Advantages of Working with a Short Sale Agent
Many home buyers trying to do a short sale typically first of all find some short sale agent they can trust. Trust is the main factor for going through the process of short sale. If someone looking for a short sale, he may be asking friends and family members, coworkers for referring some reliable short sale agent. If you are a first time home buyer or doing short sale you need to be super careful while hiring a real estate or short sale agent. If you are not familiar with the short sale process and also hire an inexperienced short sale agent, then you will be inviting the problem to knock your door.
When hiring a short sale agent, most of the homeowners take the following elements into consideration.
- Is the agent experienced?
- Is the agent a neighborhood specialist?
- Does the agent possess specialized knowledge or has received training for specific types of transactions?
- How many short sale he/she has closed?
- What are referrals saying about the agent?
It should be realized that new agents have to start the business somewhere. If they don’t get a chance, they will never be able to get the required experience. Newer agents may be offensive when it is said that you should hire an experienced short sale agent to proceed your short sale. It may feel like old fashioned, but it is suggested to hire an experienced short sale consultant, so you can maximize chances of success and eliminate the worries and stress attached to the short sale process.
When it comes to hiring a short sale agent to help buying a short sale, you must hire an experienced short sale agent. There are too many things that can blow your mind if they go wrong in a short sale process. The person best equipped to handle a short sale buying, is an agent who understands the listing side of the short sale transaction as well.
Role of Buyer’s Agent
Typically, there is no huge involvement of buyer’s short sale agent in the transaction. The success or failure of short sale negotiation falls on the shoulder of the short sale listing agent. The buyer’s agent cannot speak to the seller nor can contact the short sale bank.
The buyer’s agent performs the active role at the inception of offer, by crafting that offer to protect buyer’s interest. That’s because there are elements inherent in a short sale offers that are not present in a regular transaction. Agents who list and sell a lot of short sales can identify these elements for a buyer.
Duties of Short Sale Buyer’s Agent
Normally, at the time of making an offer on a short sale, buyers wants some sort of assurance that the short sale will be closed. The buyers want to make sure that their offer will not be rejected by the bank and the home will not be sold to someone else in the market. A buyer may want to hire an agent with short sale experience because a short sale listing agent has first-hand knowledge of the short sale process. It does not mean that you should hire the listing agent for that particular property. Short sale agents performs a number of tasks that are required to close the sale.
Here are some of the things an experienced short sale agent will do:
- Verify the number of that listing agent’s sold short sales to determine the agent’s experience level. If the listing agent hasn’t successfully closed many short sales, that could be a red flag.
- Find out whether there are two loans on the short sale and the identity of the lenders. This information will serve to approximate the wait for short sale approval.
- Talk to the listing agent and ask whether the agent is negotiating the short sale or if it will be farmed out to a third-party vendor, which could cause delays.
- Ask whether the seller has a hardship. Without a hardship, it’s possible the short sale could be denied.
- Run the comparable sales analysis for the home because the list price could mean nothing.
- Eliminate the competition and the chances that the seller will send multiple offers to the bank.
Why You Should Hire Short Sale Consultant?
The process of short sale is lengthy and it may take weeks to months to complete the process. You may not be able to deal with the complications and technicalities of short sale without hiring a short sale consultant. You may not be able to deal with the lender, short sale banks and would find yourself helpless when providing the required documentation. A short consultant or short sale consultant firm will be your leader and will be taking care of all the worries and tensions attached to the process of short sale.