The devil is in the details
You have probably heard the phrase, “The devil is in the details.” While I’m certain that the phrase was not invented by a real estate agent or short sale processor, there is no better example of this than the short sale transaction. Just a few weeks ago, I wrote about some diabolical details with respect to short sales and junior lien holders. However, details are not only important with respect to short sales and junior liens, paying attention to details is a vital component of any efficient short sale closing.
If someone were to ask me the most important tip for an effective short sale closing, I would say that it is imperative that the agent(s) involved in the short sale process get educated about short sales.
Experience shows that those who are educated about the process will achieve greater success.
Take Advantage of Online Resources
You can find almost everything you need to know about short sales (except life experience) on the Internet:
- Keep up with the latest distressed property news. Subscribe to RSS feeds from news media outlets that report on the distressed property arena.
- Learn the latest information about servicer processing guidelines. Join online forums and connect with other agents across the nation who are also in the same boat as you are—often struggling to get short sales approved.
- Take free informational webinars. Bank servicers and local Realtor® boards often give free online webinar trainings in the field of short sale processing.
- Understand the foreclosure process for your state. Conduct research online to learn about the foreclosure process for your state. Knowing this process will help you to better assist borrowers in distress.
Effective short sale processing requires knowledge and research. So, if you are interested in making short sales your thing in 2012, why not right here, right now? When it comes to getting educated about short sales, the Internet is your angel. And, if course, the devil is in the details.
