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Breakout Session Highlight: Short Sale Offers and Contracts That Win

Kevin Kauffman and Fred Weaver of Tempe, AZ (near Phoenix) live in the middle of one of the nation’s most distressed markets. In 2009, they helped more than 150 individuals and families avoid foreclosure with a short sale. They are among the select few short sale agents in America who close more than 90% of the deals they take on.

Today Kevin and Fred led a presentation on Short Sale Offers and Contracts That Win. Here are some of the things we learned in the session:

  • The real estate boom of the mid-2000s was followed by a precipitous drop in values in many regions of America.
  • Today, in half of all US states, 30% or more of all real estate sales involve a foreclosed or foreclosure-threatened property.
  • This “distressed property” phenomenon first grabbed the nation’s attention about two years ago.
  • The dramatic market shift continues—though recently, the first signs of “light at the end of the tunnel” appeared.
  • One reason for the recent positive shift has been the diligence and passion of short sale specialist real estate agents. These professionals reach out to homeowners in financial distress and help them avoid foreclosure through a short sale.

Their secret to their success:

  • Attracting offers that banks accept the first time, and negotiating with the bank efficiently and effectively to close the deal.
  • A high success rate closing short sales requires a great mindset—a determined, independent, and very well-informed agent and team.
  • You must truly know the short sale process, and you must be familiar with the unique requirements of the different lenders you encounter.
  • On the buyer side of short sales, you must prequalify the listings you show—by pre-screening the listing agent! You want to bring offers to agents who know the ropes and have proven track record of success—whenever possible.
  • Present one and only one offer to the lender on a given property.
  • Never take “no” for an answer!

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17 comments on “Breakout Session Highlight: Short Sale Offers and Contracts That Win
  1. Fred Weaver says:

    Thank you to all of today’s attendees! Would love to here some of your feedback from the class.

    ***This class will be repeated tomorrow (Tuesday, 2/23/10) at 1 PM – see the Family Reunion schedule for classroom location details!

    Also, for more great content from Kevin and I, be sure to visit our daily video blog – http://www.ShortSalePowerHour.com

    Fred Weaver

  2. Andrew says:

    This class was – by far – the most informative class of the week thus far. They gave away actual secrets. Thanks guys! Do you ware the vests all the time?

  3. Kevin says:

    We had so much fun teaching yesterday were going to do it again today =)

  4. Chas Leon says:

    The first three bullet points are hopelessly impertinent!

  5. Craig says:

    Great session. Where is the Buyer Consultation script you mention on MyKW.com. Can’t seem to locate it.

    Thanks!

  6. Pamela says:

    I’m interested in locating the Buyer Consultation script you mentioned and I couldn’t get the name of the person who created the script.

    Thanks.

  7. Dolores says:

    Go to KW University – you’ll find all the scripts there.

  8. Brian says:

    If you didn’t attend this class, you should be the first person in line today to hear them teach it again! I’ve heard a lot of people talk about Short Sales, but few have actually talked about them AND experienced them! This was definitely the best class I went to all week/weekend!! I would have paid to hear just Kevin & Fred…seriously!!

  9. Great Job Guys! The buyer consultation Kevin and Fred are talking about should be under Education and then KW Connect. That page has recently been changed so if you have a hard time finding it just search Nikki Ubaldini in the search tab at the top of your KW site. I recently joined Group 46:10 as a Buyers agent and every buyer I have met with so far has signed a buyer rep with me after using this presentation along with the education of Short Sales vs REO’s.

  10. Mr. Baird says:

    Wow, I still can’t get over the information that I had to process today from Kevin and Fred’s class. I absolutely know for a fact that you could sit in this class a dozen times and get something completely different out of it each time. It’s absolutely crucial that you attend class today and give your complete undivided attention with all Iphones and Blackberries turned off. I will be looking forward to seeing you all in class again today to learn not only how to list a short sale but most importantly how to close it! Props to Kevin and Fred on teaching the best class I’ve seen yet at Family Reunion!

  11. Dave says:

    I heard these guys speak and beware that their success rate and experience level is not substantiated by any facts. I learned nothing from the class. I’d pass if i were you…

  12. Kevin says:

    Dave – How many short sales have you closed? How many have foreclosed? Do you specialize in Short Sales too? What is it that you would have taught differently? I am just curious…You made a bold statement without having any facts Dave and I will challenge you to do your homework.

  13. Way to go Kev and Fred! You guys rock. You know your stuff. I’m very proud of you and THANK YOU for contributing back to our agents at KW – and helping them to help others. Love you guys! Knolly

  14. Lynn Mutti says:

    This class was by far the one that I gleaned the most relevant and timely information for my business. Fred and Kevin not only validated my frustrations with my short sale transactions, but encouraged me to continue to NOT shy away but embrace them. Outback, here I come! Kevin,I will update you on my experiences with Chase and their (possible) new proactive system with listing agents of short sales.

  15. Debbie says:

    Hi Guys-
    Didn’t make it to Family Reunion, but am the short sales specialist in my office in Andover – do you guys require the buyers do a home inspection before they “hunker down” for the negotiation period with the bank? I’ve heard people are starting to do that now so the buyer doesn’t walk after the approval comes in.
    Thanks!

  16. Kevin says:

    First off – Knolly, we love you buddy! Thanks for everything you do for our company.

    Lynn – I love that you’re Outback and I can’t wait to hear your updates. Please send to me directly (which you can do via http://www.ShortSalePowerHour.com)

    Debbie – Sorry you missed it…We do NOT require an inspection prior to us getting the approval but we do require an AS-IS addendum with the purchase contract. Hope that helps.

    Kevin

  17. “Attracting offers that banks accept the first time, and negotiating with the bank efficiently and effectively to close the deal.”

    Is is still true in 2013?

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