Agents Need Experience in Distressed Properties
Recently the National Association of Realtors is offering a new Short Sales and Foreclosure Certification Program through their Real Estate Buyer’s Council which will train agents in many areas of Real Estate that have been affected by the recessed economy.
This platform is designed to target specific issues such as foreclosures, short-sales, bank owned properties also known as real estate owned or REO for short. The regulations and state by state specific information is covered in the new program as well.
Agents from all over the country are noticing that a large percentage of sales are falling into these categories, which until recently had been more of an anomaly than a common occurrence. Couple that with multiple offers on most deals then the complication demands a more savvy and educated real estate agent.
The certification abbreviated SFR is a one day education program completed by agents either in a real classroom or online in form of Webinars. NAR encourages agents to expand their current education to include the knowledge of these distressed sales, due to the expansion of the market in that direction. Also due to the more complicated negotiations of some of these deals, NAR also recommends to seller’s and buyer’s to seek agents certified or familiar with the short-sale. In other words, buyers at least ask the agent how many of the REO deals they’ve had, or foreclosure deals, if that is the position you find yourself in.
Due to the increased tax and legal requirements in many states for these types of sales and loans, buyers and sellers are absolutely better equipped to enter the market with an agent that has already written these types of deals, one who has the on the job kind of training. But the certification program should be sufficient to bring all agents up to speed in the playground of foreclosures and bank buyouts.