This article is a must read for any real estate agent considering short sales as a marketing tactic, as well as any distressed homeowner considering a short sale. While written for real estate agents, it is an excellent post for anyone faced with a distressed property. Having called every agent with a short sale listing, in my three county area these past two weeks; I can attest to the pervasive frustration with the process. The banks avoid negotiations and submitted packages are incomplete or lost, or both. My calls were to guage the awareness of real estate agents as to the federal rules changes that take effect in April of 2010. Although that’s a little more than three months away, we feel the noose tightening around the treacherous lender’s necks. Mortgage modification experts, distressed homeowners, and real estate agents will all benefit. The most popular frustrations cited by real estate agents in short sales include bank non-cooperation and distressed homeowner non-cooperation. Lack of agent knowledge must be a factor too. The five biggest mistakes made by agents include lack of awareness of bank guidelines, incomplete file submission, not following up with property principals, and non-realistic offers. The article goes on to suggest a plan of action for short sale success. Creating a team is first. Finding motivated sellers is next. Distressed homeowners who are 30-60 or more days late on their mortgage payments seems to be a tip-off. Accurate and complete file submission is the ultimate goal. Following up and keeping all of the principals informed is the last point. Because the mortgage modification and short sale application process will be identical, I have allied my self with a superior short sale firm. They are able to speed up the short sale process for distressed homeowners and real estate agents alike. I can now focus on the counseling aspect of relieving distressed mortgage stress. The one thing we can do that no distressed homeowner and real estate agent can is get the responsible underwriter (usually called the loss mitigator) for the particular mortgage loan on the phone. We don’t let them off until they give us the answers we’re looking for. My short sale process is the best and most effective path a distressed homeowner can take. The harried real estate agent will benefit by closing more sales with less effort, and acheiving a reputation for accomplishment. When you want to the front of the line for either mortgage modification or short sale, call me. We know what we’re doing.