Coach Told Me Not To Do Short Sales

By
Education & Training with RealtyU

Recently read an article about short sales and a comment on the article was from a client of a NATIONALLY known coach who said (Paraphrase) 'Don't do short sales because they take too much time and are too emotionally draining and you don't get full commission'

That is a bunch of *&^%$#

Here was my response.

1) ... If agents took more responsibility for the buyer instead of the "It is not my job" attitude than there would be less people in this position. You know that many mortgage lenders are not licensed and are only looking after their own paycheck ... it is our DUTY to try and assist in a short sale "So what if you don't get full commission and have to spend more time doing it ... it balances out all the quick and easy deals that were done in the boom time!"


2) Get trained on how to properly analyze a potential short-sale to see if it will qualify and if it will work ... consider earning the CSP (Certified Short-Sale Professional) designation from RealtyU.

To ActiveRain members ... It is my strong opinion that we a the focal point in a real estate transaction and that our clients should look to us to be the SANE and COMPETENT anchor in determining the right property and whether the loan is legitimate and well suited today and into the future ... if you are unable or unwilling to perform this fiduicary duty than leave real estate to those that are.

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Rainmaker
1,058,348
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F
Short sales are definitely a niche and a volume business.  If you do 2 short sales you will be frustrated to tears.  If you do 25, you will make a good income.  You are right, get some training.
Apr 28, 2008 05:21 AM #1
Rainmaker
568,287
Pam Joffe
Solaris Realty - Tampa, FL
If an agent doesn't really know how to do a short sale then they shouldn't do them or work with someone who knows how to do them otherwise it is very fustrating. They are definately a niche market. 
Apr 28, 2008 05:24 AM #2
Rainer
62,831
Allen C. Wright
RealtyU - Aliso Viejo, CA
NS, AHS, REPS

Ron and Pam - You are absolutely right they can be frustrating ... but as a professional you should be able to refer this person to someone that is qualified and/or go get trained on how to properly handle a short sale transaction ... Certified Short Sale Professional by RealtyU is a great ONLINE course to take.

Finally, if you need to refer a short-sale and you understand that commissions on the sale are often reduced by the bank consider forgoing your normal referral fee as the MORAL AND RIGHT thing to do.

Thanks for the comments.

Apr 28, 2008 05:29 AM #3
Rainmaker
449,888
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY
Rob, that's what makes this business so great.  You get to pick and chose what direction you will take.  Since it is your "own" business you can set your "own" guidelines and make your own decisions.
Apr 28, 2008 05:44 AM #4
Rainer
2,602
Patricia Meza
Coldwell Banker - Imperial, CA

Allen,

I think you are right. Yes, short sales are tedious and can be very frustating, but we are providing a service to our clients. I am sure that with a successfull short sale, you will receive many referrals and have a client that will be ever so grateful!

Apr 28, 2008 08:15 AM #5
Rainer
62,831
Allen C. Wright
RealtyU - Aliso Viejo, CA
NS, AHS, REPS
Thank you Patricia ... Our Code of Ethics apply to all customers, not just the ones that pay full commissions or that are easy deals.
Apr 28, 2008 08:17 AM #6
Rainmaker
245,079
Tim and Julie Harris
Tim & Julie HarrisĀ® Real Estate Coaching - Las Vegas, NV

Hey Allen,

You truly get it. Its not about us....its about what is best for our clients.

Nice leadership.

Tim Harris

Apr 16, 2009 04:37 PM #7
Rainmaker
343,918
Stephen Howell
Coldwell Banker Residential Brokerage - Annapolis, MD
Annapolis MD Homes For Sale 443-994-8043

To do short-sales or not to do short-sales, that is the question.

Just substitute any area of the real estate business and you can ask the same question ... to work expireds or not to, to work FSBOs or not to, etc., etc., etc.  While any transaction can become a time sink, you get back what you put into your business.  If you don't want to work in a particular area of real estate, no one is forcing you to do so, but, it is our responsibility as real estate professionals to refer buyers and sellers to someone who can help them if we cannot.

In some parts of the country, I'm sure you'd find that if you weren't working short-sales and REOs you'd be out of business.  While here in Maryland, short-sales are now more common than they were last year or the year before, what I'm seeing is a reluctance by buyers to work with short-sale sellers, commonly heard from the agent are statements like "it will take to long", etc.  Is it really the buyer's reluctance to write an offer on a short-sale or the agents steering the buyer away from the short-sale because the agent believes it will be too difficult, too timely, not likely to work out, or worse yet - a lower commission.

In summary, we can't all work with "regular" or "normal" buyers and sellers - who then would be left to work with short-sale buyers/sellers?  Or for that matter any other problematic buyer or seller.  Agents not willing to work on these problem transactions leaves more for us that are and less competition!

Apr 27, 2009 11:37 PM #8
Rainmaker
245,079
Tim and Julie Harris
Tim & Julie HarrisĀ® Real Estate Coaching - Las Vegas, NV

Nicely stated Stephen!

You read about the new Fannie guidelines that make it so the

servicers can no longer go after agents commission provided its

not above 6%. This is an actual, real new rule that EVERY agent

must know. If the sellers loan is owned by Fannie (60%+ are)in a

SS the servicer HAS TO PAY 6%. How about them apples!

Here is the info.

Hope this helps!

Tim

May 10, 2009 06:58 AM #9
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Rainer
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Allen C. Wright

NS, AHS, REPS
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