Selling Poinciana One Property at a Time.

Active Rain Family Does it Again--This Time It's Short Sales!

I had the honor of participating in the first of a five-part series on Short Sales with Bryant Tutus & Wendy Rulnick and the class was absolutely wonderful!  As you all know, I've been very fortunate to live in an area that did not have the 'bubble' to burst but, the national economy has slowly but, surely 'trickled down' to Charlotte!  We had never even heard of short sales in 2007 and now, we are seeing them--and we need HELP!

Bryant (aka BB--TLW's 'other-half'!) and Wendy, fellow Active Rain members, have offered a five-part "Short Sale Basics" course via webinar at a very affordable price.  They have both been participating in short sales for many years and together, share a wealth of knowledge that they're freely sharing with us!  Okay, it's not really 'free!'   

After some guidance with my first few short sales from TLW, I realized that anything and everything that I could get my hands on that related to short sales was of utmost importance for my very-near-future--and my clients.  With the wave of short sales hitting our area now, it has become increasingly stressful to watch agents who don't have a CLUE, list short sales and then have them turn into nightmares--not only for the sellers but, the buyers who are patiently waiting lender approval--that never seems to come to fruition.

I would just like to thank Broker Bryant & Wendy for so generously sharing their knowledge and helping those of us who do want to become perficient in this process, succeed--and, of course, TLW for getting me started until class was in 'session!'  You guys are awesome!  

A few of the short sale terms that we touched upon during the first session.

Image above created by the Wordle.net web application are licensed under a Creative Commons Attribution 3.0 United States License.  

 

A few weeks ago my life started to change.   I was asked to step outside my boundaries and outside of my comfort zone.   What happened?  I “met” Bryant Tutas- otherwise known as "Broker Bryant" on Activerain.   You may have heard of him- he’s one of the best-known real estate bloggers around.   His writing is insightful, direct, witty and often very funny.   He’s got quite a following.

Anyway, in the past several months I started to notice Broker Bryant’s comments on my blog posts and others.   I noticed we were “simpatico”, of like-mind, on many topics, notably short sales.   We exchanged a few emails, and a couple of months ago, Bryant asked me if I was interested in doing a joint venture. Among other things, he wanted to know if I would do a live webinar with him about short sales.

Well, ignorant me, I did not even know what a webinar was!   I had to look it up. If you don’t know– a webinar is an “online live educational presentation”.   Bryant and I would teach real estate agents about short sales.   That idea scared the heck out of me, but how could I say “no”?   I love short sales!   I love discussing them, analyzing them, doing them and answering questions about them.   I welcome calls from agents in my area or around the country looking for information or direction on short sales.   I love helping the consumer with short sales.   And that is what I do all day.   So does Bryant.

But what would we have to offer that would be different?   There are a lot of “classes” about short sales.   The difference here is that we are both practicing real estate agents who spend 90% of our time listing and selling short sales.   And we do them from beginning to end.   Bryant and I do all our own negotiating, we don’t refer out to a law firm, title agency, assistant or loss mitigation company.   (Not that there is anything wrong with that).   We are the ones on the telephone on hold with the negotiators- every day, getting sales closed.   We think that our practical experience with the day-to-day workings of short sales can benefit others.   We want to share what we've learned in a forum to provide concrete knowledge.

Enough about that.   I am still nervous.   We’ve never done this before- although Bryant has appeared on other webinars.   So forgive us in advance if we goof up a little, or pause or stutter (especially me).   What you will get, I promise, if you sign up for our webinar- is practical, usable, comprehensive information on short sales. 

The first session of our five-part series is Saturday, June 27 at 11:00 a.m. Eastern.   Join us.

It's Wendy!

Wendy Rulnick, Broker Rulnick Realty, Inc.

itswendy@rulnickrealty.com

In Destin, Florida, and around the country, as time goes by with short sales, a new problem is growing--  unpaid condo association dues.  I currently have two short sales pending with with over $20,000 in unpaid association dues.  Short sale mortgage holders are growing weary of paying these huge back-fees to facilitate a short sale.  Sure, I've had $10,000 or $12,000 paid to satisfy associations in short sales before.  But the longer the short sale or bank action takes, the more the dues will start piling up.   Now I have Bank of America balking at paying the association dues on a $300,000 Destin short sale.  They want my seller, with no income at all, to pay a promissory note of $40,000 or cash at closing of $20,000, because of the $20,000 past due amount.  How am I tackling this problem?

Brainstorming solutions is one of my favorite parts of negotiations.  Here is what I found:

Florida Statutes, Section 718.116  states:

The liability of a first mortgagee or its successor or assignees who acquire title to a unit by foreclosure or by deed in lieu of foreclosure for the unpaid assessments that became due prior to the mortgagee's acquisition of title is limited to the lesser of:

1.  The unit's unpaid common expenses and regular periodic assessments which accrued or came due during the 6 months immediately preceding the acquisition of title and for which payment in full has not been received by the association; or

2.   One percent of the original mortgage debt. The provisions of this paragraph apply only if the first mortgagee joined the association as a defendant in the foreclosure action. Joinder of the association is not required if, on the date the complaint is filed, the association was dissolved or did not maintain an office or agent for service of process at a location which was known to or reasonably discoverable by the mortgagee.

 In my case, there are about two years past due in condo fees.  I have asked the association to agree to a compromise to accomodate the short sale.  Basically, if the condo goes to foreclosure, they will only be paid 6 months dues by the senior lienholder. 

If they could reduce the balance owed in any amount to allow the short sale to occur, then the association will gain by:

1.  Immediate income to fund a project already in financial need

2.  More than the minimal 6 months past due that a foreclosure action will pay them - at some later date

3.  A new owner who will certainly be paying his dues on an ongoing basis, providing immediate cash flow

By agreeing to a lesser amount to allow the short sale, that does not mean the association will not pursue the homeowner separately for the balance owed.  But a compromise can allow the short sale process to take place,both benefitting the condo project's financial position, and helping the homeowner solve his dilemma.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Sign up for "SHORT SALE BASICS FOR REALTORS" Webinar

starting June 27 - comprehensive, practical knowledge

taught by Wendy Rulnick and Bryant Tutas

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.  

 This site, Wendy Rulnick or Rulnick Realty, Inc. is not providing legal or tax advice.  The information provided is for educational and informational purposes only.  It is recommended that sellers considering a short sale should consult an independent legal and tax advisor for more information.

 

 

Are you a Broker B (as in, Broker Bryant Tutas) follower? If you aren't, you're one of, like 5 people on Active Rain who aren't. We Rainers love our Broker Bryant, don't we? And don't get us started on how much we adore his wife, TLW.

So, my people talked with his people and we arranged a special Broker Bryant show that's open to the public! On Saturday, June 20^th, BB (and TLW?) will be joining me for an in-depth discussion of, well, whatever we decide to talk about!

Actually, the plan is to hit BB with a barrage of questions on topics he's passionate about - which, by default, according to his latest popularity polls, you are passionate about also.

It's a free show and worth every penny. Hope you'll join us!

Here are the details:
Date & Time: Saturday morning, June 20^th 8:30 am (pacific) / 11:30 am (eastern)
Location: Your phone or computer - take your pick
Duration: 60 - 90 minutes
Cost: FREEEEEEE
Registration: REQUIRED - Click here

Once you've registered, you'll have the opportunity to submit questions you'd like BB to address. And please do!

Again, to register for the BB show, just go here.

 

 

COMING SOON! The Sequel to Sell with Soul 

If you follow my blog, you've seen one or two (or three or four) references to the Summer of Soul - which is a series of real estate-related teleseminars hosted by Yours Truly that run throughout the summer. I'm charging a few bucks for it, not too many ($49 for the package), but enough to make you pause and ask yourself if it's really worth it. At least, I hope you do because I'm the last person who would tell you to throw your money away these days!

Anyway, I'll let you judge for yourself - below is the final schedule of events. We kick off tomorrow and run through Labor Day. All sessions are recorded, so don't think you have to cancel your summer vacation if there's a conflict. If it looks good, you can register here: www.sellwithsoul.com/sos-seminar-series.html.

Summer of Soul Seminar Series Schedule

Saturday morning, June 6th
Introverts are Salespeople, too!
An interview with Master SOI'er and proud introvert, Susan Haughton. Susan has never cold-called, door-knocked or even so much as asked for a referral... and she'd die laughing if you suggested she do such things. Yet she enjoys a successful career without ever venturing out of her comfort zone. (included in the Summer of Soul package - enroll here)

Saturday morning, June 20th
Q&A with Broker B
This will be fun! Broker Bryant Tutas will join us for a 90-minute Q&A where he'll answer all those burning questions you have about his successful business model (hey, this is a guy who charges a retainer fee to BUYERS!), and how he got to be "Soooooo Good-Looking!" (open to the public, enroll here)

Tuesday evening, June 30
Have More Fun and Sell More Real Estate! 
Contrary to how it might sound, this is not a silly little filler program - no, FUN is serious stuff! If you don't enjoy what you do, most days anyway, you'll fail. Our goal is to help you identify what's fun for you (and what isn't), so you can experience all the success you dream of. (included in the Summer of Soul package)

Wednesday evenings in July, beginning on July 8th 
Pipeline 2010
A four-session series on various projects you can start TODAY to ensure a full pipeline by 2010. Sure, we all need paychecks in 30, 60 or 90 days, but next year will be here before you know it and won't you feel smart if you hit 2010 will a nice little book of business already in place? I'll lead the discussions, but will be joined by a variety of guest hosts as well. (included in the Summer of Soul package)  

Tuesday evening, June 16th 
Negotiations: The Games People Play
This is definitely a not-to-be-missed program! Jackie Leavenworth (the Real Estate Whisperer) wow'ed us with her brilliance in an earlier teleseminar on the topic of Commission Negotiation. By popular demand, she returns for a full-on discussion of effective negotiating techniques that you can use in business... and in life. (open to the public; enroll here)

Saturday morning, July 18th
Prospecting with Soul - Playing the Numbers Game (or not, as the case may be)
I don't like being treated like a number... and neither do our clients. This session will discuss how you can take a Quality over Quantity approach to your prospecting and have a heck of a lot more fun in the process! (included in the Summer of Soul package)

Saturday morning, August 1st
Alternative Business Models
There's more than one way to skin a cat... or sell a house. Join this group of real estate rebels as we discuss various outside-the-box real estate models that might just pique your interest! (included in the Summer of Soul Package)

Saturday morning, August 15th
Surviving the Inspection
Especially if you work with "Charming Older Homes," you know how tenuous your deal is until you're through that inspection. Learn from the master (JA) and her expert guest, Mark Rakow, how to keep more of your sales together... and when to let them fall apart. (included in the Summer of Soul package)

Saturday morning, August 29th
For Rookies Only
In this special session just for soulful rookies (and those who train them), we'll help new and newer agents focus on what they need to be doing NOW to get up and running and bringing in a paycheck before they become just another ... sigh... real estate statistic. (included in the Summer of Soul package)

ENROLL HERE