Expand Your Knowledge About the Short Sale Process
The short sale process has become the new staple for many REALTORS® working in states like California, Florida, and Arizona, to name a few. The ever-changing regulations that affect this process further emphasize the need for Realtors to continue their education if they want to be seen as an expert in this arena. Knowing what is involved and the delays that can occur will help you give your clients an accurate timeframe to work with.
Erin Attardi posts about the new delays caused by mortgage insurance companies:
“With the bulk load of short sales that I am negotiating, there is an interesting phenomena I am running into more and more these days. Lenders are placing their own mortgage insurance policies on loans. This is not your typical private mortgage insurance (PMI) that a borrower pays on a loan in instances they put less than 20 percent down. Instead, the lender places it on the loan after it is originated at their own expense and without the borrower’s knowledge. As a short sale listing agent, oftentimes I will not even discover this information until I get to an advanced stage of negotiation. Low-level lender customer service, collections, and loss mitigation departments will not necessarily have this information. Why is this a big deal? The mortgage insurance company gets involved in analyzing the short sale, and has the final say in whether or not the short sale is approved! So what does this really mean?”
If a Realtor lacks a full understanding of the short sale process and is caught off guard by delays and new regulations, it will frustrate their clients and keep them from referring them to their friends. One easy way to stay educated and up to date with the latest Real Estate information is by picking a few blogs to read daily. Since blogs are updated daily, they can be a great resource for a Realtor looking to become a local expert.
Click through to read Erin Attardi’s full post.
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One Response to “Expand Your Knowledge About the Short Sale Process”
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I agree with everything you posted in this entry, I’m a loyal reader so please keep updating so frequently.