Newspaper article Sarasota Herald Tribune

Treating Short Sales as a Business

Newspaper article Sarasota Herald Tribune

Treating Short Sales as a Business

Article excerpt

Troy Funk has been in real estate for 26 years. He got his license when he was still a senior at Riverview High School and went into the rental business, at one point owning 18 properties. In the heyday of the housing bubble, he overextended himself, leveraging his investments to buy more real estate. When the market collapsed, he ended up having eight foreclosure suits filed against him.

The good thing that came out that disaster, for him, was that he started to investigate short sales as a career path. He became a certified distressed property expert (CDPE), was able to short-sell all of his distressed properties, and now, as a Realtor with RE/MAX Platinum Realty, applies his experience to help others.

Correspondent Chris Angermann interviewed him at his office on South Orange Avenue.

Q:What are the benefits of the selling a property for less than the outstanding mortgage balance -- a "short sale"?

A:Short sales are a good way of getting rid of toxic assets. I've helped a lot of doctors and attorneys with their investments. We're currently handling about 64 properties, which run the gamut of price points. I have closed some big ones, including a million-dollar home in The Oaks, and handled $30,000 sales. We've had a lot of successes. According to Bank of America, only about 25 percent of its short sales ever close. We've dealt with more than 50 banks, and we are almost at 100 percent.

The best reward for me is when I help people, and two years later they're clients again ready to buy a new property. I've had a lot of personal gratification helping people that way.

Q:What is the secret to your success?

A:A lot of it has to do strategy. There are many reasons why a short sale doesn't go through. We look at those reasons and address them up front. Perhaps the biggest is that the title work is not done correctly. After a short sale is approved by the bank, people find out that there is a lien on the property. This is often the case with condos. If someone hasn't paid HOA fees in a year, a condo lien can be $20,000, because attorneys have tacked on $10,000 in fees; and the banks won't pay that. …

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