Recent shifts in the real estate, mortgage and lending industries have prompted federal regulations to change and consider even dramatically larger changes for consumer protection and economic stability. With the increased foreclosure, short sale, and FSBO markets, real estate professionals need to stay on top of the changes to continue professionalism and stay out of trouble.
     There are literally hundreds of foreclosure, short sale and auction websites trying to lure the consumer to buy or to sell - but as a real estate professional, if you don't know which websites are legitimate, it is difficult to council your buyers and sellers or be involved in the transaction.

What you should know....

• You've been told before...
  "READ THE FINE PRINT"! It's a fact that more than 35% of people signing a document do not read the document before applying a signature - and of the 65% reamining, more than half do not understand what they read. These numbers are even worse when it comes to the internet and modern technology. Have you ever just checked the box that says "I have read and agree to the terms" when signing up for a website or installing software? You're not the only one.
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• If it Sounds Too Good to be True...
  It usually is.... Don't get caught in the trap! There are many scams that take deed of property, and there are many more that are probably being figured out by scam artists, so be aware. It's not just the people trying to take possession of the properties, but the homeowners themselves who may be trying to avoid litigation by working with a real estate professional. Protect your business and future. If you're not sure, do some homework - it could save your reputation and your business.
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• Advertising or Selling...
  Take control of your market... If you're looking at a website for foreclosures, short sales or auctions, check to see if they are selling or advertising the property. If they are selling the property, they must have acquired the property or the right to sell the property from the deed holder. If they are not licensed real estate professionals, you could get less than you bargained. If they are advertising, you have a better chance of dealing directly with the deed holder, negotiating a better price and negotiating terms of the sale.
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• It never hurts to ask...
  The right questions... You might not like the answer, but you'll usually get an answer. Well, the answer might not even be the truth; but if you've done your homework, you'll be able to discern the facts from the fiction. If you've asked the right questions, done your homework and weighed your options, you'll probably come to an informed decision about the transaction, property or client.
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• Do your homework...
  Success is your grading system... If you're one of those people who cheated off the kid next to you in school, or the person whom everything just came naturally, it's time to buckle down and brush up. The real estate industry hasn't dramatically changed in the last 30 years, but with the recent market changes, regulations, sales techniques, the skills necessary to thrive have been modified to adjust to the changes. Yes, the basics of business strategies still apply, but the approach and market demographics have had a whole new impact on real estate.

     Above are five key tips, but where do you get your information.  We've stressed www.realtor.org but there are many other helpful resources. The US government www.huduser.org website is another great resource to get information right from the source with special market studies and cityscape newsletters. You can also find more information from the FHA website with the most recent changes to lending limits to homeowner assistance.

     The new HomeSales.gov website offers FHA, HUD and government owned properties directly from the government. The best part of the website is that in order to buy a property, you have to work with a licensed real estate agent to place a bid, plus a special real estate agents corner on the FHA Homes for Sale section by state. Become an expert for your buyers and sellers!

 Keep working your plan!