Short Sales look to ADDvantage Flat Fee MLS for fast professional advice and service in Florida

Tuesday, August 11, 2009, 10:17AM

By: Keith Gordon

I am Keith Gordon, Broker for one of the largest discount real estate brokerage firms in Florida. I offer many specialized services in Florida for sellers including flat fee MLS listings, short sales, and price consulting.

Getting your property sold using the short sale process is one of my specialties because I truly understand the process.

The 3 golden rules to establish an effective short in Florida are:

  1. Establish a accurate hypothetical BPO
  2. Find the right buyer
  3. Ride the short sale processor like your accountant at tax time

You can trust that your short sales with receive the professional attention it needs at ADDvantage. I offer fast professional advice that you need to short sale your home anywhere in Florida including Orlando, Tampa, Miami, and Jacksonville or any city in between.

Below is a recent letter that one of my short sale Florida clients sent to me regarding a phone call to Wells Fargo. It does provide some insight into the short sale process:

I spoke with Wells Fargo rep today about the Short Sale process, and possibility of getting a BPO. Rep was not supportive, and indicated a BPO appraisal would not be provided to seller/agent anyway. Seems ridiculous, as it only forestalls the process, and eventually we should find out the BPO amount anyway. Rep said my agent could establish our own BPO, which I confirmed we had done. I may call another time to see if I get the same response, but it doesn't sound good until an offer is presented.

I was also informed we have to provide much of the same documentation we already provided. Evidently, that was only an exercise, since it must be provided as a package when an offer is presented. Required documents include the following (items marked with * were previously provided):

Financial Worksheet (signed by all borrowers) * Hardship Letter (signed by all borrowers) * Realtor Info/Contact (Also included on Wells Fargo Financial Worksheet) * Offer * Listing Agreement * HUD1 Purchase Contract (initialed by all parties) * Buyer Pre-Qualification or Proof of Funds for a cash offer

I was able to find out that we have not yet been scheduled for a court date for foreclosure action. The Wells Fargo rep said that Florida processes foreclosures relatively quickly, which is a concern. She said that a negotiator would be assigned when an offer was provided. Only the negotiator can delay the foreclosure proceedings to accommodate the negotiation process.

Wells Fargo Short Sale Division office phone number is (866)903-1053. Fax number for short sale offer package is (866)359-1975. In order for them to discuss/negotiate the offer with you, they will have to receive a 3rd Party Authorization form signed by all parties. I believe you already have that authorization from us via previous uploads to ADDvantage website.

The market conditions in Florida in any city such as Miami, Tampa, Jacksonville, and Orlando have created negative equity for many home owners. Short sales provide an alternative to foreclosure where the lender negotiates a sale for less the current amount due.

You can list your home 100% online by going to our short sale website at and look for the tab “start a listing online.”

Once you enter your data, upload pictures and sign the listing agreement (all online for you), I will contact you and discuss strategy or feel free to call me any time at 727-942-2929 or 1-877-232-9695.

Here are a few things that you should know about a short sale:

  1. A definition of a Short Sale is the sale of real property where the market price of the property is valued for less than all mortgages held against that property, or the loan balance. In order to make a sale happen, the lender must approve the offer amount and terms.
  2. The IRS treats short sale deficiencies differently depending on whether the short sale is a homestead/primary residence or an investment property.
  3. The seller should speak with their CPA or financial adviser before deciding on a short sale as opposed to other remedies.
  4. Your credit score will suffer but less than a foreclosure.
  5. The seller should call the lender and request a short sale package as soon as possible and ask if they have any MLS time requirements.
  6. The listing broker will need to determine value (hypothetical BPO).
  7. All contracts/offers are contingent on third party approval as well as any commissions offered in the MLS to cooperating brokers/agents.
  8. Short sale “listing agreements” need to have this language to protect the seller…”The seller’s obligation to perform on this contract is subject to the approval of the lienholders on the property. The seller may cancel this agreement prior to the ending date of the listing period without advance notice to the broker and without payment of a commission or any other consideration, if the seller tenders Deed-in-Lieu of Foreclosure.”

The roll of the listing broker is to set an accurate hypothetical BPO value and bring the most suited buyer (and buyer’s agent…because agents that are seeking a fast commission will not hang in there and will eventually push the buyer away…it takes 65-120 days for a short sale to close).

With ADDvantage’s powerful Internet marketing we will find the right buyer. Our software tracks all the details along the way and our short sale team is organized, knowledgeable and we let no time get away from us.

We work along side another short sale specialist at Al-Day Donaldson.

For more information about ADDvantage handling your short sale, call 727-942-2929 or 1-877-232-9695 or go to our short sale Florida website

ADDvantage holds membership in the following Florida’s MLS Realtor Associations: