Short Sales Require Experienced Agents
Every week I hear stories in the office of agents who have taken short sale listings who have never worked on a short sale. They don’t know what they’re doing, and you are putting your financial future at risk by hiring them to sell your home.
Here are two critical questions you need to ask your potential agent:
- How many short sales have you successfully closed?
If the answer is zero, regardless of any fancy “certifications” they may present to you, and regardless of how big they talk the talk, do not use them to work your short sale. Always investigate that agent to find out if they’re telling you the truth. With a few keystrokes, it’s very simple to research whether or not an agent has every closed a short sale.
- Do you handle the negotiation on your own?
If the agent you’re interviewing aims to hand off the negotiation to a 3rd party company, steer clear. That 3rd party is going to charge you a fee, and charge your agent a fee, and the success of the closing will be out of your agent’s hands. You’re hiring your agent to represent your best interests. There’s nothing wrong with hiring an attorney to assess the potential results and review the agreement between you and your lender, but hiring an attorney to negotiate on your behalf will simply cost you money and time, and will keep you and your agent in the dark.
A Sale is a Sale, A Car is a Car
No it isn’t. While short sales involve all of the strategies that we normally use to sell a house, a short sale is not a regular sale. Each seller’s situation is unique, and a clear understanding of what will, and what could happen is a required attribute of your listing agent. That quality comes only with experience.
Even though your neighborhood mechanic understands the general principles of how a car works, if they are accustomed to working on Chevrolets, they are not qualified to repair your Honda. Sure, they may be able to do it, but at a greater potential cost to everyone involved.
Why would you place the successful sale of your upside-down home in the hands of an agent who has never closed a short sale?