You can become a short sale specialist in one of two ways. The first option is to attend a training seminar or class to learn everything there is to know about short sales. These seminars will usually teach you everything you need to know about managing a successful transaction, after which the school or organization may award you a certificate stating that you are a short sale expert. The other option is to conduct your own research and then handle multiple transactions. You will most likely have become a short sale specialist after completing a number of transactions successfully.
A short sale is a real estate transaction in which the buyer agrees to pay less than the seller owes his lender. Because neither the lender nor the seller are required to complete the transaction, it can be fraught with complications. The lender has the right to reject the short sale at any time, and the seller has the right to change his mind and try to keep the house or face foreclosure. In a short sale, a real estate agent or broker must typically communicate with all parties involved and ensure that everything goes smoothly.
A number of schools and other organizations offer training programs to help an agent or broker become a short sale specialist. Some of these programs take the form of a one- or two-hour seminar, while others may include longer classes. These classes may even count as clock hours toward your continuing education requirements if the school is accredited by your state real estate board. Even if you have no real-world experience, you may receive a short sale specialist certification after completing the class or seminar.
You can also conduct your own research by consulting resources such as your local real estate board, multiple listing service (MLS), or the Internet. You might want to look into how to handle a hardship letter, how to communicate with lending institutions’ loss mitigation departments, and other similar topics. You might be ready to try a short sale once you’ve gained this knowledge.
Whether you attend a seminar or conduct your own research, you will eventually be required to handle a transaction in the real world. You can do it on your own, but working with an experienced agent or broker can help. You will most likely have become a short sale specialist after completing a number of short sales. You’ll be able to help distressed sellers who can no longer afford to stay in their homes thanks to the expertise you’ll have gained through both knowledge and experience.