Questions to Ask Your Short Sale Agent from Alberta Buyers
Short sales have their consequences, but allows more control over the process, allows me to stay in the home longer, and may be less emotionally and financially devastating than the alternatives. Many real agent agents accept short sales, but are all “short sale specialists” the same? The answer is a resounding “no!” Here is why, along with some questions to ask a short sale agent.
Are you a licensed real estate agent and do you have experience in short sales? Short sales are not rocket science, but require an advanced level of skill that an inexperienced agent may not have. Everyone has to learn their craft somewhere, but you do not want an amateur or newbie handling selling your house. Your licensed agent should have at least three years experience in the business and several short sales under her belt.
Do you specialize in short sales? Short sales is a specialized field, so ideally your agent will concentrate his efforts in this area. If he does, he probably has the short sale packages on hand for several lenders, so he can get things started quickly.
Are you a full time or part time agent? Short sales require a lot of tedious follow up. Can a part time agent handle it and really sell this house?
What kind of training have you acquired? Training from National Association of Realtors (NAR) or the Certified Distressed Property Institute is great background, although this does not substitute for experience.
What is your success rate in processing short sales? An experienced short sale agent will have this information readily available. The more short sales he has done, the better.
Do you process short sales yourself or do you have other resources in your company to handle that? You want to know if the agent himself, a lawyer or other agent on staff, or a third party vendor handles the negotiations. Some vendors hire unlicensed “loss mitigation specialists” for $11 an hour to handle a short sale, which may not instill confidence in you. You are hiring someone to persuade the bank to accept thousands less than your loan to sell this house, so you want your case in the hands of someone who is competent.
What is your experience with my lender in a short sale? A experienced agent has dealt with several banks and should know how one lender works vs. another.
Do you see any special issue in my case? An inexperienced agent might over or underestimate the situation. As you interview agents, make sure to note variations in perception.
When will my short sale close? The closing date varies for each case, but an experienced short sale specialist should be able to estimate if whether it will take six weeks or six months with your bank.
All short sale agents are not alike. For the best results, make sure to do your homework before you sign with a short sale agent to sell your house. Interview several agents to make certain that the person is equipped to efficiently handle your situation. While you might be willing to go with someone you like in a normal real estate situation, with a short sale, you need to go for the experience and the track record.
Would you give a new short sale agent a chance to practice on selling your house fast?