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Short Sales: A Long-Term Commitment

They say newspapers are dying. Well, for real estate this is becoming a reality. This week’s Monday Maine Maven, Marty Macisso, a realtor who specializes in short sales says, “the internet has almost entirely replaced traditional marketing.” Macisso started his career in consumer lending and mortgage financing, but when the market went south, he found himself helping homeowners with loan modifications and foreclosure prevention. His strong financing experience allowed Marty to naturally transition into short sales when he got his real estate license.

Short sales are often used as an alternative to foreclosure and in Maine, “homeowners on the verge of default and foreclosure have rights to Due Process through Maine’s court system,” says Marty. He adds that this system “prolongs foreclosures long enough to allow a short sale to happen.” Short sales can be a lengthy and incredibly tricky process and he says that many agents “take short sale listings and outsource the work to another party,” which Macisso finds to be a very concerning trend. Short sales require patience because the process develops and changes so quickly.

A trend he doesn’t find concerning is the growing use of social media in real estate. Marty says, “I started blogging about loan modifications and short sales using a basic WordPress site in 2009, and eventually that become my Web page.” His site contains videos for both buyers and sellers, which are posted to YouTube about market trends and legislature that can affect a short sale. He adds that “social media sites like Facebook and Twitter are very important in branding and getting your message out there; you get a great return on investment because it’s free and easier to track, unlike print ad campaigns.” The integration of social media and Google are factors Marty feels contribute to his success.

Born and raised in Maine and currently based out of Portland, Marty has a strong desire to get involved in his local community and has recently joined forces with the Portland Development Corporation. Their sole focus is supporting small business and drawing new business into the Portland area. “It’s rewarding in many different ways,” he says. He encourages realtors to look into short sales and see if it is something they want to specialize in, but warns, “sellers facing foreclosure require an agent who is living and breathing short sales—don’t take it on unless you have the time and are committed to learning the whole process.” He shrugs when asked if that’s all and says, “other than that, good luck.”

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