PROView - May 2008 - (Page 18) gross listing price in the listing contract and the MLS database unless it is subject to auction.” When working with a seller, the agent should determine fair market value by developing a CMA, analyzing the condition of the home, and incorporating other market trends. Another factor to consider is that if the seller realizes any return at all, the transaction is not a short sale. This is not a one-size-fits-all area. An agent’s recommendations regarding price should be based on solid research coupled with a solution that will best solve the seller’s dilemma. Preparation for a Successful Transaction Now more than ever, REALTORS® need to prepare themselves for the day when they’re asked by their clients to take on short sale transactions. Abraham, the real estate attorney, shared the following advice. “Every transaction is different,” he said as he cautioned against relying solely on classes. “The only true way you will learn the process is to go through it yourself.” He mentioned that each lender has a different process, different criteria from which they work, and certainly each loss mitigation officer has differences as to the relationship they have with REALTORS® and the expectations they have on what the role of a REALTOR® role should be throughout the transaction. He went on to say that the best avenue for agents willing to prepare themselves would be to partner with someone who’s experienced, at least through the first transaction. There’s little doubt that short sales are becoming so commonplace that virtually every REALTOR®, whether as selling or buying agent, will be asked to navigate clients through such transactions. Sooner or later you will probably find yourself in the middle of a short sale transaction. Now is the time to make sure you will be protected. ### Are you considering E&O insurance for your business? While PRO is not endorsing any of the vendors listed, links to available carriers are available at www.TampaBayRealtor.com. Go to the Learning Center in the top menu, select Member Guide, Tools, and finally click on the Errors & Omissions Reference link. Did you read the article “With a Changing Reality in the Real Estate Market: Are You Prepared to Manage a Short Sale?, featured in PROView Magazine earlier this year? As a REALTOR®, you may be looked upon to guide your customers through the process of selling a home through a short sale. Are you familiar with the process? In With a Changing Reality in the Real Estate Market: Are you Prepared to Manage a Short Sale?, local professionals share their expertise on short sale transactions. Go to www.TampaBayRealtor.com/proview and select the January/February issue in the online archives to read the article. MLS Offers Rebate GREAT NEWS! Your MLS continues to strive to provide a high quality service to members while holding costs down as much as possible. These efforts resulted in the ability to provide a $50 rebate to those members who help us reduce costs by paying online and on time. Invoices were distributed by email on May 5, 2008 and the rebate will be available until June 27. Suspension of services will take place on July 1, 2008 for those not paid in full by that date. If you have not received your invoice per email, you can access it at PRO’s online payment center at www.TampaBayRealtor.com/pay. You must use PRO’s online payment center to qualify for the rebate. Your invoice will include the option to join RPAC at the level of your choice. Small or large, your support will help protect your business against political forces threatening our industry and profession. $20 is your fair share. Your RPAC Investment = Influence. Become Influential Today. Go to www.TampaBayRealtor.com/pay to take advantage of the rebate 18 PINELLAS REALTOR® ORGANIZATION P R O May 2008 http://www.TampaBayRealtor.com http://www.TampaBayRealtor.com/proview http://www.TampaBayRealtor.com/pay http://www.TampaBayRealtor.com/pay
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