A couple of pretty exciting things happened in the short sale world over the last few days. For one, the FTC issued a statement saying that they will not enforce the MARS ruling against Realtors® and Brokers engaged in short sales. And, in the state of California, Governor Brown signed Senate Bill 458 into law (extending short sale anti-deficiency protections to junior lien holders).
Just as these two changes occurred over the past several days, things happen all the time in the distressed property world. In fact, if you take a long nap or go on an extended vacation, things could be completely different when you get back into the game.
When working with distressed properties, it is vital to be aware of all of the various banks’ policies and procedures as well as all of the different laws and policies impacting short sale sellers.
In addition to reading the articles on Agent Genius, here are some ways to keep up with the volumes of information coming your way:
Subscribe to RSS feeds. Seek out news outlets that report on the distressed property arena and subscribe to those feeds. That way, you can peruse the latest news when drinking your morning coffee (or tea).
Read email from your state Realtor® Association. If you are a member of your state Realtor® Association and/or the National Association of Realtors®, make sure that you subscribe to their emails and newsletters. These associations send regular emails providing the skinny on all things real estate (and all things short sale).
Cruise the Internet. Investigate and select a few distressed property blogs that seem to provide regular and well-respected content. Subscribe to their feeds and dialogue with the authors. When the opportunity arises, ask questions in the comment section of the blog posts.
Get to work. The more active you are in the short sale world, the more personal experience you will have with the different lending institutions’ policies and procedures. Getting out there, listing short sales and negotiating them will provide you with lots and lots of hands-on experience. This hands-on experience will go a long way towards your continued success in the field of real estate.
Photo: flickr creative commons by theseanster93
This article published on Tuesday, July 19th, 2011 at 6:00 am | Contact the editor Tags: FTC, MARS short sale rule, short sale news, short salesCategory: Coaching, News, Short Sales
Melissa Zavala is the Broker/Owner of Broadpoint Properties and Head Honcho of Short Sale Expeditor®. Before landing in real estate, she had careers in education and publishing. Many folks say that Melissa is genetically pre-disposed to success with short sales. In fact, last year she and her staff obtained over 500 short sale approval letters! When she isn’t speaking with lien holders, Melissa enjoys practicing yoga, walking the dog, and vacationing at beach resorts.
Email Melissa Zavala
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