Foreclosure Training
Foreclosure specialists are real estate agents with expertise in facilitating the foreclosure process. They assist lienholders in liquidating the property either at auction or in a direct sale, collecting a commission in the process. Online course providers and other colleges provide courses to Realtors, real estate professionals and curious outsiders looking to get into the industry. The term "certified foreclosure specialist" has no legal status.
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Significance
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Classes that offer foreclosure specialist certification to the general public typically provide bare-bones training in how to conduct foreclosure deals with major lienholders. Each bank and lender has a different procedure for foreclosing on their properties. The short courses offered by real estate schools, colleges and online educators run through the legal requirements involved and may provide some suggestions for agents looking to handle the deals.
Warning
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These classes do not teach all that is necessary to train an agent to get the best prices for their clients. Experience in a specific market and in closing deals in real estate in general are all important to provide a necessary background for making those deals. The title of "Certified Foreclosure Specialist" is given freely by such classes. In fact, anyone who wants to could conceivably call themselves one, and it would communicate no meaning. Experienced, licensed real estate brokers and Realtors who have closed many deals in the past have a massive competitive advantage over newcomers who have simply attended a class to learn how to foreclose properties.
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Function
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Realtors and real estate brokers that have gone through the years of education, training and apprenticeship necessary to gain those titles are better trained to handle foreclosures than those who have only attended a single class or set of short classes. Real estate agents can get a license quickly and inexpensively, but they work under licensed brokers to provide responsible service to their clients. Brokers must apply for appropriate licenses through the states in which they wish to do business and fulfill those requirements, which involve accredited university training and an apprenticeship period.
Effects
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Foreclosure training can be as short as a single course that only lasts for a few hours, similar to many real estate agent training and licensing programs. In markets with a high number of foreclosures, there are likely to be a continual stream of individuals looking to make profit from the high volume of foreclosures. As time goes on in a particular market, and the saturation of agents trying to profit from a particular market increases, the amount of business available ultimately falls.
Benefits
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Learning foreclosure procedure as a real estate agent, broker or Realtor opens up the opportunity to perform a different sort of business than is typical for the market. Throughout most of modern real estate history, foreclosures are relatively rare except for during protracted recessions. During ordinary market conditions, demand for foreclosure specialists is extraordinarily limited. As such, foreclosure training should not be regarded as the only knowledge necessary for sustainable success as an independent real estate agent.
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Resources
- Photo Credit James Jordan, Flickr
