• The trend now is that banks would rather do short sales (to avoid taking on the inventory) than foreclosures.
  • For buyers struggling to find a home in a particular price range, a short sale can be a viable option.
  • Educate yourself on short sales because buyers deserve an agent who knows the ins and outs of all types of transactions.

It’s time to dust off your short-sale packages.

And if you don’t know what a short sale is or thought you’d never have to learn how to do one, you are already at a disadvantage.

The housing market is potentially heading for a recession — the severity of which is yet to be seen — and for the major metropolitan cities and areas where house prices have risen the most, there will be no escape. Everyone will be affected by changing mindsets and attitudes about our economy and that includes local housing.

Short sale expert and real estate coach Michele McClintock says she’s already seeing it. Her coaching clients are asking to enroll in short sale training and with her connections in the industry, McClintock can barely name a ZIP code that doesn’t have distressed owners in growing numbers.

If you think there’s no inventory in your market, you’re missing the hundreds of distressed properties in your MLS. With a massive increase in broker price opinion (BPO) requests to major brokerages and 90 days to complete the new streamlined short sale process, this time of recession could be your greatest opportunity.

This time around, the market will deflate quicker and homeowners will abandon their home-saving efforts earlier, giving agents with the know-how a distinct advantage in making a difference in their communities.

Don’t ignore the signs: a continued over expectation of house prices, yet incomes are down 5% to 10%, sluggish new home starts in many markets across the country, and a five-fold increase in BPO requests.


Subscribe to Tim and Julie Harris’ podcast on iTunes. To learn about the topics we discussed in today’s show, join our next group-coaching event.

Tim and Julie Harris have over 20 years’ experience in real estate. Learn more about their real estate coaching and training programs at timandjulieharris.com, or schedule a free coaching call with them at freecoachingcallsforagents.com.

Email Tim Harris.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription