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.