New Realtor looking to specialize in Short sales

[Lanesha Gerron]

Hello! I’m a new realtor wanting to specialize in short sales in the Indianapolis area.  Anyone with a lot of experience with preforclosures or know any useful tips and resources?

Anything would be helpful!

Thank you 🙏🏽

[Minna Reid]

I've been specializing in short sales for 13 years. Once the moratoriums end, I anticipate there will be a lot of foreclosure/short sale business, but its going to be slow until the foreclosures begin again. FHFA has currently extended all foreclosures through 1/31/2021 and I anticipate the Biden administration will extend again. Since there is currently no recourse for nonpayment I don't anticipate too many distressed sellers are in a hurry to sell at this time. 

This would be a good time to familiarize with your local foreclosure process and research the short sale process - they all vary a little by investor. There is a lot of good info here on this site - specifically the short sale forum and also shortsalesuperstars.com. You can find a lot of practical info on both. Also if your MLS allows you to pull the data, you can look up market share and trends of short sales and REO's in your local area, and (at least in my MLS) you can look up who is selling the short sales near you. If you find local agents that do a lot of them, you could attempt to research what they are doing for marketing that is proving effective.

If you have never done any short sales and you find one that will list with you I would highly recommend working with someone with more short sale knowledge until you know what you are doing. Its a complex process and failure to perform can cost the seller dearly.