Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  January 28, 2011  |   Is Inexperience Hampering the Short Sale Process?
Inexperienced real estate professionals are to blame for hampering the short sale process, according to two real estate professionals who specialize in distressed sales.

"The banks know who's experienced and who's not," said real estate pro Travis Waller at a recent conference in New York. "If you don't present the files correctly to the bank, you're going to get put at the bottom of the pile. When the banks recognize you know what you're doing with your presentation of the documents, you'll get a call within a few days."

The flood of short sales on the market have prompted many in the real estate industry to refocus their careers, finding it to be the main driver of business nowadays.

But "many short sales are lost to foreclosure because of the inexperience of the listing agent," Waller said.

Waller said that borrowers he’s worked with have already missed four to seven mortgage payments before they come to him, which means he must work quickly on a short sale deal before the property falls into foreclosure.

"You are working under the gun as a short sales agent. If you don't know what you're doing, then time is just ticking away," he said.

Home Affordable Foreclosure Alternative program agreements in the short sale process can be completed in as few as 60 days by experienced agents, he said.

Source: “Inexperienced Real Estate Agents Causing HAFA Short Sales to Fail,” National Mortgage News (Jan. 14, 2011) (log in required)

Browse all of today's news
E-mail this page to a friend
Give us feedback


Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!