Is Your Real Estate Agent a Loss Mitigation Certified Specialist?

Every day, there is something on the news, the Internet, on blog sites, on social networking and even on the radio about the latest "scam" or horror story about how someone who is is in a distressed home ownership situation has been taken advantage of by people promising to help, but either don't have the ethics or training to work through the issues with their customers.

I myself, am embarrassed to say that the real estate community hasn't helped the situation much. There are too many realtors running around trying to get their hands into "the next growth industry" (foreclosures and REO properties) and even some who handle a book of business that is run unethically and to the detriment of the very people who need help. The banks and asset managers are also victim to these real estate companies that prevent valid offers from being presented or who don't maintain a property and allow it to deteriorate in condition and value.

Fortunately, there is a bright spot on the horizon. The Massachusetts Association of Realtors® recently held a certification course, which I attended, to educate Realtors® on all the issues surrounding properties and transactions involving foreclosure, short sales, properties at auction or bank owned.

The course was taught by national and local experts in loss mitigation and is designed to equip attendees with the tools needed to deal with short sales on both the buying and listing side; the process, ethics, laws, contracts and credit issues involved; and how to best approach lenders. This course also addressed the human element of these transactions as consumers potentially face losing their homes.

In addition to earning continuing education credits necessary for real estate license renewal, I felt a renewed sense of reward for being a licensed broker and Realtor® - bound to abide by a Code of Ethics.

If you are looking to work with a real estate agent in the near future, whether as a home seller, pre-foreclosure or short seller, or home buyer, be sure to do two things. Number one is to work with someone who is a Realtor® and a member of the local board of Realtors®. Equally important, is to work with someone who is Loss Mitigation Certified. We are trained to work with sellers, buyers and institutions to work through the complex issues involved with distressed properties and personal issues. While we are not attorneys or accountants, we do work closely with these professionals to serve our clients needs.

Look for the Realtor® and LMC logo on your real estate agent's business card and marketing materials. If you don't see the logos, give me a call. I'll be happy to help.

Martin