| As millions of loans are now adjusting and as | | | | that's another story. |
| hundreds of thousands of those loans are in or | | | | 2. How many current listings of properties do you |
| headed for foreclosure, many homeowners are | | | | represent that are in foreclosure? Can I have |
| turning to real estate agents to help them in their | | | | those MLS numbers? |
| hour of need. | | | | 3. Are you a full-time real estate agent devoting |
| Unfortunately, most real estate agents are not | | | | all of your time to selling my home and the other |
| properly trained to handle the complexities of | | | | homes you have listed in foreclosure? |
| negotiating with a bank to successfully help the | | | | 4. How long have you been an agent / broker? |
| homeowner. The agents are at a complete | | | | 5. What formal training have you had in |
| disadvantage as many do not even realize that | | | | negotiating short sales? How much time did you |
| they are in a negotiation with a trained | | | | spend in that training? |
| troubleshooter whose job is to mitigate losses for | | | | 6. Please explain to me, in detail, what marketing |
| the lender. | | | | you are performing in relation to the sale of my |
| Most agents seem to be much more worried | | | | property? Can you please bring me over the ad |
| about how to make sure they get their | | | | sheets and invoices so I can see how much you |
| commission than helping the homeowner escape | | | | are spending on marketing MY property? |
| foreclosure. In the states with the highest rates | | | | 7. I realize a short sale can not take place without |
| of foreclosure, it takes less time to become a | | | | a buyer. Do you have buyers lined up ready to |
| real estate agent than it does to become a head | | | | go? You'll love the answer to that one! |
| cashier at Disney World. | | | | 8. As I am in foreclosure and I have special |
| In California you can become a real estate agent | | | | needs, and I have a definitive timeline in which to |
| and begin selling homes by taking an "open book" | | | | get my house sold...can I terminate my listing |
| exam that only requires a 60% grade or better | | | | agreement at anytime in case I get an offer that |
| to pass. In Florida, you can become a real estate | | | | does not come from you? I mean I have |
| agent by taking a one week class where they | | | | to..must..sell my home and I can't be burdened |
| give you a "simulation" of the answers in some | | | | with a listing agreement that obligates me if I find |
| courses, and in Nevada which has the strongest | | | | my own buyer and I am able to get out of |
| criteria, you can become an agent in as little as | | | | foreclosure. Will you release me if I find my own |
| two weeks. | | | | Buyer and can emerge from foreclosure? |
| All three only require a high school diploma. Is this | | | | 9. How many of your foreclosure listings have |
| the person that should be handling the | | | | ended being auctioned off despite your "efforts"? |
| "negotiation" of your home in foreclosure? If this | | | | I would like to know how many times you take |
| was not bad enough, now that we are in such a | | | | listings and have not been able to produce a |
| foreclosure crisis, most have had no experience in | | | | buyer? Can I have those MLS numbers? |
| this type of market and are struggling to learn | | | | 10. If I do get an offer, and it would allow me to |
| and complete what is called a "short sale". | | | | get out of foreclosure, but it would mean there |
| A short sale is where the lender agrees to accept | | | | would be no funds left over for you to obtain a |
| less than what they are owed in order to | | | | commission...would you first of all present it and |
| facilitate a sale of the defaulted homeowner's | | | | second of all not stand in my way and chase me |
| property. Most agents have had little, if any, prior | | | | down for a commission? After all..I think you |
| experience in this regard and are using the | | | | would agree, I am in somewhat of an urgent |
| homeowner's property as a form of | | | | situation. |
| on-the-job-training! All the while locking the | | | | ***by the way..we talked to the governing board |
| homeowner into the most outrageous one-side | | | | here in Florida and an agent would have to forego |
| listing agreement you could imagine. | | | | commissions if it meant you were able to save |
| This is absurd! So we feel it's important that the | | | | your house from foreclosure! Here's a bonus |
| homeowner in foreclosure find out what they are | | | | question to ask....can you please give me your |
| getting into, or what they are into, if they have | | | | answers to the above questions in writing on |
| already tied their hopes to the newly dubbed | | | | company letterhead? |
| "short sale expert" real estate agent. | | | | Let me save you the trouble Mr. |
| | | | Homeowner...your agent isn't spending any money |
| "10 questions to ask your real estate agent ... | | | | on your listing, short sales are the "in thing" right |
| before it's too late" | | | | now and your agent has had no experience in |
| 1. How many short sale transactions have you | | | | short sales, and he has no buyers or else the |
| successfully completed? Do you have the MLS | | | | home would not be on the MLS. |
| numbers of those that you have successfully | | | | You might want to start packing if you do not |
| completed? Remember they are licensed | | | | carefully and thoroughly interview the real estate |
| professionals and are not supposed to lie...but | | | | agent that comes knocking on your door. |