To become a short sale real estate agent in the US, one must obtain a real estate sales license and may join the National Association of Realtors. There is no specific certification for short selling, but agents can learn from experienced sales agents and must develop relationships with mortgage lenders and keep organized paperwork to close deals quickly.
An individual who wants to become a short sale real estate agent must first obtain their real estate sales license. Realtors are members of the National Association of Realtors, a US-based organization. Members must pay annual fees and follow certain rules to maintain membership. Someone who specializes in short sales is well versed in working with banks to get them to accept less for a property than is actually owed.
If someone wants to become a short sales agent, they must pass their state’s real estate exam and obtain a license as a sales agent. Each US state sets its own rules on licensing. Once licensed, the real estate agent may join the National Association of Realtors by paying a separate fee. Alternatively, one can find employment with a realtor first and then become a short-term realtor by joining the national organization.
There is no specific national short selling certification that one needs to take to sell short selling. Most realtors work with brokerages that specialize in short sales to learn the trade. They learn how to find and keep clients, organize paperwork and negotiate with creditors. Most realtors are trained by their brokers in the art of short selling.
Short sales can be a time consuming process as you have to deal with overburdened lenders who have hundreds or thousands of property files. You can learn how to become a short sales broker quickly by watching an experienced sales agent close deals. Often short sales fail because the agent is not persistent enough or does not communicate effectively with the mortgage lender.
Short sales agents must develop very close relationships with various mortgage lenders. They must know each lender, what hours they work and their names. Following up on phone calls and emails is essential when it comes to closing short sales.
Organized paperwork is also another necessity. If a property folder is missing even one necessary document, it could sit on a lender’s desk for weeks or months. Short sale agents known for their organization and completed paperwork usually close their deals quickly.
It is possible to become a short sale realtor in just a few months. He spends most of his time studying for his real estate course and the state exam. Later, you need to find employment with a company that is willing to train short sales agents.
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