Sunday, July 3, 2011

Which designation contains the best training?

  I'm an education hog, and I have every short sale and reo designation offered. I don't want to knock anyone but the SFR was like graduating the 4th grade and I found that the CDPE was mostly good for marketing. I took the CDPE in the premise of becoming a trainer for them. I have also trained agents in doing short sales from Florida to New Hampshire. There are certain things that you need to know when doing short sales;
The correct way to qualify the seller, do they qualify to short sale? Are they just made that their home is not worth what they paid but can still afford it? If so, NEXT!
What do you need to get from the sellers? Have an attorney construct a Hold Harmless for you, what extra addendums do you need, not only to protect your seller but to protect yourself?
How do you deal with the servicers? Is the mortgage held in house or are they just the servicer? How can you negotiate with the Investor? How do you find out who the investor is?
How do you know when your negotiator is lying to you? Simple, you can hear them talking. No joke, to them it is all business.
What do you do when the negotiator puts up a brick wall? What do you do when the negotiator has no new update for the last 3 weeks?
How do you and when should you escalate a file? When do you Faux-escalate with your negotiator?
How do you keep a buyer in the game when you’re busting your hump to get the file Approved?
How do you get your sellers a Full Waiver of Deficiency from the lender? And why do you need this?
Of course this is not everything but just some simple points that anyone doing short sales will tell you that you need to know. However usually after completing about 10-20 short sales will know most of this.
Good Luck