The Day And The Life Of A RE/MAX Professional

The ongoing need for a streamlined short-sale process was highlighted in a lengthy Aug. 5 USA Today cover story that referenced RE/MAX International Chairman and Co-Founder Dave Liniger and a RE/MAX Sales Associate in Florida.

The 1,500-word article, "Home Sellers Frustrated as Short-Sale Deals Collapse," described how the process can drag on for months, often causing potential buyers to tire and give up along the way.

The article noted Liniger's leadership on the issue. "Some real estate groups also are trying to improve the process," writes USA Today reporter Stephanie Armour. "RE/MAX International Chairman Dave Liniger says his company is aggressively working to train agents on handling short sales and other so-called distressed properties. Instead of eight weeks to close a short sale, trained agents can get them done in two to four weeks, he says."

The article also related an anecdote in which Ed Goldfarb, a Broker Associate with RE/MAX Power Pro Realty in Davie, Fla., helped a seller through a 17-month ordeal that culminated with the short sale of his house. Goldfarb, a vocal advocate for short-sale reform, submitted seven offers before an eighth was finally accepted.

An excerpt: "Chase Bank, his mortgage servicer, rejected the first offer, which was $14,000 over what was then fair market value, according to Goldfarb. On the next seven offers, the bank took months to respond. Each prospective buyer got tired of waiting and canceled the contract. The eighth offer, accepted in May, was $24,000 less than the first one that Chase rejected in February 2008, Goldfarb says."

On a hopeful note, the article suggested that a remedy might be on the way soon: "The Treasury Department soon will detail a plan to streamline short sales by providing standardized documentation and cash incentives to lenders and a moving allowance to homeowners." In May, Treasury Secretary Tim Geithner announced his department's support of short-sale improvements, noting that details would be forthcoming.

Behind the scenes, RE/MAX leaders have actively pushed for a streamlined short-sale process, says Mike Ryan, RE/MAX International Senior Vice President of Media and Training. They've met with government officials, housing agencies, key lenders and other real estate leaders to develop strategies and promote short sales as an effective way to curb foreclosures.

"It's good to see the short-sale discussion moving from the business section to the front page. It needs to be a priority," Ryan says of the USA Today article. "Short sales benefit sellers, buyers, lenders and communities. They present a reasonable alternative in an unfortunate situation. We're hopeful that official action to improve and standardize the process will be taken soon."

RE/MAX, Ryan notes, leads the industry -- by a wide margin -- in agents holding the Certified Distressed Property Expert (CDPE) designation, which denotes advanced training in helping families facing foreclosure.

More than 6,000 RE/MAX Associates -- nearly 10 percent of the U.S. sales force -- are CDPEs, Ryan says. A recent survey showed that CDPEs averaged almost 25 closed transactions in the 12 months from June 2008 to June 2009.

We at RE/MAX Elite are committed to the CDPE designation because of how it enables us to service our distressed Customers, which is why the majority of our Agents have or are in the process of obtaining this crucial training.  If you or someone you know is facing a hardship, please don't hesitate to give us a call.  

Respectfully,