Inexperienced real estate professionals are to blame for hampering the short sale process, according to two real estate professionals who specialize in distressed sales.
The banks know who's experienced and who's not, said real estate pro Travis Waller at a recent conference in New York. If you don't present the files correctly to the bank, you're going to get put at the bottom of the pile. When the banks recognize you know what you're doing with your presentation of the documents, you'll get a call within a few days.
The flood of short sales on the market have prompted many in the real estate industry to refocus their careers, finding it to be the main driver of business nowadays.
But many short sales are lost to foreclosure because of the inexperience of the listing agent, Waller said.
Waller said that borrowers he’s worked with have already missed four to seven mortgage payments before they come to him, which means he must work quickly on a short sale deal before the property falls into foreclosure.
You are working under the gun as a short sales agent. If you don't know what you're doing, then time is just ticking away, he said.
Home Affordable Foreclosure Alternative program agreements in the short sale process can be completed in as few as 60 days by experienced agents, he said.
Source: “Inexperienced Real Estate Agents Causing HAFA Short Sales to Fail,” National Mortgage News (Jan. 14, 2011) (log in required)