If you're thinking about a short sale - read on . . .

By
Managing Real Estate Broker with Winchester Real Estate Sales, Cornerstone Business Group Inc 0225086119
http://actvra.in/hFY

So, a short sale means that the Realtor has to be under 5' 3" tall?  No, not really, but there are a lot of scammers out there that are trying to convince people in distress that they are short sale experts.  In the process, the home goes into foreclosure and the homeowner's life is wrecked.  So, let me give a few simple guidelines when hiring a short sale agent.

  • Ignore every TV commercial that promises short sale success.  If the originators are not connected to a local broker you may have trouble verifying their credentials and their success.
  • Don't pay someone up front to short sale your house.  Going further under water will not ensure short sale success.
  • Ask the person you're considering to short sale your house if they've ever conducted a short sale before.  There are a lot of short sale experts out there that have never conducted a short sale.
  • Call the agent's broker and confirm they are qualified and backed up with a talented brokerage staff in the event something goes sideways.
  • Ask about short sale training.  Does the agent have a CDPE or SFR certification.  There are other good ones out there too.  If they do, you know they've been through the process of learning, even if they haven't conducted a short sale.  Good certifications are not totally necessary, but they do give the agent a broader understanding of the process.  An experienced, uncertified agent can be just as good.  Interview, interview, interview.
  • Ask the agent to give you a full rundown of the process.  Every experienced agent should be able to explain the process with the caveat that each lender may have some minor differences in procedure which may vary a little bit. 
  • If you can afford it, have your attorney review all documents before signing up with a short sale agent. 
  • Can they guarantee success?  Drop them if they do, because no agent can guarantee success in this area of real estate, but they can guarantee they will give it 100% of their efforts.  That's much more important.

Doing a short sale is a difficult process under the best conditions.  You'll want to make sure you are ready to comply with the lender's requirements, and you will want to find an agent who is there to support you through the process. 

 

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Re-Bloggged 8 times:

Re-Blogged By Re-Blogged At
  1. Lisa Wetzel 08/31/2011 10:44 AM
  2. Jennifer Prestwich 08/31/2011 10:52 AM
  3. Jose Siojo Santos 08/31/2011 11:15 AM
  4. Michael Collins 08/31/2011 12:05 PM
  5. Timothy Acord 08/31/2011 01:23 PM
  6. Sally English 09/01/2011 07:23 AM
  7. Chris Ann Cleland 09/03/2011 10:12 PM
  8. Sidney Kutchuk 09/05/2011 11:29 AM
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Topic:
ActiveRain Community
Location:
Virginia Frederick County Winchester
Groups:
Short Sale REALTORS®
Short Sales Pre Foreclosures Bankruptcy and More!
VIRGINIA
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short sale guidelines

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Rainmaker
721,322
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

Thanks, Lisa.  I hope so!!

September 01, 2011 03:33 PM
Rainer
34,352
Kim Davis
available for employment

I really like the part where you say:

  • Can they guarantee success?  Drop them if they do, because no agent can guarantee success in this area of real estate, but they can guarantee they will give it 100% of their efforts.  That's much more important.

There's really too many cooks in the kitchen to guarantee success.

 

September 01, 2011 06:14 PM
Rainmaker
721,322
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

That can be sooooooo true, Kim.  Thanks for stopping by!!

September 01, 2011 08:06 PM
Rainmaker
314,400
Dave Halpern
Louisville Short Sale Expert
Keller Williams Realty Louisville East (502) 664-7827

Short sale is really an unfortunate phrase created by the banks or whoever. It adds confusion to an arena that needs clarity.

September 03, 2011 11:32 PM
Rainmaker
721,322
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

That's for sure, Dave.  There is nothing short about a short sale.

September 04, 2011 07:56 AM
Anonymous
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Rainmaker
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Mike Cooper

Your Winchester, VA Real Estate Pro
Winchester has a place for you! Call me.
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