Real Estate Short Sale Training

Short sales offer sellers an alternative to foreclosure by agreeing with the bank to sell the house "short" of what they owe. Since realtor participation in a short sale is mandatory in the eyes of the bank, real estate agents with short sale training are better equipped to navigate the complicated roads of short sale guidelines.

Training: Where to Go

There are multiple options for short sale training. Many of these come with a designation, which is a certification that illustrates a realtor's proficiency in a specific area. When it comes to short sales, there is no better designation than the Certified Distressed Property Expert certification (known best as the CDPE). This particular designation provides realtors with a complete tool box for working with banks and sellers needing to do a short sale.

Time Frame

The time frame for completing a short sale training program like the CDPE is at least 20 hours to obtain the education required to take the end of class examination. In addition to the initial training in this short sale certification course, agents are required to take continuing education. In many cases this can amount to between 30 and 60 hours per year in order to maintain the certification.

Bank Requirements

Larger lending institutions such as Bank of America or Wells Fargo often have their own set of rules that agents are expected to abide by when working with them on a short sale. In many cases, they also offer training to agents on what needs to be in a file to submit for short sale and how paperwork is expected to be completed.

Costs

The costs for obtaining a short sale certification will range from $300 to $600. Specifically for the CDPE certification agents will spend $600 on training. In other cases the bank who has the outstanding loan on a property might also require additional training and certification. For example, Bank of America uses a website called Equator for transaction management. To be certified in Equator, the annual cost to an agent is $600.00.

For Sellers

Many sellers believe that all agents are created equal. This is not correct when it comes to short sales. If handled incorrectly, the bank is likely to foreclose sooner than later. When looking into options for short sales, look specifically for the CDPE designation with your agent in order to make the transaction as smooth as possible. The right training for any agent will make all of the difference.

References

• CDPE