3,345,091
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.
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Kasey & John Boles
Boise, ID
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Mary Yonkers
Erie, PA
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Keven Hoopiiaina
Salt Lake City, UT
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Dave Halpern
Louisville, KY
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
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Lyn Sims
Schaumburg, IL
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Debe Maxwell, CRS
Charlotte, NC
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Kathleen Daniels, Prob...
San Jose, CA
1,052,211
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
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Wanda Kubat-Nerdin - W...
St. George, UT
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Mary Yonkers
Erie, PA
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Candice A. Donofrio
Fort Mohave, AZ
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Keven Hoopiiaina
Salt Lake City, UT
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
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Lyn Sims
Schaumburg, IL
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Debe Maxwell, CRS
Charlotte, NC
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Diana Dahlberg
Pleasant Prairie, WI
3,125,819
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.
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Mary Yonkers
Erie, PA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
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Lyn Sims
Schaumburg, IL
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Diana Dahlberg
Pleasant Prairie, WI
5,230,068
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.
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Mary Yonkers
Erie, PA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Lyn Sims
Schaumburg, IL
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Kathleen Daniels, Prob...
San Jose, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Ron and Alexandra Seigel
Carpinteria, CA
1,844,291
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.
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Keven Hoopiiaina
Salt Lake City, UT
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Bob Crane
Stevens Point, WI
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
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Candice A. Donofrio
Fort Mohave, AZ
5,216,398
The CDPE designation would be helpful. Also if you could find a mentor for your first few deals, even better!
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Mary Yonkers
Erie, PA
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Keven Hoopiiaina
Salt Lake City, UT
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Diana Dahlberg
Pleasant Prairie, WI
2,684,009
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.
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Mary Yonkers
Erie, PA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Diana Dahlberg
Pleasant Prairie, WI
5,104,931
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.
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Mary Yonkers
Erie, PA
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Kathleen Daniels, Prob...
San Jose, CA
6,393,404
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.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Bob Crane
Stevens Point, WI
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Doug Dawes
Topsfield, MA
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Candice A. Donofrio
Fort Mohave, AZ
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Bob "RealMan" Timm
Minot, ND
1,712,676
Keven, if you are new gto this business don't even try. These sales require about three times the work besides the expertise.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Bob Crane
Stevens Point, WI
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Doug Dawes
Topsfield, MA
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Candice A. Donofrio
Fort Mohave, AZ
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Bob "RealMan" Timm
Minot, ND
679,404
Never stop learning ... Continuing Education wil get you to where you want to go.
If you learn it ... the customers will come.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Diana Zaccaro Broker A...
Cocoa Beach, FL
1,090,637
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.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Fred Griffin Florida R...
Tallahassee, FL
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
7,836,134
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
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Candice A. Donofrio
Fort Mohave, AZ
5,772,575
Debe Maxwell, CRS gave you the perfect answer. A
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Diana Dahlberg
Pleasant Prairie, WI
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Debe Maxwell, CRS
Charlotte, NC
1,311,397
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.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Bob Crane
Stevens Point, WI
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
1,196,798
What Debe Maxwell, CRS said then get yourself a mentor in those areas
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Bob "RealMan" Timm
Minot, ND
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Doug Dawes
Topsfield, MA
2,390,620
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.
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Keven Hoopiiaina
Salt Lake City, UT
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Doug Dawes
Topsfield, MA
5,583,278
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...
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
1,239,901
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
5,049,183
I think Debe Maxwell, CRS gave you a great answer.
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Doug Dawes
Topsfield, MA
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Bob "RealMan" Timm
Minot, ND
1,543,692
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.
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Keven Hoopiiaina
Salt Lake City, UT
900,128
921,504
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.
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Keven Hoopiiaina
Salt Lake City, UT
155,337
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.)
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Candice A. Donofrio
Fort Mohave, AZ
1,622,432
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.
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Candice A. Donofrio
Fort Mohave, AZ
711,852
We all became experts in these sales when that was the only game in town. Need dictates business.
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Fern S. Hamberger
Manhattan, NY
2,781,173
having a passion for this will help...if not, the motions of it make you cold
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Fern S. Hamberger
Manhattan, NY
1,175
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.
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Keven Hoopiiaina
Salt Lake City, UT
247,066
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!!
5,868,544
809,258
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
4,936,677
1,598,452
2,071,025
1,502,998
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.
1,231,853
3,416,038
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
4,434,127