8 SIGNS YOUR REALTOR HAS NO CLUE ABOUT SHORT SALES
Posted by Minna Reid on Tuesday, November 29th, 2011 at 8:05am.8 SIGNS YOUR REALTOR HAS NO CLUE ABOUT SHORT SALES
When faced with the possibility of a short sale, it is very important to choose the right real estate agent. When interviewing, there are some signs your Realtor does not have knowledge in this area. Your financial future and a possible foreclosure may rest on this decision so choose carefully.
If you see these warning signs - you may want to reconsider your Realtor choice before it is too late:
Despite a market analysis telling you your home is worth about $150k, your Realtors pricing plan is to price it at $220k -just where you need to be to clear the loan and pay all the closing costs.
Your Realtor says she doesn't personally handle short sales - they have "someone in the office" for that...hmmm. You are now interviewing the wrong person. Interview that "someone in the office" or move on to interviewing another Realtor altogether.
Your Realtor tells you YOU will have to negotiate the short sale with the lender yourself to see if they "will allow that".
While discussing your situation, no questions are asked about your loan, such as: Whether you are behind, and if so, how far? How many loans you have? What the balances are on your loans? Who owns these loans? NO? Those questions never came up? Hmmmm......
No discussion of various different short sale programs happens (there is more than one kind).
Your Realtor doesn't need an authorization (your written permission to talk to the lender). They don't need that, because they have a "contact at the bank"... Turn and run the other way, NOW!
Your Realtor insists you WILL NOT qualify for a short sale for various reasons like....Your loan was modified...You're not behind...You have more than one loan...You own another home...You have good credit...Youre not destitute yet. (These short sales are more difficult, but possible).
Your Realtor admits they have never done a short sale before but they are willing to learn WITH YOURS! Isnt that nice of them? How would you like to be their guinea pig?
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[...]with Mr. Smith, we lost contact and a few weeks later I saw that his home was listed with another agent with no experience in short sales.
In September I got the second desperate call from Mr. Smith. Despite the fact there had been a[...]
Posted on Saturday, December 10th, 2011 at 1:26pm.
[...]to have someone working on your behalf who at least knows something about short sales. Beats knowing nothing.
But in the real world, a simple class is not enough to set up any agent with the knowledge[...]
Posted on Saturday, December 10th, 2011 at 1:34pm.
[...]its fair share of “disturbances”.
Before calling me, my client had been listed with a Realtor with no real short sale experience – which had resulted in nothing but the house sitting on the market as 6 months passed[...]
Posted on Saturday, December 10th, 2011 at 1:47pm.
[...]you are considering for your short sale:
How long have you been doing short sales? Even today, many real estate agents simply do not understand short sales, though they may volunteer to take yours on. Make sure the agent you are choosing has plenty of[...]
Posted on Saturday, December 10th, 2011 at 1:50pm.
[...]any old realtor. Your aunt’s best friend has a license. Surely she could use a commission check.
Price the[...]
Posted on Wednesday, March 14th, 2012 at 9:12am.
[...]TO MY INCREDIBLE SURPRISE – had still taken a $5,000 retainer on the listing despite knowing she was incapable of handling the transaction!!!!
Realizing very quickly that she was facing an inevitable short sale, my new client still had to[...]
Posted on Saturday, December 10th, 2011 at 1:24pm.