Is it worth it? Most definitely! Just ask the distressed homeowners you’re helping out or the home buyers you’re helping to make that perfect home purchase at a discounted price.
Short sales are a way for you to creatively work a slumping home purchasing market where foreclosures are on the rise and many homeowners are upside-down on their properties. A short sale involves an agreement between a distressed homeowner and a foreclosing lender to avoid the time-consuming and costly foreclosure process. The homeowner agrees to list the property for sale, and the lender agrees to pay off the mortgage for a mutually agreed upon selling price — even if it is for less than the original amount owed on the loan. The seller’s real estate agent is normally the person who negotiates the agreement with the lender and then lists the property.
RealtyTrac can be a valuable source in identifying properties that may be ripe for a short sale specialist and thus available for investor looking at buying foreclosures as investment property, or home buyers conducting a property search for the perfect primary residence.
It doesn’t work in every circumstance, nor are lenders always eager or willing to accept short sales. But when the situation arises, a real estate agent who is well-versed on short sales can prosper from yet another revenue stream while helping out homeowners who are most likely at the end of their rope in the process. In the end, the whole process can translate into leads for agents who own agent territories with RealtyTrac.
“Business is already there for Realtors working short sales and properties that are already in foreclosure,” said California realtor Larry Blachman, a 30-year real estate veteran who has been training real estate professionals on how to buy, list and sell foreclosure property for more than 20 years. “Those who have the knowledge of this will be successful. Those who don’t will continue to suffer as the market goes down.”
However you do it, becoming well-versed on how to execute a short sale transaction will be a wise investment of time and money in your career. RealtyTrac is here to assist you in adapting to new marketing strategies and avenues of revenue generation — such as short sales — that can add to your bottom line at the end of the year.
Visit Agent Center
Visit our Agent Center to read more detailed information about foreclosure real estate agent resources.