To become a short selling expert, attend a seminar or do research and handle multiple transactions. Short sales involve buyers paying less than what sellers owe their lending institution. Schools and organizations offer training programs, and research can be done through local real estate boards, MLS, or the internet. Handling a real-world transaction is necessary to become an expert.
There are two main ways to become a short selling expert. The first way is to attend a seminar or training class to learn all the relevant information about short selling. These seminars typically teach you everything you need to know to manage a successful transaction, after which the school or organization can present you with a certification that states you’ve become an expert in short selling. The other method is to do the necessary research yourself and then handle multiple transactions. After successfully closing several transactions, you will typically become an expert short seller.
A short sale is a real estate transaction that involves the buyer paying less than what the seller owes their lending institution. This type of transaction can be fraught with potential headaches, as neither the lender nor the seller has to do this. The lender can deny the short sale at any time, and the seller can change his mind and decide to try to keep the house or go through foreclosure. A broker or real estate agent involved in a short sale will typically need to interact with all parties involved and ensure that everything goes smoothly.
To help an agent or broker become an expert in short selling, several schools and other organizations offer training programs. Some of these programs take the form of a seminar lasting a few hours, although others may involve longer classes. If the school is accredited with your state real estate board, these classes may even count as clock hours towards your continuing education requirements. After completing the class or seminar, you can earn a short selling specialist certification, even if you don’t have real-world experience yet.
You can also research much of the information you need on your own by checking resources at your local real estate board, the MLS (Multiple Listing Service), or the Internet. You can research how to handle a hardship letter, interact with a lending institution’s loss mitigation department, and other similar information. Once you gain this knowledge, you may be ready to try a short sale.
Whether you take a seminar or do the research yourself, you’ll need to handle a real-world transaction. You can do this yourself, although partnering with an experienced agent or broker can make the process easier. Once you’ve completed several short sales, you’ll typically become a short sales expert. The experience you have gained through knowledge and experience can allow you to help distressed sellers who can no longer stay in their homes.
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