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.

Via Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR (Encore Realty Group -Realtor>Estate>Probate>REO>Short Sale):

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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4 Comments on Should We Consider Permitting for Short Sale and REO Sales?

DEC
24
2009
532,055 Points 45 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Cindy, not all states operate the same and I don't believe you get two no less 50 states to agree on anything, although this is an interesting question, Merry Christmas
1:33pm • #1
627,200 Points 8 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Cindy, there has to be a national program to educate all realtors.  But each bank work short sales differently.  They too need a set way to handle short sales.
9:13pm • #2
DEC
25
2009
1,522,627 Points 162 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Gerry-I'm certain there should be a way for some standards to be outlined.  All of the banks have similiar requirements for how a package is presented.  It is up to each individual association to enforce the complaints that are made when agents violate local regulations.
9:20am • #3
1,522,627 Points 162 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Kay-most banks have similiar requirements for what is in a short sale package.  THey also have some standards about what is considered a hardship.  Some agents don't even understand that they need to have a package together before they list a short sale.
9:23am • #4

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