Questions to ask the Realtor you are considering for your short sale:
Posted by Minna Reid on Tuesday, November 29th, 2011 at 2:15pm.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 experience in this area.
How many short sales have you personally closed on the listing side? Representing buyers in a short sale is a totally different ballgame than representing a seller in one. You are looking for someone who has closed multiple short sales on the seller side.
Out of short sales listed, how many have you closed? This is critical. Listing short sales does not mean closing them. You are looking for someone with a good track record of actually closing their short sales.
Who does your negotiating? Is the agent negotiating the short sale? Is negotiation being outsourced to a third party? Is the Realtor expecting YOU to negotiate your own short sale? Best to find out now.
Do you have experience with my lender? Ideally your agent will have closed many short sales with your specific lender(s). If your loan is with one of the big 5 – Bank of America, Chase, GMAC, Wells Fargo or Citi – you can definitely expect to find an agent experienced with those specific lenders. If you have a small unknown- this may be more difficult.
What kind of a timeline can I expect? Although no short sale timelines are set in stone, an experienced agent with a track record of success will be able to give you a general timeframe as to how your short sale will go.
What will happen with my second mortgage? A second mortgage adds some variables to the mix…if you have a second mortgage it is critical to find someone with experience working with multiple lienholders, and they will be able to prep you in advance for what to expect.
What is the difference between HAFA and a traditional short sale? Which would be more suitable for my situation? There are HUGE differences here. A solid short sale agent can explain the differences and set you up with the right expectations.
Minna Reid is a CT Licensed Real Estate Broker Associate with CG Real Estate, specializing in short sales, serving the Central CT including, but not limited to; Avon, Berlin, Bristol, Cheshire, Cromwell, Farmington, Glastonbury, Hamden, Meriden, Middlefield, Middletown, Newington, New Britain, North Branford, North Haven, Plainville, Portland, Prospect, Rocky Hill, Southington, Wallingford, West Hartford, Wethersfield and Wolcott.
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Share6 Responses to "Questions to ask the Realtor you are considering for your short sale:"
[...]GET THE RIGHT HELP! You’ll have the best odds of getting through your short sale successfully and with the least damage by having the right professionals represent you. Choose your short sale agent carefully.[...]
Posted on Monday, January 16th, 2012 at 8:27am.
[...]31
May
WANT TO BUY A SHORT SALE? WHAT YOU NEED TO KNOW.
Posted May 31, 2012 by Minna Reid in Uncategorized. Leave a Comment
We may be 6+ years into the housing downturn here in CT and short sales shouldnt be a mystery to anyone anymore…however I am still shocked at just how many buyer’s agents attempt to represent clients through these transactions without the slightest clue of how short sales work. This along with inexperienced listing agents on the other side of the short sale are likely the #1 reason so many short sales fail. Time and time again I see short sales fail simply due to agent mishandling. Sellers need to take care in selecting the agent to list their short sale.[...]
Posted on Thursday, May 31st, 2012 at 2:18pm.
[...]things go wrong?
Do you really want to be the desperate homeseller making that call?
QUESTIONS TO ASK THE REALTOR YOU ARE CONSIDERING FOR YOUR SHORT SALE
SIGNS YOUR REALTOR DOESN’T UNDERSTAND SHORT SALES
SHORT SALE FREQUENTLY ASKED QUESTIONS
GET[...]
Posted on Sunday, July 8th, 2012 at 8:38pm.
[...]CT homeowner first called me, she sounded rather hopeless. After a fruitless 6 month listing with another agent (who blatantly lacked short sale expertise), her home had just expired unsold. To add insult to injury, this agent then told her to give up, go[...]
Posted on Monday, October 1st, 2012 at 11:57am.
[...]YES….and…..NO…Regular old traditional short sales not involving any Special Government Programs have in fact gotten easier. Lenders themselves have beefed up short sale departments and streamlined their own internal processes and this has made much of a difference in the way traditional short sales are handled, at least when it comes to portfolio loans. When lenders dispose of their own assets – the short sale process has in fact gotten much easier.
Unfortunately lenders dont actually own many loans of their own. Fannie Mae and Freddie Mac actually own most loans (regardless of servicer) and Fannie and Freddie are now controlled by the US Government – which is certainly no model of efficiency or streamlining. Attempts to incorporate government control and third party vendors to “streamline” the short sale process has had only the opposite effect. HAFA - a dismal failure – only increased the red tape and lowered success rates on short sales.
FHFA introduced yet another set of new “streamlined” Fannie/Freddie guidelines in November 201. These new guidelines have produced their own set of problems including severe Fannie Mae valuation issues. At least so far, they have not proved to a be a success either.
As CT’s #1 short sale agent since 2010 I have watched a lot of changes take place in the short sale arena over the last few years…Without a shred of doubt I can say anything the goverment has done to intervene has only changed things for the worse. Should government have steered clear of housing and let the markets self-correct I am certain as a nation we would be far further into any recovery than we are today.
Meanwhile - short sales continue on. What is more important than ever is that homeowners considering a short sale do their homework and find a true short sale professional with lots of experience. The rules are more complex than ever before and it takes an experienced knowledgable short sale expert to understand them all and navigate your short sale to success.
QUESTIONS TO ASK TO IDENTIFY A SHORT SALE EXPERT.[...]
Posted on Monday, March 11th, 2013 at 1:14pm.
[...]cousin Vinny who happens to have a real estate license to take a stab at trying out short sales. Choosing the right REALTOR® here is critical.
Considering a CT short[...]
Posted on Saturday, December 10th, 2011 at 12:36pm.