What Makes a Good Northern Virginia Short Sale Listing Agent?

By
Real Estate Agent with Long & Foster REALTORS®, Gainesville, VA VA License # 0225089470

What Makes a Good Northern Virginia Short Sale Listing Agent?

Northern Virginia Sellers that find themselves underwater in their mortgages vs. property values have tough choices to make when financial hardship sets in.  A Short Sale is the preferrable choice, but how do you find a good Northern Virginia Short Sale Agent?  The ads are everywhere in the papers.  Every Northern Virginia Listing Agent seems to be claiming to be "the one" you must choose. 

Choosing a good Northern Virginia Short Sale Listing Agent isn't as easy as it seems.  When you're looking for a good Northern Virginia Short Sale Listing Agent, you shouldn't start with ads.  Start by speaking to a Seller who has been through the Short Sale process.  Get a referral.  People who've had good experiences spread the word.  And if you can't do that, there are some things to remember when interviewing Northern Virginia Short Sale Listing Agents.

1)  Find someone who is experienced with Northern Virginia Short Sales.  Ask when they became involved.  Are they Johnny-Come-Lately to the scene, or someone who has been learning the lessons of this market first hand, getting their hands dirty?  Find out how many they've sold, how many they've had approved and how many they've listed.  Find out what banks they've dealt with in the world of Northern Virginia Short Sales.  Someone whose already had success with your bank is someone who knows what your bank requires in terms of paperwork.

2)  Find a Northern Virginia Short Sale Listing Agent who will negotiate the sale themselves.  Many Northern Virginia Short Sale Listing Agents believe they are far too busy to handle that themselves, and outsource the work to a negotiator.  Believe me when I say, no one works as hard for a Realtor's® payday than the Realtor® themselves.  And the only way we get paid is if the Northern Virginia Short Sale gets approved and sold.  So for a Northern Virginia Listing Agent to tell you they are too busy to negotiate the sale themselves, they are really telling you they'll take the payday if someone else can get it for them.  They are not taking your hardship personally.

3)  Northern Virginia Short Sale Listing Agents also need to be well respected within the Realtor® community.  Why?  The Northern Virginia Short Sale Buyer's Agents know that the Short Sale Listing Agent can make, or break, a deal.  They are the center of the transaction.  So if a house is in great condition, but listed with someone who has a bad Short Sale Listing Reputation, why bother.  Chances are slim a Northern Virginia Short Sale Listing Agent with a poor reputation will close the deal.

4)  Communication is key in a Northern Virginia Short Sale transcation.  You must find a Northern Virginia Short Sale Listing Agent that is committed to communicating with you, the Bank and the Buyer's Agent on a regularly scheduled basis.  If you have a Short Sale Listing Agent communicating with just you and the bank, the chances are the Buyer will walk.  They have no idea what is happening, assume the worst and start shopping elsewhere.  So you may end up with an Approved Short Sale and no Buyer.

5)  A good Northern Virginia Short Sale Listing Agent will also know the absolute best way to make sure you are not working with a Buyer that is not committed to waiting for your Short Sale Approval.  The know the signs of a wishy-washy Buyer, or a wishy-washy Buyer's Agent.  They can help you make counteroffers to ensure that when a Buyer accepts, financially commits them to waiting.  They also don't misreprsent time lines or prices to Buyers and Buyer's Agents to get any old offer to throw at the bank for approval.  They know the difference between waiting for the right Buyer and wasting time with the wrong Buyer.

6)  Finally, find a Northern Virginis Short Sale Listing Agent that knows what they are talking about.  If you talk with a potential Listing Agent that is not mentioning potential tax, credit, legal  and financial ramifications of a Northern Virginia Short Sale, you're in trouble.  You're in bigger trouble if they don't have a rolodex of Attorneys to refer you to for tax questions, bankruptcy questions and to get your Short Sale Approval Letter reviewed.  The stakes are high when you are asking a bank to forgive mortgage debt.  They are higher if you do not meet certain tax amnesty guidelines set forth in the Mortgage Debt Relief Act.

When you find a good Northern Virginia Short Sale Listing Agent you'll know.  They don't back down from any question you ask.  No stammering.  They know their business.  They know their time lines.  They know what makes a good Northern Virginia Short Sale Buyer's Agent.  And most importantly, they know their Northern Virginia Regional Sales Contract and the definition of Short Sale Approval to best protect your interests. 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Anne Clark 07/09/2010 10:56 PM
Topic:
Real Estate General Information
Location:
Virginia Prince William County
Groups:
Short Sale REALTORS®
Short Sales Specialists
Virginia Foreclosures Short Sales and REO (and Pre-Foreclosures)
Tags:
northern virginia short sales
finding a northern virginia short sale listing agent
successful northern virginia short sale listing agents

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Rainmaker
893,593
Donna Foerster
Cherry Creek Properties, LLC - Parker, CO
Metro Denver Real Estate Agent

Chris Ann~ Rich and I have been negotiating our own Short Sales since we got started with Short Sales more than 7 years ago.  We believe the personal touch is to important.

July 16, 2011 12:37 PM #2
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Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Donna:  No to mention that if you are going to look a Short Sale Seller in the eyes and tell them what's happening with their sale, you better darn well know.

July 16, 2011 01:15 PM #3
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Chris Ann Cleland

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