Ed Hodkinson, Real Estate Pro in Levittown, NY

I see alot of foreclosures. Do you need to have any special training to get involved with the foreclosure market?

Asked by Ed Hodkinson, Levittown, NY Mon Aug 16, 2010

Help the community by answering this question:

+ web reference
Web reference:

Answers

8
Nick Sakalis, Agent, Syosset, NY
Thu Jul 25, 2013
Training is a necessity when taking on foreclosures. There are many duties needed to be performed by a foreclosure agent, that are not part of the regular sales process.
1 vote
John Weber, Agent, Levittown, PA
Fri Aug 2, 2013
There are many differences associated with foreclosures that you should be aware of. Any training that you can obtain will make you a better agent. As an attorney who defends foreclosure clients on a regular basis, I can tell you that a great resource for understanding all of the issues surrounding foreclosures from a legal standpoint is NCLC. Good Luck with your new career!

John A. Weber IV, Associate Broker
Bayview Estates Realty
(516) 777-0146
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Apr 25, 2013
Good afternoon Ed,

I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Ed Hodkinson, Agent, Levittown, NY
Tue Aug 17, 2010
All good points. Right now my focus is on passing the NYS licensing exam. In the mean time I'm just trying to learn about all of the different opportunities out there.

Andy - point taken. I will stay focused.

Ed
0 votes
Century 21 P…, Agent, Massapequa, NY
Tue Aug 17, 2010
Ed - Lyle offers you good advice on foreclosures. YOU, however need to focus on what is going to advance your career because going in too many different directions is going to frustrate you and speed your departure from real estate.
0 votes
Lyle Wolf, Agent, Morristown, NJ
Mon Aug 16, 2010
Ed
The answer is yes. To list and sell in the foreclosure market (Short Sales and REO's) get all the training you can. A good place to start is the NAR's SFR (Short Sales & Foreclosure Resource Certification). This 6 hour training provides a good foundation. It can be taken online or live. Your local Board of Realtors probably offers it live periodically. Go to http://www.realtorsfr.org/ for information. The NAR's Short Sale information section of their website has some good resources to read as well as webinars to further enhance your understanding of Short Sales. Go to http://www.realtor.org/realtors/short_sales_tips_tools. Check out The Certifiied Distressed Property Expert (CDPE) designation people for more advanced practical training at
http://www.cdpe.com/. Finally, there is very good resource information including some training materials at The Short Sales Superstars website and Blog at http://www.shortsalesuperstars.com/. There is money to be made dealing with foreclosure, but you really need to know what you are doing. Soak up the knowledge wherever you can.
0 votes
Ed Hodkinson, Agent, Levittown, NY
Mon Aug 16, 2010
Yes...I would be asking as a future realtor. So besides experience I don't need any "formal" designation to list forclosures? Agin, I do understand that you must learn all that you can from as many good and qualified realtors as possible about the foreclosure market.
0 votes
Discount Rea…, , Murrieta, CA
Mon Aug 16, 2010
Are you asking as an agent or buyer? Either way, the asnwer would probably be yes. "Training" may not be the ideal word here. I would replace that with "education." If you are an agent, find a broker who can guide you and provide knowledge on the REO market. If you are a buyer, work with an agent familiar with your area and someone that has experience in the field.
0 votes
Search Advice
Search
Ask our community a question
General Area in Bethpage Zip Codes

Email me when…

Learn more