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Real Estate Training & Coaching School

Industry Update: Short Sales, Forbearances and REOs

Real Estate Training & Coaching School

Real Estate Training & Coaching School

Business, Careers

4.7669 Ratings

🗓️ 25 February 2021

⏱️ 35 minutes

🧾️ Download transcript

Summary

How can there be short sales and REOs in what may become the hottest sellers market in history? Listen now and learn where the opportunities are in the (soon to be) distressed real estate market niche. Todays show was inspired by this email from HARRIS Coach Michele McClintock. "Dear Tim and Julie, We are starting to see more and more short sales creeping into the marketplace. I have 14 new short sales just last week. The market in South Florida is very strong and fast. Though I don't believe that we will see a crash like we did last time I do believe that we will see a sharp increase in short sales to come. In todays environment and what we saw as a result of 2020, every agent needs to add to the interview process when listing (toolbox) 1. How much do you owe on your property? 2. Are you current on your mortgage? 3. Have you ever missed any payments? 4. During 2020 did you do a forbearance? 5. Have you ever done a loan modification?  6.  Any second mortgages including lines of credit or HELOCs? 7.  Any judgments including credit cards, liens including State or Federal? 8.  Suggest ordering a payoff from the lender(s) Recently, I have had about 10 homeowners, list their properties with agents, go to contract, go thru inspections, appraisals etc only to get news from the Title Company that they had to bring thousands of dollars that they didn't have or anticipate to the closing table. In my experience when this happens it creates a domino effect with the transaction. The homeowner immediately blames their agent, for not "knowing" this. The Buyer's agent blames the listing agent and homeowner for not knowing this and in turn questions the agents credibility. Hence, Buyers want to sue because they cannot close and have incurred c

Transcript

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0:00.0

Welcome to Real Estate Coaching Radio, starring award-winning real estate coaches and number one international bestselling authors, Tim and Julie Harris.

0:21.2

Real Estate Coaching Radio is the nation's number one daily radio show for realtors

0:25.9

who demand authentic real-time coaching.

0:29.1

Get ready for fluff-free, unfiltered, full-strength honesty about what's truly working

0:34.0

to get you into action, helping others, and making money now in today's

0:38.3

real estate market.

0:39.8

Now to our hosts, Tim and Julie Harris.

0:45.3

Three, two, one, and it is February 25th.

0:48.7

We are back.

0:49.4

Today is Thursday.

0:50.8

We have an absolute ton of stuff, a plethora, an avalanche of things to share with all of you.

0:57.0

But before I hit the record button, Julie and I were just talking. You know what? Not being political

1:02.4

here at all, but I completely and totally understand why in some states the teachers don't want to go

1:08.6

back to work. I completely and totally sympathize with them.

1:14.6

And again, I'm not trying to be political and, you know, and all that. Because listen, a lot of the kids,

1:19.4

ours included, they've gone partially feral. Yes, the little savages. Those poor teachers, man,

1:25.2

or maybe the poor kids. I don't know. I suppose it depends on your school.

1:28.0

I know.

1:28.3

The teachers can you imagine.

1:29.8

They're in for it, man.

1:30.8

They're going to have to pay for essentially years worth of children losing all grips

1:35.9

of reality and how they're supposed to behave.

...

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