Should We Consider Permitting for Short Sale and REO Sales?
Renee brings up an interesting point. There are many agents who are presenting themselves as short sale "experts" who have not developed any systems to handle the complexities and tracking of a short sale.
Though I don't think the associations or the lenders will go to a permit system but an approval process within an individual brokerage could be implemented. In our area the associations have gotten together and compiled a short sale guide which should be required reading for all agents.
I read Katerina Gasset's (very valid) rant: Don't Represent Buyers In A Short Sale If You Don't Have A Clue!
The Short sale has got to be one of the most complicated contingency types (whether you are representing a buyer or seller.) Many types of scenarios can "pop up" during the course of a short sale (while you are waiting and waiting and waiting.) It is so important to counsel your buyers and sellers before you list or sell a short sale property with the different scenarios to make sure that they have "skin to stay in the game".
We permit property managers.
We permit business brokers.
Why can't we permit REO and Short Sale list agents and buyer's agents? (of course it is impossible to legislate stupidity like the example in the article posted above.)
I am in the process of listening to "Shift". Today while I was tootling around for 4 hours in my car, I got to the juicy parts about "short sales." There was much truth to why short sales fail (incompetent agents involved, bpo's etc.)
Many people selling DO use agents to just postpone their trustee's sale notices and have no intention of closing a transaction.
Many buyer's DO NOT understand the process and end up backing out before it gets over.
Many BPOs do not get done properly because agents doing them don't know what they are doing (or there is a sweat shop of unlicensed assistants hired to do them for agents not knowing what they are doing.)
With all the intricate possibilities brought about with the complexity of the short sale: MANY agents have just FAILED their clients, period.
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