Short Sale Expert

Mortgage and Lending with Premier National Group

I have closed several deals for my buyers that were short sales and have sold a few homes that are short sales and I still don't consider myself the expert of that trade. I don't truly understand how anyone can call themselves a Short Sale Expert even though I know that it's almost purely for marketing. That I understand and I do it myself. No Realtor or Broker can be an expert negotiator with the banks unless they want to spend all day on the phone and usually the TC department handles that part for the Realtors and Brokers alike. Even if you have a direct contact with the right person at the bank, they must be backed up with short sales and unless that particular short sale agent knows that you close a majority of your short sales then usually it waits like everyone elses. Sometimes the short sale agent doesn't even know how long it'll take especially if there are two banks that you have to deal with instead of one.

*The opinions expressed here are solely the opinions of Mike Chou.  

Comments (6)

Darin Haughie
Esslinger-Wooten-Maxwell, Inc. (EWM) - Pinecrest, FL

You are so correct, it is a marketing thing. Short sales are the New thing and everyone wants a expert no matter what they are buying.

Dec 11, 2008 08:48 PM
Mike Chou
Premier National Group - Rowland Heights, CA

I've always been hesitant to show buyers a home that's a short sale and try to avoid it. No matter if it says short sale expert or not.

Dec 11, 2008 09:13 PM
Jenn Neumann Deer
RE/MAX Southern Shores - Surfside Beach, SC
Surfside Beach Real Estate

Short sales is a buzz word and I have been able to stay away from them so far.  Just because the asking price is less than or equal to the mortgage doesn't always mean it's the best price if the owner paid a high price and financed 95-100%.  I'm trying to educate buyers on this, plus explain the time that needs to be invested so they will realize just because the word short sale is stuck on the listing does not mean it's the best deal.

Dec 11, 2008 10:18 PM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

I'm in the midst of my first short sale repping the seller. Made complicated by tenants who are getting overwhelmend by the number of offers. I'm using an attorney who does a lot of these - thank goodness. Any tips would be appreciated.

Dec 11, 2008 10:41 PM
June Piper-Brandon
Coldwell Banker Realty - Columbia, MD
Creating Generational Wealth Through Homeownership

You are so right.  Each transaction is different than the one before and each bank/lending institution is different.  How can you keep on top of them all?  Short sales are a lot of work!!

Dec 11, 2008 10:42 PM
Charlie Ragonesi - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

It is a marketing thing for sure. But there are bases to cover and if you do not you are dead in the water. So to that extent you can be an expert I guess

Dec 11, 2008 10:43 PM