How to Choose a Short Sale Realtor
When it comes to the concern of how to choose a short sale Realtor, it should be kept in mind that the process should never be taken lightly. It should be understood that a short sale transaction is complicated enough and taking on a Realtor that is incapable will only add to the challenges.
Do not get carried away by flashy websites or how many online courses they have taken about short sale transactions. Choosing a short sale Realtor involves much more than this if your goal is to settle financial obligations. The question of ‘how to choose a short sale specialist’ gained popularity around 2005, when the housing market crashed. Now, millions of short sales have been executed around the U.S.
Many Realtors have started looking at the transaction with more seriousness and greater possibilities compared to other options like foreclosures or loan modification. Essentially, 3-hour courses for short sale Realtor are just not enough to give the necessary training needed to be adept at this type of real estate transaction. This however does not mean that education should not be a factor in considering how to choose a short sale Realtor.
Factors on How to Choose a Short Sale Real Estate Agent
Understanding the dynamics on how to choose a short sale Realtor will help you to appreciate more the necessary factors to consider the capability of your real estate agent. Homeowners should be aware that there are potentially some real estate agents that claim to be short sale Realtors but do not have the education or experience to provide the service you need. To address the concern on how to choose a short sale Realtor, take into consideration the following…
Details about the Short Sale Process
Ask the details about the short sale process including the things to expect. The line of questioning should also touch on the type of services that they will provide including when and how much you need to pay for the short sale. In terms of how to choose a short sale Realtor, failure to give you clear answers on these types of questions should raise a red flag in your mind.
A qualified short sale Realtor should be able to discuss the details of the process; including the things to be expected by homeowners. Failure to answer your questions mean that either the short sale Realtor does not have adequate knowledge about the process or does not care enough to give clients information they need to know. In any of these cases, the real estate agent should never be considered to represent you during a short sale proceeding.
In terms of fees, a short sale Realtor should know the pertinent fees by heart especially if the homeowner is expected to pay a portion upfront. Although the practice of requiring upfront fees has been considered illegal in some states, there may be some fees that need to be settled immediately.
However, if the real estate agent cannot explain the reason for the fees, the homeowner should be alert to the possibility of walking into a scam. You should avoid real estate agents who say that they can guarantee results. In this industry nothing is guaranteed.
Ask the real estate agent to divulge past experiences including the number of short sale transactions they have handled personally. If possible ask for specific names of clients so you can do background checks. In the context of how to choose a short sale Realtor, you would definitely want to avoid someone that would be handling this type of real estate transaction for the first time.
An exemption of course would be if the agent you are considering is working together with a senior real estate agent who has a vast experience in the industry. In terms of how to choose a short sale expert, you would not want your short sale transaction to be a dry-run for a novice Realtor. If the Realtor cannot give out references, this should be a sign of something ominous that either there are no previous short sale clients or previous clients do not have anything positive to say about the services provided.
Do not hesitate to ask about potential liabilities that can happen as well as the risks involved when considering short sale transactions. This is actually a subtle way to inform the real estate agent that you want them to be honest and straightforward with you in your transactions. In the context of how to choose a short sale Realtor, you definitely would want someone who can be honest with you regardless of the experience level.
Because of the numerous variables involved in the short sale process like legalities and tax issues, it is important to work with a short sale real estate agent who can adequately discuss these consequences with you. It is of course not practical to expect all real estate agents to be tax or legal experts, but possessing a basic understanding of these important components of the short sale process would be advantageous to you. Definitely having clear understanding of law implications is worth considering in the process of how to choose a short sale Realtor.
As a homeowner, you should also seriously consider referrals from friends and family. Essentially these are people that you trust and know won’t steer you wrong. So consulting them on how to choose a short sale Realtor is also a good solution. It is highly recommended that any homeowner looking for a real estate agent to complete a short sale, search for an agent with experience and education. Our short sale specialists have closed on hundreds of short sales with lenders all over the country. We are a network of short sale real estate agents that offer short sale services for FREE!
Call us today to find out if you qualify!