I have to say that I didn't expect this short sale market to be going strong almost 4 years into it. I had hoped for a quick dip and a nice bounce back on to the road of a steady appreciating market.
Alas, here we are in 2011 and the market for short sales actually looks like it will be stronger in 2011 than it was in 2010. If you are hoping for the government to step in and make things easier, check out my post from last week about the direction of HAFA.
The short sale process hasn't changed too much, as the fundamental 'collection' tactics are still the same...
Banks (TRY TO) squeeze money from:
The seller (cash contribution, unsecured note, releasing lien only)
The buyer (countered price, contribution to jr lien, cut concessions)
Us! ...the agents (cut commission, not covering closing costs and expecting US to cover them w/commissions)
Thanks to my mentor, Lee Honish, I was taught when the banks were lying (yes, I know, it is hard to believe... bank employees lie!) and how I could overcome these challenges and these attempts to just collect more money. My business changed and since then, I have been able to work with Lee to help other agents get the same help from Lee.
If you feel like you are in a "short sale rut" or if you are just looking at getting into the game, you owe it to yourself to get on this call that I am doing this Thursday with Lee Honish...
GO HERE for more details and see the box on the left of the page w/the red arrows to register for this call.
Trent
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