| John Mitty Friday, January 4, 2013 |
PLAINVIEW, NY — On December 7, more than 200 Charles Rutenberg Realty, Inc. Agents attended a special presentation at the Holiday Inn in Plainview to hear more about the Agency’s “Done for You” Short Sales Division. Those in attendance learned how the Division would help streamline the process for both the Agents and Real Estate clients and customers, resulting in more closings.
According to RealtyTrac, non-foreclosure short sales are now approximately 22 percent of all Real Estate transactions. Many of these homeowners filed short sales last year out of fear that the Mortgage Debt Forgiveness Act would expire, meaning they may no longer be able to receive the tax benefits of writing off their mortgage debt. Congress recently voted to extend the Act during negotiations over ways to avoid the “fiscal cliff.”
Whereas a residential Real Estate transaction involves negotiations between the buyer and the seller, in a short sale, the property is worth less than the mortgage balance. Therefore, the bank must determine what it is willing to sell the property for, and thus take a loss on the principal owed. While a normal Real Estate transaction takes approximately three months, short sales are known to take longer — up to an average of six months, sometimes up to 12 months. Many Real Estate professionals and buyers seek to avoid these transactions as a result of the amount of time involved.
Under this unique Division, Agents will be able to work more listings and accomplish more closings in less time. They will be assisted by a group of experienced professionals who will negotiate the transactions on the Agent’s behalf. In addition, all Agents will receive real-time updates on the progress of their sale, so they can notify their clients about the status.
“I am glad to see Charles Rutenberg Realty has put together this unique division,” said Marco LaPadura, Licensed Real Estate Associate Broker, Charles Rutenberg Realty of Queens. “Anything that provides expert service and saves me time is a tool and an asset.”
During the presentation, Agents learned about the intricacies of these niche transactions, what is involved in a short sale, and how to handle communications among the seller — whom the Agent represents — the lender, and the attorneys involved in the process. They also learned how to negotiate these types of sales and how to protect themselves from liabilities associated with these untraditional transactions.
“We will be in this market for at least another two to three years,” said Joe Moshé, licenses Real estate Broker/Owner. “It is crucial for our Agents to receive support and training from their Agency so that they are well-versed in the nuances of short sales. Short Sales can be a nightmare for an Agent because they drain the most valuable resource that an Agent has; his or her time. The Charles Rutenberg Realty ‘Done for You’ Short Sales Division offers Agents the support they need to expedite the process so that they can close the sale and make more money in less time.”
Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with more than 1,300 Agents associated in Long Island, Queens, Westchester, the Boroughs and Manhattan. For more information, call (516) 575-7500, or visit www.crrli.com.
jmitty@longislandyellowpages.com Appears In: Press Releases
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