The right real estate agent for your short sale
Published On: February 3, 2011 Posted by: TownsRealty
Short sales often remind me of something that is intricate and needs a lot of work, patience and knowledge. Short sales are rewarding for the professional real estate agent that handles them and gets a great result in the end and saving the homeowners from a foreclosure or bankruptcy.
There are many aspects of a short sale that need to be known by a homeowner that is looking to short sale his home in order to prevent foreclosure or bankruptcy. You cannot hire any real estate agent to do your short sale. You need a knowledgeable, experienced and diligent real estate agent who knows the in and outs of a short sale and has processed lots of short sale.
And you may ask why that is. Well for starters a short sale that is not processed properly from the beginning to the end can fail. How can a short sale fail? Let me count the ways.
- If the real estate agent that you hired to help you with your short sale has no knowledge of the short sale process, you probably wont get questioned by that agent on your financial situation and you will not know if you qualify or not for a short sale.
- If your home is not priced correctly, it will sit on the market for ever and you will walk into a foreclosure situation.
- If when you get an offer, your agent doesn’t bother to make sure that the buyer is qualified for that price and also that the offer is a reasonable one considering the current real estate prices in your neighborhood or area.
- If you get an offer that is too low and it is sent to the bank for review and after 3 months or more of waiting you find out that the buyer cannot afford your lenders counter offer.
- If you get an offer that is way above the market price because neither your agent or the buyer’s agent didn’t bother to find out what the correct price for your home is and your lender after many months is approving your short sale but the buyer cannot obtain financing because your home value is less than what the offer was written for
- If your agent doesn’t follow up weekly with your lender to find out the status of the short sale to make sure that your file is not at the bottom of the batch with no result
- If your agent does not keep in contact with the buyer agent to find out if the buyer is still qualified or interested in your home
- If your agent does not keep the buyer’s agent informed of the short sale status so the buyer knows that the short sale is in a working progress and not stalling.
And the list can go on….That’s why is so important to choose knowledge when you have to short sale your home in order to avoid foreclosure and even bankruptcy.
There is a saying out there: “Knowledge is power” ….indeed it is