The Short Sale Queen with Nicole Espinosa

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The Short Sale Queen with Nicole Espinosa

57:08 · 2019

Episode 453

Scott: We are excited to have the one, the only, the amazing legend, maybe not only in our own mind but out there in the real estate market, our friend Nicole Espinosa. She’s known across the country as The Short Sale Queen. Nicole, how’s it going? For those that don’t know you, for our readers across the country, share who you are and what is The Short Sale Queen all about.

Nicole: First of all, thank you much for having me on. I appreciate it. I’m happy to be here. What I do is I specialize in short sales. I am a licensed realtor and we help homeowners who owe more than the house’s worth. We settle their debt and we negotiate on their behalf at no cost to them, to the investor or any party in the transaction. We charge the lender our fee and we are able to help the homeowners avoid foreclosure, which is the biggest thing. These homeowners are in financial hardship and we help them move on with their lives and settle their debt so they can buy a house again, things like that. I got in the business, I’ve been doing this for several years and it hasn’t aged me at all. It’s definitely a passion of mine. We launched nationally. We’ve been hyperlocal in Dallas, Fort Worth area and then opened an office in Houston.

After Hurricane Harvey, we’ve been helping a lot of homeowners be able to sell the house as is because they couldn’t afford to sell the house with the condition. We average about 80 to 90 a month listings that were helping homeowners. Our goal is to be at about 150 a month that we’re averaging. We’re working with every major lender that you can think of, even names that you’ve never even heard of, and facilitate the process. Our average timeframe is three months from start to finish, and the industry average is about a year. It’s good if it gets approved. The biggest thing with whatever you decide to do, whether you’re an investor, whether you’re a realtor, you have to be passionate about it because it’s a lot of work.

The reason why most realtors stay away, besides the fact that they don’t know what they’re doing, is because it is a lot more work for almost sometimes the same compensation. We do a high level of it. It’s my niche. It’s all I do. I don’t work with traditional buyers. I don’t work with traditional sellers. We just make short sales. We’ve been able to be successful at it. Our close rate is 98%. If it doesn’t work, it’s not because we didn’t try every avenue. Generally, if it doesn’t work, it’s because the homeowner decided to do a loan modification or it came to us a few days before the sale date.

Scott: How long have you been a realtor for? How long have you been an agent?

Nicole: I got in the industry many years ago and doing foreclosures. I’ve been licensed a few years.

Scott: I always like to know why short sales and how did you get invited to that? You’ve been doing it for a while. It has changed dramatically over the last several years.

Nicole: I still come across investors that were like, “I used to have my own short sale department,” or “I used to do that myself.” The seasoned investors that have been around the block, they used to be able to process their own short sales and the guidelines have changed drastically. When people say, “I’ve done a short sale before,” I’m like, “When? Was it recently?” Like real estate, things are constantly evolving. They’re constantly changing. It’s the same for short sales. They’re so much strict, there are more guidelines. Back


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