Are You A Realtor That Can Handle Distressed Listings?

By
Real Estate Agent with ReMax 10

            Realtors and Distressed Short Sales

There are many types of Realtors. Many sellers don't know this....they assumed that if you are a Realtor you should know what you are doing. But just like all professions, Realtors come with many specialties. We live in a  age of  many distressed homes, that needs agents that can help them navigate through the minefield of a short sale. The wrong information can kill a deal or worse, send a home into foreclosure.

Short sales will continue to be a big part of Real Estate as more and more homeowners find themselves under water and looking for a bail out. With the help of the Home Affordable Mortgage Program (HAFA), it is becoming easier and easier for a seller to bail out through a short sale.

But is your Realtor adequately trained to handle this business?  Do they know the difference between a recourse or non-recourse loan? Are they aware of the financial ramifications of a short sale or do they have the adequate resources to help a seller know the financial ramifications.

If a Realtor is not adequately trained in handling short sales or REO's sales, should they fully disclose this to their client? If not, they should seek the help of their manager or refer the sale to an experienced agent in this area.  If not, there are so many risks involved for the seller and for the agent if the transaction goes wrong.  Article 11 of the Realtors code states that Realtors should not undertake to provide specialized services if it is outside their field of competence. Sometimes it is not all about the money!

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Topic:
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Location:
Illinois
Groups:
Realtors®
Activerain MLS Online
RE/MAX in Illinois
Tags:
realtors
real estate agents
foreclosure
distressed sales
reos
short sale

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Rainmaker
550,978
Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI RE Adventures

I agree we can't be everything to everyone all of the time.  We have things we are better at and others we aren't and our clients should know which is which

Jan 21, 2011 11:15 AM #1
Rainer
113,294
Jerry Cecil
Bloomtree Realty - Prescott, AZ

 I think Realtors not trained in short sales should not be able to handle them.  I have worked with Realtors on the other side of the transaction that were extremely nieve.  It's not fun.

Jan 21, 2011 12:31 PM #2
Rainmaker
225,052
Victoria Lorusso
Illustrated Properties - North Palm Beach, FL
Florida and CT Real Estate

I just got a call to list a home that is expiring.  On for 481 days!!  A short sale.  Yes their current agent has no clue.  But it's mine now and I will get it sold within 30 days!

Jan 21, 2011 01:15 PM #3
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Rainmaker
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Andretta Robinson

Real Estate Broker - Chicago South Suburbs
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