If you don't how to do a short sale, you're WAY BEHIND the learning curve

REALTORS: if you haven't learned how to manage a short sale, not only as a buyer's agent but as a listing agent as well, then you're way, way behind the learning curve.

Fire sale?

With the number of people facing preforeclosures, we are surely going to hear from property owners seeking guidance on what to do

This week alone, I received three inquiries from property owners who are looking for help. This is all new territory for them and they have a lot of questions. I prepared a standard response that I am tweaking as I go along to address their concerns.

Last week, one of my co-realtors received a call from a friend who wants to just walk away from his home because he's underwater. My co-realtor invited his friend to meet with him and discuss options that are available to him.

Do you know what to do?

All around me, my co-realtors are all buzzing about the challenges we are facing everyday dealing with people who don't understand or don't know how to do a short sale, much less prepare a short sale package for submission to the lenders.

Are you prepared to comment on what you see, hear and read about the market?

In the media, we are besieged with stories and opinions of what to do. Recent Examples

Short-Sale Program Will Pay Homeowners to Sell at a Loss - NYTimes.com

Let the housing market stand on its own - MSN Money

Bubble Meter: Mort Zuckerman on housing

Should You Consider a 'Strategic Default' on Your Mortgage?

And when there's information overload, people will seek out folks they can trust and have one-on-one conversations with.

As a REALTOR, are you prepared to comment on the stories people read?

Do you know how to support or counter ideas like Strategic Default?

If not, it's time to get down and get your hands dirty. Learn how to do a short sale from beginning to end. You'll be all the better for it, and you will be more helpful to your clients. Who knows, your next client may even be YOU!