“Gretchen is a proven leader and businessperson and is someone who is clearly viewed as a magnet in the real estate industry,” says Earl Lee, president, Prudential Real Estate and Relocation Services. Not only has her reception in the marketplace as a Prudential franchisee been extremely positive, but Pearson shares the same values and has the same drive and direction as Prudential.

As a leadership driven culture, Lee believes that when they have strong leaders as local entrepreneurs, everyone wins. “This is an exciting time for us and reiterates the point that we are a brand that is vested in the entrepreneurial model,” continues Lee.

“We have set very clear cornerstones on how we operate within the Prudential brand, and our newest affiliation proves our pattern of continued success in the market with local real estate entrepreneurs,” he adds.

Having worked with Prudential on two previous occasions within her business career, Pearson understands the company culture found within the Prudential brand. “The people and the power of the brand are incredible and affiliating with Prudential provides me with the partnership I need to grow my company,” says Pearson. “Not only has the Prudential brand been translated as a trusted brand throughout the business, but it has instilled confidence within consumers as they know who they are dealing with,” she continues.

“Our future success is tied to our local real estate entrepreneurs,” says Lee. The positive reception the news has generated from the marketplace already is a positive indicator of the success to come.

“Like anything else, change happens in the real estate business and we are going into this with an open mind and looking forward to supporting our existing affiliate base and continuing to grow our company in the future,” concludes Lee.

For more information, visit www.prudential.com.

RISMedia welcomes your comments and questions. Email realestatemagazinefeedback@rismedia.com.

American Dream of Homeownership as Means of Saving and Investing No Longer Valid
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Here is the real scoop: More and more, lenders are requiring that a property be listed with an agent before they even start the short sale review. Some lenders are even requiring that a copy of the active MLS listing sheet (Multiple Listing Service) be supplied in addition to the listing agreement to prove that the listing is truly in place.

For those of you that are still holding to the belief that listing the property after the valuation is completed is the way to go, than allow me to present some arguments that may sway you in the other direction…

Finding end buyers (especially if short sale becomes retail) – Whether you are doing a wholesale short sale or a retail short sale you will need an end buyer. But you’ll especially need one if you end up having to roll your wholesale short sale transaction into a retail short sale (remember whether you are buying with intent to resell for a profit, your duty to the homeowner is to get their property sold!). And since the market is still somewhat slow, then it’s all the more important to get the property listed sooner as opposed to later to give yourself more time to find an end buyer.

List price can positively affect BPO value- In the same way that the current list price may negatively affect the value that the BPO comes in at; it can also work the other way. If the list price is at the right number, and has been reduced several times (more on this in the next point), than it will further validate your offer and show the BPO agent that the property really is worth what you are offering.

List History- This is one of the biggest tools that you will utilize as a short sale negotiator. This especially comes into play when you’re working on a property that doesn’t need much in the way of repairs, but may still be in a region where the market is really slow. This is why it is not only good to list properties before the BPO; but in some cases even before you submit the short sale package. That way you can build a list history that will aid you in your negotiations by enabling you to provide written evidence of what the property is not worth.

Government Loans- When working short sales on properties that are backed by government loans (for example: FHA), you may find that you not only have to list the property immediately, but list it under certain standardized guidelines dictated by the government agencies. FHA guidelines for example, dictate that the property must be listed at a given price for three months before the price can be reduced.

Here’s a quick story from a fellow ManageMyShortSale.com member (an online Short Sale and Loan Modification Training and Management Tool) and licensed real estate agent: they recently called a loss mitigator after the BPO had been completed to check the short sale status. The loss mitigator used a public online resource to verify the listing’s status. They saw that the listing had been withdrawn and threatened to close the file unless the property was immediately relisted. You must understand…lenders don’t demand that the property be listed just for the sake of being listed. For them, it serves as further evidence of local market conditions and helps give them an idea of what the property is really worth.

While some lenders still don’t care at the present time if a property is listed, or won’t waste the time forcing you to list it—most will. And for these lenders some of the old ‘tricks’ that you may have been taught may no longer work! So if you are an investor, working with agents could prove to be your best asset. They know the market, may have strong buyer’s lists, and can do a lot of the leg work for you. If you are a licensed real estate agent you can now get more business from investors that will now need your services in order for them to buy and resell homes at a profit.

Also, some of you may be concerned about re-marketing when there is an active listing in place…just remember that the offer you currently have into the foreclosing lender is a “signed and accepted” contract with the homeowner and that the property can simultaneously be marketed to re-sale buyers through your contractual right.

And so, make sure that you get your property listed right away because these days most foreclosing lenders require it, and because it will ultimately benefit you anyways. We encourage all our visitors to ask questions or leave a comment in the section below, We hope to hear from you soon!

Related posts:

1. How to Get a Buyer Prepared to Close a Real Estate Short Sale Transaction
2. Case Study: Tough One Becomes a Successful Short Sale
3. Distressed Properties Drive One-Third of Sales