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Short Sale CE Class Yesterday, what do you think?

April 1, 2009

ClassroomI attended a CE class yesterday given by Attorney Gary Seymour on short sales. It was good, Atty Seymour seems to really know his stuff. He was quite entertaining actually.

He gave us some ideas on what to expect, what we need to do for our clients if we choose to do this ourselves. He strongly suggested we find a good work out specialist to partner with if we choose to go alone. He also offered his own services of course. Bottom line, if we refer our potential short sale people to him, his first priority is to see if there is a better answer than a short sale. Loan re-modification bankruptcy, foreclosure, these might be a better solution to their situation as a short sale is not always appropriate.

If we send him our clients and it is a short sale, his fees are paid for by the bank. I didn’t realize this. His fees have nothing to do with our commissions other than the fact that the bank typically lays out 8% to pay everything, according to him. Decision maker

I learned quite a bit from the class. My question is, what do you think about sending my client to him right away and letting him handle most of the procedure as opposed to me trying to handle it all myself? I am liking this idea, I am so worried that I will not do what is best for my clients. The decisions before them are enormous, and I would like to think that they have the best guidance possible.

As a side note, I asked him how he felt about realtors taking a fee up front for listing a short sale. He said it was a smart business decision. Way to go Broker Bryant! If I do ever get a short sale, I think I will do the same thing.

Today my broker had lunch with an attorney who works for a large franchise real estate company. She asked him about short sales. (he also hosts seminars) He told her most agents have no idea what they are doing. Now that is a real problem for the client.

I am providing a link to the websites from the class. All in all, it was very interesting, and I really liked the speaker.



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