The Short Sale: How Real Estate Agents Can Stay Afloat During A Recession

By Author: Helen Wlaker
Total Articles: 4
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Millions of homeowners facing foreclosure are in desperate need of assistance. Today's real estate professionals are facing an extremely difficult market and are searching for a way to stay afloat. Enter the solution that saves both parties: the short sale. It's crucial for agents become educated about short sales least they be driven out of the market. You can no longer open a newspaper or turn on television without hearing more bad news about the economy, particularly in the area of real estate. The U.S. is experiencing record-breaking foreclosure rates—according to the RealtyTrac, just over 860,000 homes were lost to foreclosure last year. There were also more than 3.1 million pre-foreclosure filings which amounts to one in every 54 households. These homeowners facing foreclosure are in desperate need of assistance. On the other side of the fence, is you, the real estate agent. Today's real estate professionals are facing an extremely difficult market and are searching for a way to stay afloat. Enter the solution that saves both parties: the short sale. In real estate, a short sale is a transaction where the proceeds ...
... of the sale of a home fall short of the balance owned to the bank. Essentially, with the help of a real estate agent, the lender agrees to discount the homeowner's outstanding loan balance. The property can be sold quickly, and the proceeds go to the lender, satisfying the outstanding loan. This type of transaction is favored by lenders in pre-foreclosure situation because the cost of an actual foreclosure is so great. In addition, lenders are willing to pay agents to effectively facilitate these transactions. Unfortunately, most homeowners are completely unaware of their pre-foreclosure options, primarily because real estate agents are unaware. It's crucial for agents become educated about short sales least they be driven out of the market. The ability to educate homeowners and execute a short sale is the best way protect your commissions in a slow market. Perhaps even more important than maintaining your earnings, there is another benefit to this type of transaction: you are helping a homeowner in desperate need. You are offering them a way out, and opportunity to move on with their lives. Investing in this relationship now will also lend a client for life, as well as have a positive impact on your referral business. Agents have several frustrations when approaching the short sale. How do you know what the bank needs, from both you and the homeowner, to be approved? How do you obtain all the paperwork necessary, and equally important, how do you get in timely manner? Once everything is prepared, exactly who at the bank can make it happen? These and other important questions can be addressed by Americas Home Rescue. Stacy and Michael Spikes are real estate agents in Austin, Texas. Even before short sales was a hot topic, they were saving people from financial hardship or foreclosure; they have completed over 200 short sales over the last five years. They offer comprehensive realtor training to arm agents with the tools and resources to facilitate a successful short sale, from the initial meeting with the client to educate them about their options, all the way through closing. They offer seminars with continuing education credits in Texas, New Mexico, Arizona, Nevada, California, Colorado, Virginia, and Florida, and also online real estate training. However you choose to educate yourself about the short sale, its a must for any real estate agent wanting to protect their business during these tough economic times. There are millions of homeowners in need, and are turning to agents for a solution. You can offer someone a second chance, all the while earning your commission and building your business.

http://www.shortsalesolutions.biz