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Becoming a short sales agent requires passing a national exam, joining a brokerage, and joining a team of realtors. Agents must maintain contact with the bank and may join a professional company for certification. Short sales involve accepting less than the mortgage value to avoid foreclosure.
To become a short sales agent, it is necessary to pass a national exam before joining a brokerage. A short sales agent must handle his clients’ documents and maintain constant contact with the bank handling the property. Potential short sales agents should join a team of realtors as this is a less risky way to earn a living. In order to obtain certification, short sales agents must join a professional company with this certification to increase the number of clients received.
The term short sale describes the process of homeowners accepting less than the mortgage value of a home. The reason they willingly take the loss is because the alternative is being foreclosed, which is much more expensive. Every country has certain licensing requirements that must be adhered to in order to become a short sales agent. It is necessary to become a licensed real estate agent in the region where the agent intends to practice short sales negotiation. All real estate agents must study certain subjects and pass a national exam.
Those who want to become a short sales agent must join a brokerage as this is a legal requirement. That broker is legally responsible for all the agents that work for him. While some offices have short sales divisions, most do not, so short selling agents are likely to have little in the way of competition within the firm itself. This means that a single agent is responsible for negotiations between a bank and a customer.
The next step when looking to become a short sales agent is to join a team of realtors who specialize in short sales. As a member of the team, agents learn the ins and outs of the sales process, which can take more than six months for a single property. An agent working alone can work for many months on a property only to see it foreclosed on. A team has several properties, so the losses acquired by the executed properties are easily absorbed. While there are no specific exams to get certified, it is possible to join a professional company; certified short sales agents tend to receive a higher level of business.
A short sales agent must remain in close contact with the bank official responsible for filing the property. As this bank representative has to handle dozens of cases, it is up to the agent to remain patient and respond quickly when asked for certain documents. Short sales agents need to keep in mind that the bank may be too busy to call, so it’s up to the agent to initiate contact via fax, phone, and email.
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