That day was a clear reminder of just how proud I am of our team here at Winged Foot Title. As you may imagine, a process this complicated yielded many useful insights which we employ daily in our operations. But as we surge into 2012, we wanted to share with you three of those  insights that may be helpful in your business as well.

We call them our “Three Cs”: Commit; be Creative; and Communicate.

• Commit. Much of our success in orchestrating and closing this Cape Coral Short Sale monstrosity resulted from our commitment to both the outcome and to the processes that would help us get to the outcome. Committing to the outcome was pretty easy and I’m sure that part is for you as well in your business – “I want to get the short sale approved so that we may close the transaction and issue title insurance.” Commitment to the processes that got us to that outcome was, of course, more difficult. Our initial zeal is often dulled by what we cannot control – like unreturned phone calls or obstinate negotiators. Trust me, we talked each other off the ledge many times during the course of this short sale; but we persevered and remained commitment to each process, to each piece of the puzzle. Ultimately, we knew that we would fail if we did not stay committed.

• Be Creative. We faced 12 separate lienholders in this short sale. To say that it was like herding cats would indeed be an understatement. Every creditor involved was looking at taking a huge hit; and many of them had written off the debts as uncollectable because of their lien priority and their market knowledge. We knew that this would not work like your typical multiple lienholder short sale, where the first lienholder offers the second a pittance to which the second ordinarily acquiesces. It would take creativity to make this work and we insisted on being creative at every step. We worked with the real estate agents and buyer to structure the offer in such a way that accounted for the myriad payoffs we needed to make. And we had to be very creative in ferreting out those lienholders who were hard to track down. Had we not stepped out of our normal processes and routines, we would have failed miserably at closing this deal. Competition is fierce no matter what business you’re in. There are many others out there seemingly just like us (you and us), pounding the same pavement and chasing the same clientele. Creativity, though, distinguishes. Creativity and innovation led to the development of our Suite of Short Sale Services (like our the Short Sale Survivor Tool Kit), which resulted in our company’s continued growth and success in an otherwise flat market. Creativity made us memorable and stand out, which created more sales leads and more conversions of those leads in spite of how goofy some of us felt in those outfits – click the link to check out the photos! We are confident that our creativity will continue to distinguish us from others in our industry and we challenge you to be creative in your business.

• Communicate. There is simply no substitute for open and honest communication in business. In this particular transaction, we were sure to communicate early and often the proper expectations those involved should have. This included the buyer and seller and their agents as well as the many lienholder. To be sure, we under-promised and over-delivered. And we made certain to keep our communications frequent and consistent, not letting any of the lienholders forget about us and keeping everyone up to date even if there had been no progress. Had we dropped the communication ball during this long transaction, there would have been little chance of its success. In a computer screen-driven 2012, communication skills will undoubtedly continue to erode. Communicating more effectively, more honestly and more consistently than your competition will set you apart. We have received rave reviews from our weekly short sale updates and from our newly name Consumer Engagement Program (a communication system that actively engages the consumer at eight points during the standard residential real estate transaction). Taking these extra steps has definitely distinguished us from our competitors and has helped to create memorable experiences for our clientele.

Hopefully our Three Cs will be helpful to you and your business in 2012. If you have any questions about our Three Cs or anything else, please don’t hesitate to call on us (239) 985-4142 or contact us online.

-Chris Black

That point in time when you look at all the facts in a transaction and come to question if it will ever close!!!

Do throw in the towel? Call for help?

If you are like most of us, you probable have invested a lot of time and energy into the transaction, so giving up and throwing in the towel is not an option!

That is when we enter the picture and I come to experience the ”The Hardest Short Sale Ever”

In the spring of 2010, a Cape Coral REALTOR® who had heard me speak on short sales at the Cape Coral REALTOR ® Association called me to ask if we could help on a potential short sale. This was a seasoned professional; but I could tell from his tone that he seriously doubted that the deal in question would ever be able to close. Because of the size of the deal ($1M+) though, it made sense to at least give it a shot.

Here is a list of items that, at first blush, supported the realtor’s doubts about the possible success of this Cape Coral short sale:

1. The seller had filed Bankruptcy.
2. A first mortgage with Bank of America and an original principal balance of $2,850,000. This mortgage had also given rise to a Final Judgment of Foreclosure by the time we got involved.
3. A second mortgage with Bank of America and an original principal balance of $430,000.
4. A third mortgage with a private lender and an original principal balance of $600,000.
5. A fourth mortgage with a private lender and an original principal balance of $215,000. Default on this mortgage had also resulted in the filing of a Final Judgment.
6. Outstanding Community Association dues to the tune of over $35,000. The outstanding dues had also resulted in the association’s filing of a Foreclosure action.
7.  A Federal Tax Lien with a face amount owed of over $140,000.
8. A Lien from Lee County for Delinquent Tourist Development Taxes of over $38,000.
9. A Personal Judgment of $2,000.
10. A Personal Judgment of $5,000.
11. A Personal Judgment of $12,000.
12. A Personal Judgment of $2,000.

In total, we were looking at outstanding debts of $4,334,000 on a property that was worth about $1,100,000. Oh, and by the way, the seller had no current proof of income, no bank statements, and no tax returns for the last couple of years. When we got a look at the whole picture, we understood the realtor’s sentiments and were honestly not sure whether this deal was possible.

Stay tuned on what happened to “THE HARDEST SHORT SALE EVER”! I’ll be writing more about it in our next blog post, until then if you have any questions, please don’t hesitate to call us at (239) 985-4142 or contact us online.

-Chris Black

We hope that 2011 has been a good year for you and hope to help you make 2012 even better!

Happy New Year from your friends at Winged Foot Title!

There are a lot of things happening in the world of Real Estate that we can’t wait to share with you. Here is a sneak peak of what is to come:

• How to Conquer the Hardest Short Sales
• Short Sale Success Stories and Videos
• Overview of our Short Sale FAQ Presentations
• Details of Chris Black presentation at the Alta Business Conference in Louisville, KY
• Continued Blog Posts of 10 Questions You Should Ask About Florida Short Sales

As you can see, we’ll be busy posting a lot of information, so make sure you don’t miss anything by following us online by email, RSS Feed, Facebook, Twitter and/or LinkedIn to assure you’re notified as soon it’s available! 

If you have a real estate question – please don’t hesitate to contact us at (239) 985-4142 or visit our WingedFootTitle.com web site. We service all of Southwest Florida including: Fort Myers Estero, Bonita Springs, Naples, Cape Coral, Pine Island, Punta Gorda, Port Charlotte.

-Chris Black

Before a packed house at Wildcat Run Golf & Country Club, Marian was recognized for her “Extraordinary Contributions, Outstanding Performance & Star Leadership”. As Co-Chair of the Awards Committee, Marian also oversaw the presentation of the evening’s other awards.

This is also a great opportunity to recognize some of the other real estate professionals who were honored that evening:

• Heather Wightman of John R. Wood – Realtor of the Year
• Karen Boring with PNC Mortgage was Affiliate of the Year
• Judi Gietzen with Amerivest Realty – Pat Lord Humanitarian of the Year
• Jason Lane with Lane Insurance – Rising Star Award
• Ginny Nobbe with John R. Wood – Entrepreneur of the Year

The Women’s Council of REALTORS® is a national “network of successful REALTORS® empowering women to exercise their potential as entrepreneurs and industry leaders.” Winged Foot Title and Marian Rosencrans are proud of their affiliation with the Bonita-Estero Chapter of WCR.

If you are reading this you are likely considering or have considered a short sale of real property in Florida. Over the last few years, our title company has orchestrated the closing of over 650 short sales. In the course of our work with sellers, realtors and lenders, we have heard many questions related to Florida short sales. In order to help you prepare for your short sale, I have memorialized the most frequently asked and pressing questions we have received from people just like you who must sell their property but who owe much more than the property is worth.

With each question, I have included analysis of the issue and the best answer I can generally give. However, this is not intended to provide legal advice and should not be relied on as such. In no uncertain terms should this eBook be a substitute for independent legal or tax counsel. Indeed, I encourage everyone who is considering a Florida short sale to discuss these issues and others with appropriate counsel before making any decisions.

What follows are difficult issues and potentially frustrating answers. I am not going to sugarcoat anything. This discussion is not meant to scare you in any way whatsoever or to dissuade you from considering a short sale. Rather, it is intended to present to you the potential outcomes from your short sale so that you may use that information to make informed decisions about your future.

Download your very own free copy of  ”10 Questions You Should Ask About Florida Short Sales” to learn the questions that you need to ask today about your Florida short sale.

Whatever you do, keep reading. Don’t stop coming back out of fear. The best advice I can offer is to tell you to consider all of the facts and all of the possibilities so that you can decide, given the worst case scenarios, from day one whether a short sale is right for you.

If you are about to undergo a short sale and have more questions concerning your files or other closing needs, please contact us at Winged Foot Title, (239) 985-4142.

All the best,

Chris Black , Esq.
Winged Foot Title, LLC.

Here are some of the Frequently Asked Questions:

1. How can I find out if my client/homeowner qualifies for this relocation assistance? Call a Bank of America short sale specialist at 1.877.459.2852, Monday-Friday 8 a.m. – 10 p.m.; Saturday 9 a.m. – 5:30 p.m. Eastern
2. Do I have to do anything different to initiate or complete the short sale? No. If the homeowner’s short sale is initiated between Sept. 26 and Dec. 12, 2011, and the property closes by Aug. 31, 2012, the homeowner will be eligible.
3. Will the relocation assistance funds be reported on the HUD-1? Yes, they will be documented on the HUD-1, and a 1099-MISC will be issued.
4. Can the relocation assistance funds be used to pay off existing liens? Yes, if the investor approves it.
5. Will this enhanced relocation assistance waive the homeowner’s deficiency? An additional benefit for these pre-offer programs, such as HAFA and Bank of America’s proprietary program, is that deficiency may be waived for homeowners who qualify.
6. Is the relocation assistance added to any other incentives, such as HAFA or Bank of America proprietary program incentives? No. A homeowner will receive the $5,000 to $20,000 in place of the typical incentive paid out by these programs. The relocation assistance is essentially an enhancement to the standard payout offered on these programs.
7. Is the enhanced relocation assistance available for other programs? The enhanced relocation assistance is currently available only to short sale programs initiated without an offer. However, as we gauge the success, we may extend this incentive to other programs.

If you have more questions on qualifying for this program. Please give us a call, we’d be happy to help!

-Chris Black

Attorney /Title Insurance
Winged Foot Title, LLC.

Be sure to follow me, Chris Black at Winged Foot Title online at:

• The Home Closing Process Blog at www.HomeClosingProcess.com
• Winged Foot Title Facebook Page at www.facebook.com/WingedFootTitle
• Winged Foot Title Twitter Page at www.twitter.com/#!/WingedFootTitle

Look no further then “Halloween in the Park”, sponsored by the City of Bonita Springs and B.E.A.R. (Bonita Springs Estero Association of REALTORS).

Bonita Springs Area Title Company, Winged Foot Title’s, is proud to announce that Marian Rosencrans will be volunteering her time at “Halloween in the Park” on Monday, October 31, at Riverside Park in Bonita Springs.  From 6:00PM to 8:00PM, kids of all ages can enjoy games, face painting and of course candy . . . lots and lots of candy!

Marian will be passing out goodies at the Winged Foot Title table – Make sure to stop by and say “hello” (and of course “trick or treat”) to get some goodies for your halloween bag!

Halloween in the Park is sponsored by the City of Bonita Springs and B.E.A.R. (Bonita Springs Estero Association of REALTORS).  This is Marian’s 3rd year of participating in the event designed to give Bonita Springs & Estero area children a safe and fun environment in which to Trick or Treat.

Marian is delighted to have watched the number of children served swell from 400 her first year to over 1,000 in 2010. Need more information or have questions, please don’t hesitate to give me a call (239) 985-4142 or contact me online.

-Chris Black

Attorney /Title Insurance
Winged Foot Title, LLC.

Be sure to follow me, Chris Black at Winged Foot Title online at:

• The Home Closing Process Blog at www.HomeClosingProcess.com
• Winged Foot Title Facebook Page at www.facebook.com/WingedFootTitle
• Winged Foot Title Twitter Page at www.twitter.com/#!/WingedFootTitle

The Bonita-Estero Women’s Council of REALTORS is holding their business luncheon for November at the Grandezza Community Club House. The luncheon includes 4 speaks considered to be the “Veterans of our Industry”.  I was honored to be included as one of them. Here’s a roster of all the speakers:

• Listing REALTOR: D Michael Burker, Keller Willaims Elite Realty
• Selling REALTOR: Heather Wightman, John R Wood Realtors
• Marketing: Nella De Cesare, WBN Marketing
• Short Sales: Attorney Chris Black Winged Foot Title, LLC

“Veterans of our Industry” luncheon will run from 11:30 AM – 1:00 PM.

Register for this online at www.wcrbonitaestero.com.  The Grandezza Clubhouse is located at:

11481 Grande Oak Blvd
Estero, FL 33928-7601

If you have any questions, please don’t hesitate to give me a call (239) 985-4142 or contact me online.

-Chris Black

Attorney /Title Insurance
Winged Foot Title, LLC.

Be sure to follow me, Chris Black at Winged Foot Title online at:

• The Home Closing Process Blog at www.HomeClosingProcess.com
• Winged Foot Title Facebook Page at www.facebook.com/WingedFootTitle
• Winged Foot Title Twitter Page at www.twitter.com/#!/WingedFootTitle

We hit Savannah about lunch time. Online and friend reviews took us to Soho South Cafe, which lived up to its billing. Lydia had a Mediterranean grill; Emerson a PB & J; and I the salmon BLT on the recommendation of Liza, our server. The restaurant is an eclectic mix of furniture and art. Its only consistent design element within the warehouse shell is its inconsistency. We were reminded of one of our favorites from Philadelphia – The White Dog Cafe. The lunch crowd was part local – from lawyers talking their first cases before certain testy judges to businessmen – and part tourist. Overall a great spot for our first stop in Savannah.

Savannah is a wonderfully walkable place – quite a welcome reprieve from what we are used to. We strolled from Soho South Cafe to Chippewa Square then snaked through side streets back to the wagon to get back on the road. We were not disappointed when we rolled into Charleston a couple of hours later..

The Charleston Place is a stately place. Make no mistake, it is a thoroughly modern facility; but it is not afraid to show off its maturity. The lobby is very open with a dual staircase in the center ascending to the second floor. Bars, restaurants and shopping gird the first floor in an almost clandestine way. They are there if you want them; but they aren’t in your face, which is nice.

The ALTA staff was on the ball as always and got us registered quickly. I mingled a bit at the ice breaker reception then hurried off to meet the girls for a late dinner. Busy day on tap tomorrow. Planning to meet with Mary O’Donnell, president of our underwriter Westcor Land Title Insurance Company, in the morning before the Agents & Abstractors meeting. Doug Duncan will kick off the general sessions on “Baby Steps to Market Recovery”; then lunch and two sets of professional development sessions in the afternoon.

Stay tuned friends.

First of all, I love the HousingWire news feeds.  If you aren’t subscribed to a RSS feed or aren’t keeping tabs via Twitter, you should.  Check out www.housingwire.com.

This article was posted at HousingWire on Monday by Kerri Panchuk:  ”Survey Shows First-Time Homebuyers Growing Weary of Short Sales”.  In it, the author cites a recent survey that indicates a slide in the percentage of first-time homebuyers who have acquired short sales – from 54.1% in November 2009 to 39.7% in August.  We are all aware of the technical challenges of short sales; but the payoff in dealing with and overcoming those challenges is, according to the report cited, that “short sales . . . generally sell at prices 27% lower than non-distressed properties . . . .”  I got to thinking that if this is true  – that a buyer could expect a 27% discount by buying a short sale – then it would be nuts to “grow weary” of them.  Nuts, unless of course these first-time homebuyers are entering into short sale transactions with poorly set expectations.

Having orchestrated over 700 short sales over the last three years, we understand just how wrong things can go when expectations are not set properly.  So here are a few pointers mostly from a buyer’s agent’s perspective which should go a long way toward helping to manage your buyer’s expectations and toward helping them hang in there to take advantage of the short sale savings.

There is no substitute for good old-fashioned homework and reconnaissance when it comes to making an offer on a short sale.  To wit, you should know or try to find out:

1. What is the status of the title to the property?  Are there multiple liens against the property?
2. Which lenders, servicers and/or investors are behind the mortgages that need to be released?
3. Are the sellers committed to the process (i.e., are they going to be able and willing to provide the required documentation in a timely fashion)?
4. If there are associations involved, what is the outstanding balance and should the buyers anticipate having to contribute toward that amount?
5. What is the experience level of the listing agent and/or the parties responsible for working with the lender on short sale approval?

Importantly, you can use the information you gather by asking these questions to set your buyers’ expectations realistically.  If there are lots of liens or multiple mortgages, it may take a bit longer than normal (whatever “normal” is).  If you know that a particular lender or servicer is notoriously slow, tell your buyers that so that they are not as anxious when nothing seems to be happening.  This type of preparation is absolutely key to maintaining your buyers’ commitment during the short sale process.  And, of course, if you suspect that the listing agent may not be experienced or may be dealing with particularly complicated title issues, please don’t hesitate to recommend our short sale orchestration services.  We would be happy to help them and you.

If we were able to close on your home and you became one of our short sale success stories and you’d like to share your thoughts, accolades, or constructive criticism with us, we’d like to hear your feedback. Would you mind posting a review on one of the following websites?

• Google
• Yahoo
• Yelp

Of course, we’re hopeful that your input will help us to show others why they should work with us.  But we’re also eager to understand exactly how to define and improve the value we provide.

-Chris