Keven Hoopiiaina, Property Manager/Owner/Agent in Training (DKG Properties)

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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Short sales were my lifeblood years ago. I am CDPE and HAFA certified yet I have to say the training as just ok.  The real skill comes from doing them and getting really good at doing them. I did nothing but list short sales during a time when I was dealing with cancer.  I did not do any mailers.  Clients found me on page one of Mr. Google.  Clients referred clients. Master anything and you will do well if there is a market for it. 

Dec 23, 2018 10:35 AM
Rainmaker
868,379
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

http://shortsalesuperstars.com

A wealth of information started by two people from AR! Still appears to be active too.

Before you even consider undertaking a short/distress sale transaction, you would need to know the foreclosure process for your state.

People take on short sales and have no idea if they're going to run out of time before they can find a buyer, let alone get approval of maybe more than one lender.

And yes CDPE.

Short sales are minimum wage by the way. LOL

Dec 23, 2018 09:41 AM
Ambassador
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Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Do you want to be challenged with long timelines, highly emotional situations and no guarantees of being rewarded for your efforts? Dive right in! Oh, and Debe Maxwell, CRS gave a great answer.

Dec 23, 2018 10:45 AM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Keven, I highly recommend the CDPE designation. Short sales are NOT for the faint of heart, that's for sure!

Get the designation and see if it's something you would enjoy doing.

Dec 23, 2018 09:30 AM
Rainmaker
1,697,129
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

This is so asinine I can't believe it. The 'bulk' of these situations/market is totally gone & our stupid board the other day offers a short sale designation. Hello??? Where you guys been?

For a noobie it might be a good idea. I've live thru it & I want a medal.

Dec 23, 2018 12:30 PM
Rainmaker
4,018,180
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

The CDPE designation would be helpful. Also if you could find a mentor for your first few deals, even better!

Dec 23, 2018 10:40 AM
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     Start by meeting the Brokers / Agents in your town who have the listings for the foreclosures. 

     In Tallahassee, one team has the local banks, another broker has FHLMC, another one has HUD, another has FNMA, and so forth. 

    Show or preview their listings.  Ask what forms, paperwork, pre-approval is needed.  Ask them for advice or requirements regarding presenting offers, etc. 

Dec 23, 2018 10:39 AM
Rainmaker
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

There is the DCPE and SFR training... at the end of the day, the best training is doing it. Not much business in these specialties these days in most markets.

Dec 23, 2018 10:07 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Twice the work for half the pay, not a specialty that I would suggest.

We do work with them for serious investors where we will have a future sale, but for most clients they are not a good solution.

Dec 23, 2018 02:06 PM
Rainmaker
1,707,297
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Keven, if you are new gto this business don't even try. These sales require about three times the work besides the expertise.

Dec 23, 2018 12:42 PM
Rainmaker
514,921
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Never stop learning ... Continuing Education wil get you to where you want to go.  

If you learn it ... the customers will come.  

Dec 23, 2018 11:08 AM
Rainmaker
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Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

Those are three totally different animals and each requires not only its own special skills but the experience, personality and ability to empathize and deal with people who are encountering major life transitions. Those areas of real estate are definitely not for the faint of heart. 

Dec 23, 2018 11:06 AM
Rainmaker
6,366,274
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Learn the regulations in your area and attend the local foreclosure auctions as a starter. Make sure you have a lawyer who is very familiar with the process.

Much information is available online.

How to Buy Utah Foreclosures

Dec 23, 2018 09:44 AM
Rainmaker
5,364,579
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Debe Maxwell, CRS gave you the perfect answer.  A

Dec 23, 2018 09:38 AM
Rainmaker
867,889
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I have the CDPE designation as well as another designation having to do with Foreclosure properties. I have a great deal of experience with distress properties from the time when they made up at least 50% of our market. Now, distress properties are a very small part of our market.

If I was you, with little or no experience in how to handle these properties, I would refer them to someone who knows how to handle this business. Then I would spend my time seeking business with which I am experienced and that I am competent to handle.

Dec 23, 2018 03:24 PM
Rainmaker
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Brandon Patton
Real Estate Market Leaders - Kennewick, WA
Desiganted Broker/Owner

I would say you should check www.HudHomeStore.com. If you see houses for sale that are HUD homes you can advertise them on Social Media or Craiglist. If there is a large inventory it may be worth investing some money into your ads. Anyway, working a few deals as a buyers agent will help you get the hang of REO sales. Look at the asset managers website for your coverage area. For Example, www.blbresources.com covers my area and they have a lot of info. Where do you live ?

Dec 23, 2018 01:43 PM
Rainmaker
966,503
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

What Debe Maxwell, CRS said then get yourself a mentor in those areas

Dec 23, 2018 04:21 PM
Rainmaker
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Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Without scrollong down I'm going to say you can get the training through any CE school Keven Hoopiiaina . You may want to give Sally K. & David L. Hanson a call for more info as I know they have worked with hundreds of short sales.

Dec 23, 2018 03:29 PM
Rainmaker
5,570,642
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I was never involved with any of those areas.... they ARE specialties.... mine was new construction, and education was the key to success with that...and I'm confident with those areas about which you've inquired...

Dec 23, 2018 03:15 PM
Rainmaker
1,135,987
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe
Dec 23, 2018 11:52 AM
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I think Debe Maxwell, CRS gave you a great answer.

Dec 23, 2018 11:50 AM
Rainmaker
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Back in the day I was trained through Nouveau Riche University and then got CDPE certified. Learning the language and processes and paperwork are essential. I'm not sure what training or designations exist today, but I highly recommend training before you take them on. Speaking from experience.

Dec 24, 2018 10:55 AM
Rainmaker
806,727
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Do one deal and you're an "expert".

Dec 24, 2018 09:27 AM
Rainmaker
868,981
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

1. Identify someone who has 'real world' experience in those real estate market segments. If they were not doing real estate business between 2008 and 2014, they do not have real world experience.

2. DO IT! That is how you learn. When you get one on the hook, let #1 guide you through the process.  The skill that is crucial is the ability to spot 'but for' in a waterfall of words.

Start with auctions. Sign up, get all the documents. Read every word and understand the process, note the escape hatches, and analyze the type of buyer most appropriate for a market that means you can 't get all emotional about the outcome.

Be aware, all agents advertised as specializing in REO, Shortsale and foreclosure prevention, back in the day.  So specially is mostly a meaningless word EXCEPT when marketing to the consumer. Note that your real client is an investor. It would be beneficial to your business to understand alternative finance options so solutions exist created by investors.

Dec 24, 2018 06:46 AM
Rainer
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Anthony Kirlew
Group 46:10 Network @ eXp Realty - Gilbert, AZ
Helping You Make Fiscally Sound Choices

Lots of great adivce here as well as some people who say "not to pursue" that market. Just remmber that real estate has cycles and about 10 years ago short sales were hot. They will be hot again and during that time agents who don't know about them will potentially be shut out of the market. It's smart to learn about distressed real estate; you will need that info within the next 10 years, depending on what happens with the next Presidential election. If a Democratic President is elected, the downturn will come sooner. If Republicans stay in office, it could delay the next crash for up to another 10 years. (And that's not a politically charged statement, but rather a reflection of the types of laws that each party tends to pass and how they impact financial markets.)

Dec 24, 2018 12:44 AM
Rainmaker
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I took all kind of training for REOs and SSs but only working directly with those sales brought me experience and confidence. I would absolutely advice against picking up a short sale solo without any experience. Team up with someone who knows how to do them. 

Dec 24, 2018 12:00 AM
Rainmaker
526,860
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

We all became experts in these sales when that was the only game in town.  Need dictates business.

Dec 23, 2018 08:01 PM
Rainmaker
2,610,400
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

having a passion for this will help...if not, the motions of it make you cold

Dec 23, 2018 07:43 PM
Rainer
1,175
Robin Blake
Virtual Properties Realty - Baxley, GA
Real Estate agent serving Gwinnett County, Georgia

Keven if you are a member of the National Association of Realtors (NAR), they offer a short sale/foreclosure course to gain knowledege on the topics.

Dec 23, 2018 07:39 PM
Rainmaker
245,676
Fern S. Hamberger
Corcoran - Manhattan, NY
The Fern Hamberger Team

business begets business... follow your heart. We were all newbies in real estate once. Why not REOs and forclosures. Someone  is making money at it.

Good Luck!!

Jan 21, 2019 08:23 AM
Rainmaker
4,733,183
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I did two short sales YEARS ago, and decided that was NOT for me.

Dec 27, 2018 06:54 AM
Rainmaker
808,497
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I can tell you that we had significant training before we felt that we could successfully represent both buyers and sellers in short sales and foreclosures. We were chummy with the right peeps, took the right courses, and knew what we were doing before we put our clients through any of this. It's definitely a skill and expertise. Otherwise, the best course of action is a referral to someone who truly does know what thy are doing. -Kasey

Dec 26, 2018 01:25 AM
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

short sales means lots of time to get them thru.

Dec 25, 2018 12:37 PM
Rainmaker
1,596,476
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Happy Holidays.

There are short sale negotiation company.

Dec 24, 2018 09:06 PM
Rainmaker
2,062,259
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

I will answer tomorrow. 

Happy Holidays. 

Dec 24, 2018 08:26 PM
Rainmaker
1,361,528
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Doing them will get you the experience.  All my homes were either short sales, probate or foreclosures when I bought them.  There are some skills needed to sell short sales.  Some banks move fast, others not.  All the short sales I've done this year were closed in a month.  In the past they've taken six months plus.

 

There are some trainings out there, NAR is not the only provider nor are they the best provider.  One of the projects I have is creating a course on it, but that's probably going to be put on hold indefinitely due to other larger projects.  My father actually taught the banks how to do short sales in the most recent run of them.

Dec 24, 2018 09:41 AM
Rainmaker
1,231,549
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Thanks for the question, Keven Hoopiiaina 

Dec 24, 2018 06:26 AM
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

The best experience is gained from doing. But it is not a trial and error kind of field as when you do not do it right, the deal dies and is gone for ever. Working with an agent who specializes in the field is a good start. Doing bpos helps you learn the REO side. With short sales that is a different animal. You want to partner with a professional negotiator. You need to learn how a bank works to learn how to get a short sale through the process and approved 

Dec 24, 2018 04:46 AM
Rainmaker
4,433,483
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Dec 23, 2018 10:45 PM