The best short sale training involves working with an expert, but courses and books can also be helpful. Online training is available, but live courses are preferred. The CDPE designation is a valuable option for real estate professionals. Investors can find short sale experts through REIA or the internet. Short sales can be frustrating, but successful ones can be productive.
The best short sale training in the United States comes from working closely with an expert. There are many courses and books available on short selling, and they should not be discounted as they are very helpful in learning the technicalities of this particular niche in the real estate industry. However, there is no substitute for on-the-job training with a recognized short sales teacher.
The more you learn about the ins and outs of short selling, of course, the better equipped you’ll be to get the most out of on-the-job training with an expert. Online training opportunities are available, but live courses are generally preferable because you can have case-specific discussions and ask questions. Low cost short sale training courses are often offered through local high schools or community colleges. Often these courses are taught by area real estate professionals who will incorporate local market information into their presentations, including things lenders do that don’t work well with short sales. One advantage of taking these courses is that later, if you decide you don’t want to specialize in short selling, your out-of-pocket cost has been minimal.
A more formal option for real estate professionals is to pursue the professional designation of Certified Aged Property Experts (CDPE), highly recognized in the real estate industry. The curriculum is standardized, which is not always the case with other training. This ensures that all agents with the CDPE designation have mastered the same material. The CDPE designation is also a valuable marketing tool, highlighting your achievement in this area.
Independently taught courses by self-styled short selling gurus can be a hit or miss proposition. More popular with investors than real estate professionals, they are often taught by outsiders. In some cases, they will have such extensive knowledge and experience that their lack of familiarity with the local market is irrelevant. On the other hand, even if the instructors are top notch, these courses often cost much more than what is available locally. In addition, sometimes course schedules may be modified to accommodate instructor travel schedules.
If you’re an investor, when you finish your course, check with your local Real Estate Investment Association (REIA); These organizations, which are found across the country in the United States, often have directories listing members’ specialties. It will probably take some time and a lot of work to find a short selling expert willing to guide you, and you may have to join the REIA to gain access to the membership list, but it’s more than worth it in the long run. The Internet is also an excellent tool for finding short sales experts in your area, as long as you avoid scammers.
A licensed real estate salesperson interested in short sales training is often already working with a broker and other professionals at an agency. If there is no CDPE-appointed agent at his place of business, he decides to become his agency’s short sale expert so that other agents can bring him their short sale offers. Your broker may be willing to cover or split the cost of the short sale training course, especially if he is seeking the CDPE designation.
Using the REIA approach as a licensed agent can help you find short sale experts among investors when you obtain short sale listings. If they want to attempt to purchase your listing as a short sale, they will receive valuable short sales training by working with them as closely as possible. Another option available to the licensed agent is to cooperate with CDPE-appointed experts from other agencies when the opportunity arises.
Short sales have always been an option in the US real estate market, although they only became popular during the US real estate recession of 2007-2010. However, these deals can be extremely frustrating and time consuming, with many falling apart. However, successful short sales can be very productive for everyone involved, justifying the time and money spent on short selling training.
Smart Asset.
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