1. Listing the property at an amount that insures the property will go to foreclosure. (Not negotiating a big enough discount)

2. Failure to disclose that the sale of the property will/may require the lender's approval of a short sale in the MLS.

3. Allowing a listed property to remain on the market after the owner has filed bankruptcy. You must talk to the bankruptcy Trustee to leave it on the market.

4. Failure to have the seller disclosure form completed correctly.

5. Failing to understand that the lender cannot/and will not make a determination until they have received all the hardship package information. (With supporting documentation from the owner)

6. Advertising the co-op at 3% or any number on the MLS. The lender will always determine the actual commission which will be paid. I recommend you put 50/50 for the commission slot in the MLS unless you already have approval from the lender.

(My personal opinion is that the buyer-broker should actually get the full commission and the listing agent take a discount if required. For instance, if I'm the Listing Agent, I'll take 2% if the lender only pays 5% instead of 6%, and offer the 3% to the buyer-broker. It's good business etiquette.)

7. Failure to understand the role of the Loss Mitigation Department and how to best interact with them. "Give them what they need to get what you want."

8. Allowing the property to remain on the market AFTER foreclosure. Watch your listed property and know what stage it's in at all times.

9. Lack of understanding of the foreclosure process and not being familiar with the documents and state and Federal laws, which are applicable.

10. Failure to get the training needed so you don't make the above listed mistakes!

We keep hearing about a "slow" market, blah blah blah. Well, if you really are that slow, there's no better time to improve your realtor skills and knowledge than by taking some time get education on your weak areas. We always need to keep educating ourselves. The only constant is change. Many of us are seeing a side of the market we have not yet experienced so jump in and learn! There are many FREE seminars out there that are extremely helpful. Be the best realtor you can be for your clients, then you will still have a real estate business in 3 years.

Good luck!