Note: To follow is part two of an excerpt of a radio show interview conducted by Peter L. Mosca, host of Income Property Investment Talk dot com, with Linda Yates, who develops and leads the Real Estate Training Division on behalf of Foreclosure.com. To learn more about Foreclosure.com's programs, go to http://plm.theagentuniversity.com. To listen to the show archive or download an MP3, go to www.IncomePropertyInvestmentTalk.com/032410.

Mosca: What is the shadow market today as it relates to foreclosures and do you think banks are holding inventory in a way to keep those local markets as healthy as possible?

Yates: I'll answer that last question first. We definitely know that they are, and that there is a process for that shadow inventory. It's going to be a very controlled process as they continue to release properties out into the market. What's interesting, too, is I travel around the country and speak to folks who are managing REOs or foreclosures from the banks. There are buyers for foreclosures; there's multiple offers for those, but then those REO brokers that are actually working with banks continue to ask for more listings. Everybody's being told, "it's coming, it's coming." I know back in September, we were hearing November and December, and we saw some more inventory come on, but again, very slowly, and I think very controlled in that aspect.

Mosca: Is that good for investors, too?

Yates: It is a great opportunity as well for investors. We're starting to see that in the type of questions we get to our "Contact us." Folks know that it won't stay this way forever, which is a great thing, but when the opportunity is had in your market as it hits that bottom, and just starts to peak, just a little bit, that's where people want to be able to jump in.

Mosca: What's your advice to folks who are being bombarded by what seems to them to be contradictory information from the media about the current market for real estate?

Yates: That's a great point, and I think sometimes we do get inundated with what's going on in the media or it's one myopic viewpoint on one area of the country, one little story that then gets exploded. Taking that all, with a grain of salt, watching and paying attention to what's going on, what's coming out of like a Freddie and Fannie, watching what they're reporting and what they're saying and participating in industry type of news, the different stories, those are really where the pulse is and where the best information can be had on exactly what's going on. Even paying attention to sites such as Foreclosure.com and just watching what's going on with the inventory, watching all the numbers. On our homepage we show the data that we have. Just watching what those numbers are, and touching back in and looking, doing your own research as well as talking to people in your own market. Getting involved in local investment clubs is important, because then that gives you an opportunity to hear from investors and agents and brokers in your area what is actually going on in your market. The best news and the best resource is talking to people that are out there doing it and that are on the street.

Mosca: Can you talk a little bit more about education for the real estate agents, brokers and agents out there listening to us right now and the consumers who want to work with brokers and agents who have their pulse on the market like you say and are taking this education, maybe you could talk a little specifically about Agent University and what you are offering to professionals in that regard?

Yates: It's been an absolute delight to be working with you as well in the creation of that designation CCFA, http://plm.theagentuniversity.com. We have an Agent University, almost 30 different offerings of different courses for agents and brokers that are interested in doing and dealing with the distressed space, be it short sales or REOs or as Peter mentioned, our latest designation is our Certified Commercial Foreclosure Agent. We also have course work that talks about marketing and using technology and leveraging Web sites since we know that 84% of the buying public spend a lot of time online before they even ever reach out to an agent. The world of how real estate is being transacted is changing in the way that people are doing their research. At Agent University, we have at this point three designations. Our first is our Certified Foreclosure Agent designation. We actually have 3 different tracts on that. Our specialist tract is really for that beginning agent in the distressed space that just wants to get their feet wet. They are going to do maybe a few transactions a year. Our second designation in that tract is our expert level where they have to take more coursework as well as actually put an affidavit together, an attestation of how many deals they've done working in the distressed space, working with REOs. Then, our highest level of our designation is our master level and that's for the agent that eat, breathe, and live REO management, marketing, maintaining, doing BPOs. This is a very large part if not all of their business.

Mosca: What are your other designations?

Yates: First, our Certified Short Sale agent. The curriculum is designed and timely because we include that HAFA training in there and we are always updating our curriculum. Last year was the year of the modification. This year is the year of the short sale and we know and as mentioned, properties are looking at that and people are looking at that. They don't understand that and so that's part of the educational process as well, educating that agent so they can then educate their consumer base and as they work their particular markets. Lastly, our Certified Commercial Foreclosure agent is an incredible curriculum developed by Peter L. Mosca and Michael Anderson. It basically takes the agent/broker through the entire transaction looking at all of the different parties involved in that transaction and how to navigate those waters in the commercial setting. We have some great course work as well included on that. We are excited and proud of those designations. Also, we are working on some others and I won't mention what they are but that's part of what we do. In our development, we have had the opportunity from some of the large real estate brands that have partnered with us to promote our designation as well as have us come and provide our certification training at their international conferences. That's been a wonderful, tremendous opportunity but our goal is to teach those agents about this space so that they can be profitable anytime and understand exactly how to navigate through the waters of distressed real estate and then really at the end of the day to educate the consumer and that is a big piece of what we offer here at Foreclosure.com.

Mosca: You enjoy what you do?

Yates: I'm a cheerleader for education. I am a big believer that knowledge isn't power, however applied knowledge is. Those folks that get our designations automatically get placed into our broker network with an expanded listing for 12 months time, which is a great opportunity. As I mentioned at the very beginning of the show, we have a lot of traffic, over 6 ½ million visits per month to our site so folks are looking for experts on our site to help them through our process. By getting our designation, they're getting that marketing power behind them as well as we give them marketing information so that they can promote it and use that as they are applying for the job to work with banks to do REO management or perform brokers price opinions. That's part of what we bring to the table as well.

Mosca: There are multiple opportunities right now in the distressed place that says if you want to create a niche in BPOs and generate some revenue that way you can do that. Your education appears to be addressing the niches that exist in this particular real estate market?

Yates: Yes, that's a great point. We focus on short sales and BPOs. We also focus on how to use the social networks in the distressed space. Plus, we are watching the commercial market right now continue to evolve and grow on that distressed place. Absolutely.

Mosca: What is your golden nugget?

Yates: Now is the time. Now is a great opportunity not to go blindly into something and not to get pulled into infomercials and schemes, but really doing your homework and getting educated. There are so many different resources out there in that you can learn about the market. There are people out there that are more than willing to help and getting involved in your community and watching, watching and taking time to farm the ground. One of the things that I mentioned, an article for our newsletter, we have a couple of different newsletters, is the farming, the farming of your own neighborhoods be it driving in your car on a Sunday afternoon and just checking out your neighborhood. You begin to recognize properties that may be in distress and you may see opportunities and they are right in your neighborhood. There's an opportunity there to walk into perhaps a great deal. As well, driving, running, biking, whatever it is you like to do but just being on the lookout and being aware. I think so many times we get so involved in our world right, in our day to day activities, we've got to do this and we've got to do that, that sometimes we don't think about what is it that we want for our future and to lay out those goals. I guess that's the golden nugget is to begin to envision what that plan would look like for you, write it down, and start doing research and spend time on that plan and on that vision, if this is something you really see value in, an opportunity for you and your personal financial growth. Real estate by far is the best investment still to this day and I think always will continue to be so.