Amy Hoak’s timely article on HAFA and short sales in yesterday’s Journal concludes with timely advice that I wrote myself the very same day. The article focuses on the many pitfalls of short sales, as well as the new HAFA (Home Affordable Foreclosure Alternatives) regulations which are set to go into effect on April 5, 2010.
Here is what I wrote yesterday:
Yet people still do not ask their prospective agents how many short sales they have closed. You simply cannot be a specialist with no experience; I’m sorry. I don’t care if you have a PhD or a photo shaking the Pope’s hand. What they taught you in class simply isn’t all it takes to handle the loss mitigation department of a lender. Sellers need to understand that if they hire an inexperienced agent to do their short sale, they do so at their own peril. I’d never want a surgeon cutting their teeth on my gall bladder, a lawyer apprenticing at the expense of my freedom, or an agent getting their feet wet at the expense of my finances.
Simply ask : “How many short sales have you successfully closed?” prior to listing your home. That will guide you far better than a patch on their arm.
Sellers at the conclusion of the Journal article are advised much the same thing: to ask their prospective agent how many short sales they have successfully completed, and how many were lost to foreclosure.
Obviously, the word is getting out. Experience trumps marketing when your financial life is at stake.
J. Philip Faranda
New York Short Sale Team 
This is an interesting article. Thank you for the read. 🙂
I second that. Designation don’t make you an expert and this is one of those things that you can only learn by doing. Beware of who is doing the teaching! There are many people out there trying to take advantage of the short sale situation. Anyone who has had any experience can tell you its not easy. As a practicing residential realtor I found the solution to work with a reputable negotiating company as the solution for my sellers. They have a wonderful track record and are current with all the pertinent details relevant to the transactions. As an agent you deal with you seller or buyer or both and you learn the intricacies of the transactions. If you want to branch out on your own you can but I found for myself that I would need to hire at least another person or 2 so that I could maintain my regular practice.