Real Estate Agent · Bay Shore, NY · Member since 2016 · 53 posts · 4 votes
Hello my name is James i am taking my real estate test in a few days and ive been seeing alot of people ive spoken to talk about niches and where the state of real estate and one thing im seeing is alot of brokers and agents are trying to deal with short sales, and liens . I am a wholesaler so ideally i want to put both together if its possible, just dont know if it is or how for a lack of better words. So how do i get banks to work with me when i pass my test in less than a weeks time.
Banks are easy to work with, and maybe back in the stone ages they took two years (15'-16') but federal rules require them to be decisioned in 30 days now. If it takes longer, its usually the agent gumming it up. They are not difficult to work with as long as you don't try to make them change their procedures to fit your lack of experience.
You missed the boat by a few years if you are wanting to specialize in short sales. They are few and far between now. Either wait until the world goes to crap financially again or, don't specialize in an attriting market. Even when there were a flood of short sales, most agents were not adept with handling them.
The problem isn't getting banks to work with new investors, the problem is getting banks to work period they are difficult with everyone. I've seen some short sales drag out as long as 2 years.
Banks are easy to work with, and maybe back in the stone ages they took two years (15'-16') but federal rules require them to be decisioned in 30 days now. If it takes longer, its usually the agent gumming it up. They are not difficult to work with as long as you don't try to make them change their procedures to fit your lack of experience.
You missed the boat by a few years if you are wanting to specialize in short sales. They are few and far between now. Either wait until the world goes to crap financially again or, don't specialize in an attriting market. Even when there were a flood of short sales, most agents were not adept with handling them.