Foreclosure in Maryland City>Question Details

Joel Maher, Real Estate Pro in Salisbury, MD

I have two certifications in Short Sales. If short sales make up 50% or more of our current market, why are agents not following the market and

Asked by Joel Maher, Salisbury, MD Tue Jul 13, 2010

becoming certified?!!!?

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Joanna Morris’ answer
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I do short sales because I care about the people who are having a true financial hardship. They really NEED US now more than ever to fight through the paperwork and get it done for them.

It is a difficult process and probably doesn't pay that well when you figure all the time it takes.

What I am finding now is that many agents are steering buyers away from the short sales with their negative comments. It is a real shame since short sale processes have improved for the most part.
1 vote Thank Flag Link Tue Jul 13, 2010
Certifications are nice, but they're not necessary. A good short sales negotiator needs to be persistent, and s/he needs to be concise and precise when handling the short-sale package. Short-sale negotiations isn't for everyone. Although I know how to do them, and I'll do them from time to time, they're not my primary focus. In fact, I prefer short-paper to short-sales, because they're cleaner and quicker.
0 votes Thank Flag Link Wed Jul 14, 2010
Joel,

For us it is a internal decision to stay away from short sales. We do sell REO's though and that business is booming these days. Good luck to you.
0 votes Thank Flag Link Wed Jul 14, 2010
I've just got my certificate...Very exciting when I was at the class. I would love to do this but one at a time. Knoledge is power yet time is money. I've wasted 3 months for a short sale it ended up my buyer was almost kicked out from their lease expecting to move to a new home. Didn't work well. What I've learned from it is that contract with short sale you have to tell your client 2,3, 4 or 10x that it is a long process you. I've done what I could.

To answer your question in my situation; I can't put all my effort to a short sale when I can find a motivated clients Seller/buyer that is willing and able. I don't steer them into non-short sale homes but I made them understand the process.

Real Estate!!! lots of learning everywhere and it gets overwhelming that sometimes we forgotten ourselves..
0 votes Thank Flag Link Wed Jul 14, 2010
not sure they make up 50% of the market, but it's certainly a high percentage. it takes special talent, knowledge and perseverance to be successful at SS's. guess that's why we've seen more than 50% of the agents leave the industry.... answer to your question has to be related to the herding phenomenon - everyone jumps in to a good thing - i.e., 2003-2006 appreciation when everyone was selling and buying - but as the verse goes, when the sun comes up, the seed in rocky soil and shallow roots withers away.
0 votes Thank Flag Link Tue Jul 13, 2010
I am not an agent but have wondered that. Is it the extra work and bother? I know some loan officers that won't take short sale cases. I have wasted timee but learned from them and try to apply that to new ones so we have a better outcome. Curious to see answers.
0 votes Thank Flag Link Tue Jul 13, 2010
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