Short Sales and REO

I was at the bank making a deposit from an REO property that had just closed. The teller asked me how business was which I said it was great. He began to tell me that the bank was having a difficult time getting loans closed because homes where not appraising. I asked him if any of those loans went to short sale. To my surprise he didn’t even know what a short sale was. Now I’m telling anyone who wants to make money in real estate really needs to get on board and learn how to become a short sale or an REO agent and make it your niche. I’m not trying to sell gloom and doom, but the reality is this is so wide spread that any agent in today’s market that doesn’t know how to deal with this is just going to have to get another job until the market rebounds.
I have a friend in the business that just did a short sale for a client and the day before closing she was telling me about it. I asked her if she had requested from the bank a deficiency forgiveness letter. She was quiet for a minute and then asked me what that meant. When I told her they could back to her client at some point in time and demand that difference she had never heard of it. She called the bank and postponed the closing in order to get the letter. They did honor her request and it’s a good thing she called me. Agents if you are doing short sales and don’t know what your doing your client’s are going to suffer in the long run. Down the road when the bank sees that the former owner is making good money again without the forgiveness letter they can start collection process or wage garnishment.
The problem is our brokers aren’t teaching us to do short sales or REO’s. Some of them are in the dark as most agents. I’ve done some research to try to help agents out there find a good inexpensive course and for only $77.00 you can get all the information you need to become proficient in short sales. Not only is it reasonably priced but it is also the number 1 in Google. The package includes 25 videos on how to do Short Sales successfully. With one sale of course you’ve earned your money back. Not to mention once you do one you’ll find more and become known as a short sale expert. Just check out this site and see what you think. You’ll be surprised at the things most agents don’t know. Just check it out. Click Here!