Position yourself for short sale success


ORLANDO, Fla. – Jan. 7, 2010 – Short sales may be the number one niche in the real estate market right now, but many agents are loath to handle such transactions. They insist that banks do not want to approve short sales, the process is too time-consuming, and it’s difficult to get everyone to cooperate.

However, short sales experts say agents have a tough time because they often neglect BPOs and property valuations, fail to review the bank’s guidelines, submit incomplete files or lowball offers, and do not follow up.

To position themselves for success in short sales, agents must assemble a team of escrow officers, BPO specialists, processors, negotiators, and underwriters with experience in short sales. They should market to homeowners who might consider a short sale, obtaining lists of individuals behind on their mortgages and sending postcards or making in-person visits to let them know their options.

Additionally, they should look for new technologies to simplify the short sales process, determine how to assemble the right documents and deliver them to the right department.

Source: RISMedia