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Training Critical to Speeding Short Sales

in Loss Mitigation, REO September 12, 2011 648 Views

Though the average time for a short sale has dropped from 256 days in the first quarter of the year to 245 days in the second quarter of 2011, the process could be made shorter with better training, said Chris Plummer, managing director of Dallas-based Wingspan Real Estate Network (WREN), an affiliate of special servicer Wingspan Portfolio Advisors, based in Carrollton, Texas.

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""It's taking over eight months to complete the average short sale. That means that for every transaction that eventually succeeds there are many more that fail,"" Plummer said.

""A basic component of an effective short sale strategy is training real estate professionals on how short sales work and how they can be accelerated,"" Plummer added.

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""The way short sales are packaged and presented by real estate agents is more than half the battle, and that's where training comes in,"" Plummer continued. ""The more agents understand about how the process works, the fewer the delays and the faster the closings.""

WREN is partnering with the Five Star Institute, a Dallas-based mortgage industry group, to encourage the widespread participation by real estate agents in the Five Star Short Sale Certification Training Program, which offers basic and advanced programs featuring Fannie Mae Short Sale Assistance Desk (SSAD) training.

The training is being held in live sessions before and during the Five Star Conference in Dallas this week and in webinars on an ongoing basis.

""We are seeing short sales rising in popularity for a very good reason,"" Plummer noted. ""They are a highly effective strategy for replacing distressed borrowers with qualified, motivated owners.""

""Just as importantly, they keep neighborhoods from experiencing the negative social and valuation impact of having vacant, foreclosed properties on the block,"" he continued. ""Short sales breathe life into local markets, and that is good for the entire country.""

In partnering with the Five Star Institute to provide discounts and incentives for becoming short sale certified, WREN is offering discounts on training fees and membership in its network.

(Note: The Five Star Institute is the parent company of _DS News_ magazine and DSNews.com)

About Author: Phil Britt

Phil Britt started covering mortgages and other financial services matters for a suburban Chicago newspaper in the mid-1980s before joining Savings Institutions magazine in 1992. When the publication moved its offices to Washington, D.C. in 1993, he started his own editorial services firm and continued to cover mortgages, other financial services subjects, and technology for a variety of websites and publications.
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