Start here: plain lessons for agents new to default work.
Beginner
+3
Oct 28, 2026
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9 min read
For agents new to distressed homes: what default, foreclosure, short sale and REO (lender-owned) mean and what to check before you advise anyone.
+1
5 min read
For agents working with homeowners in default: the six foreclosure stages and how to look up your own state’s rules before giving a timeline.
+2
3 min read
For agents meeting homeowners behind on payments: how to compare value, payoff, liens and selling costs to see if a sale would really be short.
6 min read
Learn what a short sale is, how to check the shortage, who does what and the six stages from first call to closing.
7 min read
Learn what a broker price opinion is, who orders one, how it differs from a CMA, how agents get BPO work and what to check before accepting an order.
Learn how a CMA, a BPO, an appraisal and an AVM differ, who each is usually for, why they give different numbers and what to ask before you say yes.
For agents doing their first broker price opinion: how to accept the order, research, take photos, pick comps, submit and get paid.
4 min read
For agents doing BPOs: what a drive-by can and can't show, what interior access adds and how to label what you saw, were told and don't know.
For agents new to BPOs: how to choose comps, explain why each one belongs and check that the whole set makes sense.
For agents doing BPOs: the usual reasons a report comes back and how to fix it without changing your price just to close the request.
For agents: how to pull the key facts off a foreclosure letter and check the county record before you say what it means.
How keeping the home and selling differ for a homeowner behind on the mortgage, and who explains each option: servicer, HUD-approved counselor or attorney.
For agents starting a short sale file: how to get the current checklist, explain each request and collect documents securely.
Learn what to check, track and tell people after a short sale offer is submitted, from receipt and missing items to counters and approval conditions.
For buyer's agents: how to confirm what's being sold, read the auction terms and look past a low starting bid before a client bids.
Learn what an REO agent does, step by step, from the assignment and first visit to repairs, listing, offers and closing.
Learn who does what on a mortgage, from the lender and servicer to the loan owner and foreclosure attorney, with a role table, a sample file and a first-call script.
Learn what a deed, a promissory note and a mortgage or deed of trust each do, and why "the bank has the deed" usually isn't what it sounds like.
For agents: four checks to see if a homeowner behind on payments has enough equity for a regular sale, before anyone calls it a short sale.
Learn how a mortgage payoff differs from reinstatement, the loan balance and the past-due amount, with a simple net sheet example for agents.
For agents: how to spot second mortgages, HELOCs, unpaid taxes and other liens early, so your seller's proceeds estimate holds up.
For real estate agents: what a public foreclosure record can confirm, what it can't and how to write an honest research note before any outreach.
For real estate agents: what a homeowner's third-party authorization covers, what it doesn't and how to confirm the servicer accepted it.
For real estate agents: how to agree on a respectful next contact with a homeowner who is behind on payments and needs more time.
Compare beginner entry points in homeowner support, short sales, BPOs, buyer work and REO without assuming every agent should follow one path.
