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Permalink Reply by Mike Linkenauger on January 27, 2010 at 5:04pm

I hear the short sale specialist network has a pretty good one coming out in a couple weeks... J/K. But seriously, people seem to like CDPE the best, and they seem to provide the most for the $$$. I'm still laughing at the fact that we had one CDPE call us a couple weeks ago and bluntly ask "how do I write an offer on this short sale".

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Permalink Reply by Steele V. Propp on January 27, 2010 at 5:22pm

I hear that. I am a CPDE as an "advanced member" (I get a website and some additional perks). I took the 2 day course "live" here in Minneapolis and was quite impressed with the coursework. These days that says alot because I have become a bit jaded with a lot of the courses out there. I have a solid background in foreclosures as I have been doing REOs exclusively the last 6 years, and thought I knew quite a bit that would apply to short sales. Well, they are similiar fields but as we all know, not the same. I actually felt good to go back the second day and continued to learn. Even so I saw lots of beginners there who didn't have a clue. So Mike's experience seems to be fairly typical. Just goes to show you that taking a course and getting some new letter to put behind your name does not substitue for experience.

It is an ongoing learning process.

Having said that, I also took the Short Sale Genius coursework. That was also very good. Slightly different take and attitude what with one of the founders a former loss mitigator for the banking industry, but still very good.

I have heard good and not so good about the new SFR designation by NAR. For those who have never done short sales I am told it is good foundation work. But those who have some background were less then impressed. That is why I personally would like to hear more from the group here on this designation. One comment I have seen several times is that the SFR designation is probably the least well thought out combinatin of letters. Especially for real estate. For many of us SFR stands for "Single Family Residence".

Harris University definitely has one of the best marketing campaigns going. I am sure they are quite good as well but I am a little leery of the fact that they seem to jump on whatever is becoming popular. REOs one moment, short sales the next. But maybe I am being too cynical.

To end on a positive note I did want to congratulate Mike and the SSS Network on the many agents joining. Over the last few days alone a lot of people have come on board.

This shows we definitely have a need for this group.

Well done.

Mike Linkenauger said:

I hear the short sale specialist network has a pretty good one coming out in a couple weeks... J/K. But seriously, people seem to like CDPE the best, and they seem to provide the most for the $$$. I'm still laughing at the fact that we had one CDPE call us a couple weeks ago and bluntly ask "how do I write an offer on this short sale".

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Permalink Reply by Mike Linkenauger on January 27, 2010 at 9:40pm

You'll see all over our advertising as well that "there is no substitute for experience"! Couldn't agree more. With agents we refer stuff around the country to, the vast majority, like myself, don't have any designations. I kind of personally laugh at some of those agents with like ten different designations after their names. While they were taking a weekend class, I was on vacation while my buyers agents were selling homes to THEIR buyers... J/K...,

But seriously, I learned from good old experience, and I would refer a short sale listing to an agent who has closed a few short sale transactions before I referred it to an agent who has a designation who has never closed any.

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Permalink Reply by Steele V. Propp on January 27, 2010 at 9:58pm

Well said. When I took the Short Sale Genius class last year it was one of the first questions asked of the group. "How many short sales have you successfully closed." Not what was your volumn last year. Not how big your team is. Not how many listings you have (short sale or not).

The instruction said until you close at least 5 you are not "experienced". In my own arrogance I thought he was a bit uppity. I had closed some 35 REO transactions in the last 12 months and thought working with a lender was the same no matter what the department.

Oh, what I have learned in those first 5 short sales since. Now 5 might be an arbitrary number. I know I really learned alot during the first several. But there is no substitute for experience.

Agree about the designations. I could fill a business card with just those. But my own educational thought is that I take a course or instruction to learn. The designation does not stand on it's own. And I am always learning.

Besides, just how much of the distressed property industry judge on the basis of those letters. Most don't know one from the other. The same with the public.

Sometimes I think we get those letters to impress other real estate agents :>)

Mike Linkenauger said:

You'll see all over our advertising as well that "there is no substitute for experience"! Couldn't agree more. With agents we refer stuff around the country to, the vast majority, like myself, don't have any designations. I kind of personally laugh at some of those agents with like ten different designations after their names. While they were taking a weekend class, I was on vacation while my buyers agents were selling homes to THEIR buyers... J/K...,

But seriously, I learned from good old experience, and I would refer a short sale listing to an agent who has closed a few short sale transactions before I referred it to an agent who has a designation who has never closed any.

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Permalink Reply by Mike Linkenauger on January 27, 2010 at 10:31pm

five qualifies as experience in my book when it comes to short sales. I agree with you in regards to short sales and REO's being totally different entities. Actually, the big time REO agents would probably be HORRIBLE at short sales. I had to argue with the head of the loss mit dept at Chase this reality a few months ago. He suggested that they could trust their REO agents to handle short sales. I consider myself a pro at short sales, but hardly know a thing about REO's. From what I know, they are much less "complex" with fewer variables. More about consistency, accountability, organization and kissing up to asset managers than skill, discipline, patience, and the ability to problem solve required for short sales. While both involve putting up with banks/sellers who shouldn't own assets, they are VERY different transactions.

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Permalink Reply by Laura Baron on May 26, 2010 at 6:17pm

I totally agree!!! Night and Day between Short Sales and REO's. Do you have a minimum number of closed short sales to become a member of the referral network? If not you should, it would create a better reputation and more closings..just a thought.

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Permalink Reply by Steele V. Propp on January 27, 2010 at 10:53pm

As a long time REO agent I would agree that they are different animals. Related but different. I think that being an REO agent helped me a great deal as I was very versed in the foreclosure process. But that is not something that is necessarily taught to REO agents all that much. They tend to come into the process toward the end. As I was a one person REO department (still am) I wanted to know the process forward and backwards. That way I could work with the banks but also with the person in foreclosure as well as the potential buyers for such properties. And over the past 6 years exclusively in foreclosures my business has moved from 80% lender owned, 10% buyer driven and 10% assisting those in foreclosure to a current mix of 50% short sales and other pre-foreclosure work, 40% REO and 10% buyers for distressed property. The last group will probably rise in percentage as a couple of buyer agents come available.

A lot of REO work is paper driven. Reports, property maintenance, etc. Then when an offer comes in, negotiating. Unlike many of my fellow REO agents I take an active role. Asset managers, bless their hearts, are largely paper pushers as well. So I am not afraid to assist them on getting better prices. Just as I wouldn't let a buyer do all the negotiating without offering assistance. Just need to be tactful and let the AM think everything is his/her idea :>)

I think the best cross over REO agents come from a background like myself. The smaller setups, not the mega producers. They are used to farming most of the work out and it's hard for them to get down and dirty.

But what is interesting is that we are seeing some changes in the REO industry as well. They are looking more for the individual as opposed to the large team. The person that can do that can usually adapt to the short sale culture.

Just a thought but this group may want to learn a little cross over as well. Shoot, REOs transactions would look pretty fast and less complicated.

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Permalink Reply by Joseph C. Alfe on January 29, 2010 at 11:31am

Lee Honish from Short Sale Genius is the real deal. I can't comment on everyone else. I have had agents fight my recommendations at every turn on short sales, and to shut them up, I will ask, "How many short sales have you CLOSED in 2009?" If the answer isn't in the double digits, then stop your arguing, listen and maybe you will learn something.

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Permalink Reply by Steele V. Propp on January 29, 2010 at 11:42am

That does sound like Lee :>) I, too, have found Short Sale Genius very helpful. As mentioned I am also an active CDPE. The two combine very well in my humble opinion, each with their own strengths.

It is a fine balance some times when dealing with less experienced agents. Many do want help but also the reaction can be hostile. "How dare you suggest you know more than I do!" I find diplomacy still goes a long way.

Joseph C. Alfe said:

Lee Honish from Short Sale Genius is the real deal. I can't comment on everyone else. I have had agents fight my recommendations at every turn on short sales, and to shut them up, I will ask, "How many short sales have you CLOSED in 2009?" If the answer isn't in the double digits, then stop your arguing, listen and maybe you will learn something.

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Permalink Reply by Steele V. Propp on May 22, 2010 at 2:24pm

Big news on the designation front. It seems Harris University is being sued by the Distressed Property Institute for copyright infringement.

http://www.newsgeni.us/articles/223/Real_Estate_School_Sued_for_Tra...

Harris U has a designation called the Certified Distressed Property Designation (CDPD). Personally I thought this was a bit too close to the Institute's Certified Distressed Property Expert (CDPE) for comfort. Will be interesting to see what happens

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Permalink Reply by Wendy Smith on May 24, 2010 at 9:04am

SFR provides the needed fundamentals - I don't believe successful short saling comes from a course.....experience is what makes the difference, not designations.

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Permalink Reply by Steele V. Propp on May 24, 2010 at 9:49am

Most who have commented on the SFR say that it is a very basic course. So far the CDPE of the Distressed Property Institute has gotten the highest marks on a variety of agent websites.

But completely agree that knowledge must be coupled with experience in order to call oneself any kind of expert/specialist.

Word has it the the short sale organization, Short Sale Genius, will soon be coming out with a designation of their own. And even testing to show that one doesn't just sleep through the instruction.

What a concept :>)

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