Realtors and Short Sales
The Listing Agent Realtor
There are many different ways that a Realtor can make money with short sales. One way is to be the listing agent for short sale sellers. Your job will be extrememly easy, because there is a multitude of home owners who are in a pre foreclosure predicament right now. If you aren't the one that's contacting them and offering them solutions, then I can guarantee that someone else is.
Your job as the listing agent of a short sale is to educate the seller about the short sale process, letting them know what to expect, and what not to expect during the negotiating process. They will rely on you, as their Realtor, to stay informed as to what the bank is saying. As a listing agent, you will receive a normal commission for the short sale, jut as you would for any other "traditional" type of listing.
The best way to locate short sale prospects is to purchase a list of people who are behind on their mortgage payments and market to them. You can obtain a Pre NOD (Pre Notice of Default) and generate some really high quality leads who are ready to work with you.
Investors and Realtors Working Together
In the past, Realtors and investors have not always seen eye to eye. However, with the recent onslaught of short sales in our country, it is becoming quite common to see Realtors and investors teaming up to form a perfect unity of real estate professionals qho can work as a part of a short sale team.
In this scenario,the investor utilizes the professionalism and expertise of the Realtor to list his short sale properties and keep the lines of communication open with the seller. Once an end buyer has been procured, the Realtor and investor continue to work together to see the transaction to the closing table. Everyone walks away with a bountiful check, and the team is ready to do it again.
Since Realtors are always marketing and prospeting for new clients, they're likely to meet alot of people who are behind on their payments or racing the foreclosure clock. When they have a network of investors that they do business with, they literally have a buyer for every property. It's a great moment when the Realtor can tell the seller that they have a buyer that's interested in the house. It's a true statement, and the short sale process can be started right away instead of having to wait for a buyer to come along.
This win-win situation has definitely brought Realtors and investors together after many decades of butting heads. Of course, there are still some agents out there who just don't get it, and are stuck in their lazy and unproductive habits. That'll never change. But Kudos to those who have made the adjustment alongside the market and embraced these short sales as a way to generate LOTS of cash.
The Bargain Hunter Realtor
If people are listening correctly, they should be out in the market right now buying houses. Well, the smart ones are! They're getting the cream of the crop properties right now for pennies on the dollar. As a Realtor, you can create a "niche" out of this by catering to the buyers of today's market who want to buy a short sale or a discounted property. You'll need to let the buyers know the short sale process, as well, and depending on what stage the short sale is in, they may have to wait a couple of months before they can close on the transaction. Letting them know this up front will yourself (and the buyers) some grief.
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