes, ears and hands on everything every step of the way.

I also frequently write checks when we are short at closing just to get it done and move on to the next one. I’m all about being fair to everyone in the transaction while getting results not ego or getting every last penny for myself which is why I beleive I am so successful at closing these short sales. At the end of each transaction, I generally get a thank you from the buyer’s agent and comments that they wished other agents handled them the same way. At the end when everyone is paid I net between 40 and 50% of the gross commission dollars but the volume and consistency is what I am after.

I’m seriously considering shutting it down for month to give myself a break as I’ve been on overload for several months now.

[sdrealtor]

Admittedly it is my best month ever. The key to doing it as you surmise is having a great team behind me. My negotiator and TC are great. Both are experienced, smart, honest, hardworking and a pleasure to work with on a daily basis. I also have an attorney I work with. I am in constant contact via email, text and phone (gotta love that blackberry thingee!). I have my eyes, ears and hands on everything every step of the way.

I also frequently write checks when we are short at closing just to get it done and move on to the next one. I’m all about being fair to everyone in the transaction while getting results not ego or getting every last penny for myself which is why I beleive I am so successful at closing these short sales. At the end of each transaction, I generally get a thank you from the buyer’s agent and comments that they wished other agents handled them the same way. At the end when everyone is paid I net between 40 and 50% of the gross commission dollars but the volume and consistency is what I am after.

I’m seriously considering shutting it down for month to give myself a break as I’ve been on overload for several months now.

[sdrealtor]

Admittedly it is my best month ever. The key to doing it as you surmise is having a great team behind me. My negotiator and TC are great. Both are experienced, smart, honest, hardworking and a pleasure to work with on a daily basis. I also have an attorney I work with. I am in constant contact via email, text and phone (gotta love that blackberry thingee!). I have my eyes, ears and hands on everything every step of the way.

I also frequently write checks when we are short at closing just to get it done and move on to the next one. I’m all about being fair to everyone in the transaction while getting results not ego or getting every last penny for myself which is why I beleive I am so successful at closing these short sales. At the end of each transaction, I generally get a thank you from the buyer’s agent and comments that they wished other agents handled them the same way. At the end when everyone is paid I net between 40 and 50% of the gross commission dollars but the volume and consistency is what I am after.

I’m seriously considering shutting it down for month to give myself a break as I’ve been on overload for several months now.

[Author]

Posts