We got a call from an agent the other day...she has been licensed almost a decade and has a geographic farm that is very loyal to her and she to them. She provides the kind of service "above and beyond" that creates a loyal following and a good real estate practice.
Her voice had an embarrassed tone to it....she had "tried to do a short sale" She had done what she believed was the best she could do...and we are sure it was just that...the best she could do without any experience or training. She asked other people in her office...none have had training...and only a few with any experience...and they had "advised" her....But she defended....after all it was "Name that Lender" so of course, they were tougher than any other lender and how could she be expected to be successful.
That is exactly the point...without training and/or guidance from successfully experienced instuctors and agents..no one would expect an agent to be successful in closing a short sale.
As other bloggers have said...and comments have been made....short sales are not for the faint of heart, short of patience, lack of education, shy on experience....Know what you don't know.
Could you sleep knowing that you may not have been the best agent for this situation ? Sellers...if you find yourself with a hardship that does not make it possible to pay your mortgage....look carefully for an agent with successful short sale experience...Ask for proof...call their references...learn what kind of experience qualifies them to list...and more importantly close, your short sale.
Being a good agent...a high volume agent...may not have anything to do with being a successful short sale agent. Agents choose areas of concentration and often what they like to do they do well. Sellers...choose carefully...the future of your credit lies in part, in the hands of the listing agent. Agents...Short sales are not for everyone..if you learn when you take a listing.,,,,which is when you should learn...that the mortgage balance will exceed the proceeds of the sale...and you have not had the training or experience with short sales. There is a maze out there in lender land...regardless of who the lender or lenders are...the neavigation can be a challenge. Earn your commission by referring it an experienced short sale agent...and sleep well knowing you have done the best you can do for a distressed homeowner.
Sally and David - You also need to be careful from where you get your training. I have taken several short sale classes in order to stay on top of what is involved. I must say that some Short Sale classes have been short on content.
Sally and David, yes this is true. A good agent with high volumn may not be equipped to so a short sale. They have never had to so it is touch and go and you never know if you will close.
There are so many classes to take, seminars to take and certifications to get to learn.
Too bad we have to add this particular skill to our repertoire!
Right Bob...the "I heard it in a sales meeting" training might as well be "thru the grapevine" and I am betting Marvin Gay never did a short sale...Yes Missy....we chose CDPE and will attend their conference...high volume does not mean highly qualified in short sales...True Pam...it is too bad...but it is worse if you try it and do not have the training.
Sally and David, real estate is no place to test your level of competence. When in doubt refer to an experienced agent. Thanks and have a good weekend!
Short sales take an incredible amount of time and patience. I'm a Certified Short Sale and Foreclosure Specialist through NAR. With my experience in short sales there wasn't much to learn that was new, but I still enjoyed the class and would recommend it to anyone who needs to learn the nuts and bolts to serve their clients.
They are really tough to deal with and it honestly took me 8-10 closings with various institions before I started to really get an idea of how to handle these transactions nightmares!
We see it toooo often...and we know from the questions we are asked and offers we get that the "in house" training of realtors here is not sufficient....and in many cases, the deficiency shows up as a deficiency...by taking homeowners into foreclosure.
It is so scary when I run into seller's agents who have never done a short sale before. I try to advise my clients that this will likely be a very rocky road. Rockier than usual. Agents, please, as Sally put it, know what you don't know. Study with someone experienced while they progress through the system. Listen. Take notes, get trained. Don't get in the plane until you know how to jump!
Thank you, Sally, for serious words of advice.
thanks Suzanne...parachutes are required.....bet you know what you are jumping into...doing a short sale because you read about it, heard about it,,,but have no successful experience with it...be afraid...be very afraid as a seller....and find someone who hs taken the time to learn, paid their tuition and "gets it".
In some cases, filing for bankruptcy is easier than a short sale! And after bankruptcy is discharged, the next day you get millions of offers for credit and loans from everyone! New credit cards, new car, new boat, new rental home....
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Not so much here anymore...foreclosure is nasty word...bankruptcy is not a better one.