Raffi Tal has been successfully executing short sales since the early 90's and currently oversees all files as the company’s EVP. Under Tal’s leadership, I Short Sale, Inc. has become one of the nation’s leading firms in short sale volume. As an authority in the field of loss mitigation, Tal has been a guest speaker on the issue in various conferences, seminars and for a variety of media outlets.
As the economy continues its slow march to stability, recent indicators show that buyers are again slowly returning to the game. Existing home sales rose nationwide the month of December 2010 and seem poised to continue north for 2011. However, foreclosures are projected to increase during 2011 as a result of increased activity from lenders and more adjustable rate mortgage payment resets. Realtors could see increased activity this year in spite of what could be a tough year for homeowners struggling to keep their homes. Not only will lower home prices lure more buyers back into the market, distressed homeowners will utilize the short sale option as an alternative to losing their homes.
Short sale listings can be a lucrative niche for savvy realtors; however, short sales are extremely time-consuming. Successfully negotiating a lower price with the lender requires experience and expertise; and putting together a full documentation package to meet lenders’ requirements can be daunting. The short sale niche for realtors could prove to be a bottomless pit for realtors unless they really know what they’re doing.
Enter the short sale transaction specialists. These companies partner with realtors to handle the block and tackling required of short sale transactions. They handle lender negotiations as well as interface with both buyers and sellers on the realtor’s behalf to close deals. As a result, realtors not only enjoy the commissions generated from short sales, they have more time to pursue more conventional property listings.
Short sale transaction specialists are dedicated to streamlining the lender negotiation process. Remember, the bank doesn’t want to accept less than the property is worth, but they don’t want to end up with the property as a non-performing asset on their books, either. It’s a dance with the distressed seller, a proposed buyer and the cautious lender that short sale transaction specialists choreograph on a daily basis. Utilizing the expertise of these professionals, realtors can focus their efforts to capitalize on every aspect of the expected surge in home sales for 2011.
