Here are the top ten tips for succeeding in short sales:

Be knowledgeable. Nothing beats good training. Knowing the short sale business allows to quickly assess foreclosure situations and determine whether or not to be involved.

Understand the foreclosure process. The principles of foreclosure are timeless and basically universal. However, foreclosure law varies state to state. Each state has its own foreclosure version. In the least, a short seller must be a master of this subject.

Know the legal boundaries. There is only so much a short seller can do. Crossing legal boundaries can easily result in judicial problems. In real estate, regulations are most often broken by not being aware, rather than by willful intention. However, the law is not forgiving of ignorance.

Work only with motivated clients. Pre-disposed clients are open to be helped. It is only fair for the client to ask questions and request references. However, it is waste of time to have to convince people.

Be helpful, not judgmental. Short sale clients need help, not judgment. The transaction will strain as soon as the short seller passes from helpful to judgmental. Even judgmental thoughts negatively affect interactions with clients. Attitudes create problems. Too many problems and the transaction will not close.

Make sure the client understands the benefits of a short sale. A short sale is almost always better than a foreclosure. However, this is not always evident to the client. Clients unsure about benefits usually don't cooperate enough. Saving credit rating needs to be important to client. Clients that will still owe if foreclosed tend to be the most cooperative. The short sale benefits are addressed in another article.

Clearly explain what needs to be done. Short sales take time, effort, have a protocol and require the client's full collaboration. The payoff of a few minutes invested in educating the client is a smoother transaction.

Fully disclose. Tell exactly what, how and why things need to be done. This will keep the client from having any doubts. Doubts lead to discomfort. Discomfort leads to lack of trust. Clients that do not trust soon think that the agent or investor has something to hide. Once this happens, despite the best intentions, matters are questioned. The end result is usually an incomplete transaction. Incomplete transactions are a waste of opportunity.

Ensure earnings. Short sales take time, effort and expertise. This needs to be rewarded. To make sense, a short sale transaction needs to be win-win-win. The homeowner avoids foreclosure and its ongoing negative ramifications. The lender recovers more of the loaned principal sooner. It is only fair that the short seller earns well. If not it is a loss.

Get testimonials. Evidence of satisfied clients is unbeatable. Testimonials are proof of competence, experience and honesty. What is the key to obtaining testimonials? "Ask and you shall receive". Asking is for free. Ask for the testimonial immediately after closing. Better yet, right prior to closing, ask the client if so far they are happy. This will pre-commit the client. After closing, the longer it passes, the lower the quality and the lesser the likelihood a testimonial will be created.

Short sales are very interesting transactions. Plenty of well-trained real estate professionals make a good living with them. Following these ten tips will ensure continued success in this real estate endeavor.

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