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TRAINING SUGGESTION FOR SHORT SALE AND REO EDUCATION??

By
Real Estate Agent with EXIT REALTY BEND

There is little question, in my mind anyway, that it will be vital for most of us in the real estate business to be ready to tackle the business of SHORT SALES and REO LISTINGS soon.  I understand that there are many who have already placed themselves in an excellent position to lead the way in a new and profitable way for real estate agents to stay in the business...and I am ready to do what it takes to get busy.

Here in Bend, Oregon, we are just now beginning to see both short sales and REO listings increase in the marketplace....and it seems that it has happened quickly.  I don't see it slowing down anytime soon in our market.

So I am asking the ActiveRain world this question:  Who would you recommend for QUALITY education in these fields?  I want to receive the best value, obviously, but I want to be sure that the class, seminar, webinar, books or whatever...are very good...and that I am in a position to be the best trained and educated real estate agent in my area.

I recently purchased a REO/BPO package from Frank Patrick after participating in a webinar through my EXIT Realty Bend office....and I found it pretty good.  But perhaps you know of another educator who has excellent results fromhis/her training. 

As I look for the very best materials for SHORT SALE training I have listened to several FREE online introductory programs.  Frankly, I am not sure who to go with....and I hate to send my hard earned money for somethng that just doesn't measure up.

Who would you recommend for both SHORT SALE and REO training? 

Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management

I suggest staying away from short sales.  Too time consuming for me.  I have only acted on my own account for purchasing REO's.  Each bank delivers differently in terms of response but they are all just sellers that want to sell their property As Is.  Just make sure your buyer obtains inspections prior to committing to the deal even if the bank won't pay for the inspection or the work. 

May 31, 2008 05:51 PM
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

For education you may want to consider taking some classes on these topisc -- but then plan on taking more in a few months on the same topic. The market is evolving continually and it is not possible to take "a" class and know it all. Re short sales - we agree with Robert's comment above. Short sales can take an excessive amount of time and more than likely you will see your compensation diminish as well over the life of the short-sale.

May 31, 2008 06:20 PM
Sidney Jimenez
Keller Williams Realty SW - Pembroke Pines, FL
CDPE, ASP

JIM--Try the Distressed Property Institute. I think it is the most comprehensive training there is. The attractive aspect of the training is that the instructors are practitioners of short sales and they are actually processing their own short sales. One of the directors of the institute is a practicing Realtor. It is really a complete program that puts everything in perspective. Their website also has testimonials from agents that have taken the course and you can actually talk to any of them. You can find most of them by doing a simple Google search. Give them a visit.

www.1cdpe.com

www.distressedpropertyinstitute.com

Jun 01, 2008 12:15 PM
Thesa Chambers
West + Main - Bend, OR
Principal Broker - Licensed in Oregon

Jim - what I found when looking for this type of training is this... they all want to sell you the same thing.... these are tough and time consuming - however, every transaction will be different and getting to the source that makes the decission is the biggest challenge.... not to say education is not important because I am a huge fan of it.... but becareful where you put your $$$ the shortsale market will require knowing how to get to the correct contact and putting together the package the way that bank or loss mitigator needs it done.... everyone will be different

Jun 05, 2008 06:23 PM
Jay Medley
RealtyU Group - Aliso Viejo, CA

try looking at www.cspdesignation.com

Jun 13, 2008 11:13 AM
Dora C. Zuses
Coldwell Banker United Realtors - Navarre, FL

Hi there,

Check out the Harris Real Estate Insititute they have a great Short sale program & now an REO program ,,, as well they are very good in providing the most up to date info. out there !! they do webinars on a weekly basis featuring agents that are successfully doing these deals everyday not last year !!!  I have been very happy with there program and I'm just starting to come into my own with the short sales so check them out  they really do provide great details about this complicated & ever changing area of Real estate check them out !!!  good luck

Jul 02, 2008 10:40 AM
Anonymous
Shawn

Hey Jim,

Now that it has been a while since you originally posted this blog... did you end up going with Frank Patricks system and if so, how did you like it?

Dec 09, 2008 11:36 AM
#7
Anonymous
JIM MAZZIOTTI

Shawn,

I am glad you asked.  I could go on for hours....but instead, let me just say this. It was life changing.  Yes.  I went with Frank Patrick.  The results have been nothing short than amazing.
I haven't ever spoken to Frank Patrick, but if I did I am sure he would ask me to be the posterchild for his stuff!  Want to know more?  Give me a call amd I will be happy to tell you about it.

Jim Mazziotti

Dec 09, 2008 01:45 PM
#8
June Lewis
Northwood Realty Services - New Castle, PA
Realtor Northwood Realty - New Castle,Pa Lawrence Co 7247304571

Hi  Jim  Can you tell me how to protect the commission with a short sale and does the buyer have any kind of liability to the  buyer?  I will check out Frank Patrick  Thanks

Dec 09, 2008 11:14 PM
Anonymous
Seth Russell

Hi Jim,

My business partner Wendy Martin and I have been through several introductory training sessions on short sales..We have been impressed with the knowlege-base of our title officers here in the Portland Metro area.

As was pointed out in previous blogs, there are unique challenges with every lender..Some you can work with others are better to be avoided. I've found a great resource through my contacts at LandAmerica/Lawyers Title. They were extremely helpful in explaining the process and pitfalls to be avoided and it didn't cost us a dime. Remember that most, if not all, title companies are doing everything in their power to draw up business. If you would like additional information on who to speak with, feel free to contact us in Portland.

 

Best of luck,

Seth Russell

Windermere Cronin/Caplan Realty Group Inc.

#503-497-2088

russells@windermere.com

Dec 10, 2008 09:28 AM
#10
Karen Martin Real estate agent Safe Harbor Realty
Safe Harbor Realty - Westport, MA
Westport, MA Realtor Helping Home Sellers & Buyers

Jim would you be so kind as to a link to the Frank Patrick course  thank you

Dec 11, 2008 10:54 AM
Karen Martin Real estate agent Safe Harbor Realty
Safe Harbor Realty - Westport, MA
Westport, MA Realtor Helping Home Sellers & Buyers

p s your link in your blog does not work

Dec 11, 2008 10:55 AM
Jim Mazziotti
EXIT REALTY BEND - Bend, OR
Exit Realty Bend

Frank Patrick can be found at REO Renagades. 

Dec 12, 2008 07:43 AM
Jim Mazziotti
EXIT REALTY BEND - Bend, OR
Exit Realty Bend

Frank Patrick can be found at REO Renagades. 

Dec 12, 2008 07:44 AM
William "Bill" and Karen Farragher
EXIT Blue Water Realty, Matawan, NJ 07747 - Matawan, NJ
SFR

JIm, don't be afraid of short sales.  I have had success with them.  Yes they do take a few extra hours to do them, but it is worth it.  An agent in my office did over $110,000 in GCC from doing short sales and he only got his license in Feb 08.  Getting the right training is the most important. Good Luck.

Dec 31, 2008 01:44 AM