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Is it worth the time and effort to take yet another "short sale" class?

By
Real Estate Broker/Owner with Thompson's Realty

Today I am going to attend yet another "short sale" class. The thing that makes today's short sale class special is first its free and second they are givings us lunch. We Realtors like free lunches.  Its one of the classes sponsored by our local title company. Guess they want to make sure we have one iota of an idea of how to handle a short sale. Did you know that many of the title companies now have a "short sale" department to help assist agents with the process.

When I took all the classes to become a licensed sales agent and even a licensed broker there was no such thing as a class on short sales. This should tell you I got my license before 2008. Since I am an exclusive buyer's agent in Fountain Hills, Arizona and I do not take listings why would I need to take another short sale class? After all don't the ins and outs of a short sale pretty much just pertain to sellers?

I suppose that is true for the most part. However just because I don't take listings, and we all know that most of them right now are short sales, does not mean I should not educate myself as much as I can with the inner workings of a short sale. My buyer needs to know that I know as much as the listing agent about the process he or she is about to get involved in when and if they make an offer on a short sale property.

I will tell you that each short sale class that I have gone to I have learned something new that has benefited me and my buyers.  There really is no "free lunch" in our business when it comes to educating ourselves as much as possible about short sales. Short sales are here for the next couple of years, educating yourself as much as you can about them will only make you a better Realtor.

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Justin Douglass
Benchmark Residential & Investment Real Estate - Portland, ME

I think to best serve your buyers , knowing all there is to know on short sales is definetly beneficial. it pays to know as much or more then the broker you are dealing with. not only so you dont get walked on, but also incase you need to step in and help out the other broker who might not have a clue about short sales but has one listed. things change so quickly and i think short sales are here at least for the next couple years. take the class! :-)

Feb 24, 2010 04:50 AM
Cynthia Larsen
Cotati, CA
Independent Broker In Sonoma County, CA

TJ - when in the class, ask the instructor how you can qualify the listing agent.  If your buyer is interested in a short sale listing, it is very important to make sure the listing agent knows what he/she is doing.  I wish you all the best.

Feb 24, 2010 04:57 AM
Richard Glesser
North Country Appraisal Services - Gaylord, MI

Maybe it's time to require the lenders to attend the short sale classes since they're the cause of most of the difficulties. 

Feb 24, 2010 05:21 AM
The Harris Team Experience & Knowledge
Thompson's Realty - Fountain Hills, AZ
Beyond A Real Estate License

Justin you are so right. Not only do things change so quickly but each short sale is unique with a different set of circumstances.

Cynthia totally agree with you. There are just too many agents that don't have a clue how to handle a shorts sale. Actually I am back from the class, too late for me to ask your question, but Title Companies are now going to be playing a big role in the short sale process and the follow through neccessary to get the sale done. The class was very informative.

Richard unfortunately the pay scale and the volumes of files that the lender's employees are handling does not allow time in their day to take classes. They are handed a volume of lender criteria and policy and pretty much left on their own to learn how to deal with the files.

Feb 24, 2010 07:15 AM