Real Estate Agents Must Understand the Short Sales Process

“Residential real estate has so many areas of specialization that unless real estate agents take specific courses to improve their skill set it is impossible for agents to know how to best serve their clients,” says Thomas Mitchell, SVP of RealtyU, Inc.

With the latest flurry of Short Sales taking place throughout the country agents need to understand new terms; for example Notice of Default (NOD). This refers to a recorded document which officially starts the foreclosure process.  In most cases the lender can file an NOD on the 16th day that a borrower is late making the mortgage payment.  However, in my experience, 99.9% of the time it is filed after the borrower is 90 days late.

Not the kind of information you just casually know, says Mitchell.

Another good example is Notice of Trustee Sale. This, says Mitchell, is the second recorded document which states the opening bid at the foreclosure sale, the day and time of the sale and the exact location of the sale.  It can be filed anytime after the 90 day publication period from when the Notice of Default (NOD) was filed and recorded.  The actual trustee sale can be no sooner than 21 calendar days from the date the Notice of Trustee Sale (NOTS) was recorded / filed.

Now a new real estate course is offering brokers and agents a fresh and up-to-date look at the Short Sale process.  The Certified Short-Sale Professional (CSP) is a real estate course that enables agents to fully understand the complexities of Short Sales and foreclosures and to better serve their clients. This critical material is now available online for the first time in a highly interactive medium that provides not only a detailed overview of the Short Sale process but utilizes streaming video, power point and flash to define the strategies, tips and tools that real estate professionals electing to operate in this niche market need to succeed.

Become knowledgeable about Short Sales today.