Agents specialize in short sale process, finding solutions | SierraSun.com

Agents specialize in short sale process, finding solutions

Nick Cruit
Sierra Sun

Coldwell Banker Residential Brokerage announced last week the launch of the “Short Sale Trusted Advisor,” a new program aimed at streamlining the short sale process

Over the past few years, in California especially, there has been an increasing trend of short sales and foreclosures, according to Mike Lombardi, Branch Manager for Coldwell Banker Residential Brokerage on the California side of North Lake Tahoe.

And as the loss mitigation departments in banks become overwhelmed by clients with distressed properties, Lombardi said their new program helps package short sale offers in a more efficient way.

“We see that short sales and REOs are going to be with us for the foreseeable future, so we have to know how to deal with these things,” Lombardi said.

The new initiative streamlines short sale transactions for lenders and educates the public, company managers and agents about the short sale process.

Kathy Mehringer, director of risk management for Coldwell Banker Residential Brokerage, said the program is in response to the “unprecedented challenges some homeowners face in today’s market.”

And when dealing with a short sale, it pays to be quick and efficient.

“If the short sale process isn’t done quickly, the foreclosure process could start,” said Lombardi. “And if the property goes into foreclosure, a short sale can’t be done because the owner has lost the property.”

A short sale is a transaction in which the seller’s lender agrees to accept a payoff of less than the balance due on the loan. The advantage of a short sale for the bank is that it can result in a smaller financial loss than foreclosing. For the homeowner, the advantage is avoiding foreclosure.

The Short Sale Trusted Advisor program includes a half-day training and education seminar for managers and agents, as well as a nine-page short sale package that is presented to the lender for approval. The package has already been distributed to agents throughout California and Arizona for their immediate implementation.

Though other real estate agencies will not have access to Coldwell Banker’s program, Lombardi said agents and brokers will start to see the way they package short sales and begin taking what works and applying it to their own deals.

Chase International will be holding a workshop on Saturday in hopes of providing options in today’s real estate market.

When: Saturday, March 7, from 10 a.m. to 2 p.m.

RSVP: 775-831-7300

Finance Options: 10 a.m.-11 a.m.

Ask the bank representatives and real estate attorneys.

– Refinance or renegotiate my loan?

– Reverse mortgage?

– Loan modification?

– Lease option?

– Deed in lieu?

– Bankruptcy?

– Seller financing?

– Credit consequences?

Options Today: 11 a.m.-noon

Ask a rental agent, contractor, designer and more.

– Should I consider renting my house?

– Tips to make your home look best?

– Remodel or tear down?

– Reduce monthly costs?

Solutions Now: Noon-1 p.m.

Ask certified default specialist, certified loan modification specialist, real estate agents working short sales and foreclosures successfully.

– Short Sale process, how does this work?

– Foreclosure process, how does this work?

– Load modification and the process, is this a possibility?

Mixer with Industry Professionals: 1 p.m. – 2 p.m.

Local businesses will also be on hand to answer your

specific questions.