| They're everywhere you turn. On billboards, bus | | | | good for you. |
| stop benches, and flyers at the local restaurant. | | | | Also, find out about any fees you need to pay, |
| All of them claiming to be "#1" in some category | | | | especially if they are to be paid up front. This is |
| or another. I'm talking about the flood of Realtors | | | | now illegal in many states and almost always a |
| out there, and specifically short sale Realtors... | | | | sign of a scam. Even if it isn't a scam one people |
| Can it all be true? That many #1 Realtors out | | | | get paid their motivation to work for you goes |
| there? Can that many short sale realtors be there | | | | way down. |
| to help hurting homeowners? Ready to cross the | | | | If your short sale Realtor promises you the world |
| old lady across the street and save the day for | | | | and says they can guarantee results...RUN. There |
| folks who would otherwise face | | | | are no guarantees in this game and they are |
| foreclosure?...hhhmmm....let me bring you up to | | | | either lying or totally ignorant to reality. Not a |
| speed a bit. | | | | good choice. |
| From my experience as a short sale Realtor in | | | | 2) Find out about past experience and whether |
| the Coconut Creek and Coral Springs, FL area I've | | | | they've handled other short sale before. Don't be |
| seen a lot. I've seen the cons that take people's | | | | afraid to ask for references. |
| money and promise to save them from | | | | You also want to make sure this isn't your |
| foreclosure, to the "honest Johns" doing their job | | | | agent's first short sale deal. Unless they are |
| and really serving their clients. From this I can tell | | | | working with a much more experienced agent as |
| you that MOST (in my opinion) of the people | | | | a team or something. Who wants to be the crash |
| advertising to be "experts" when it comes to | | | | test dummy? You also want to ask for |
| short sales and especially Loan Modifications are | | | | references from past clients of theirs and don't |
| NOT experts at all. Some have never even | | | | be shy about it. You want to know that there is |
| negotiated a single file with a bank themselves | | | | not a trail of bloodied and beaten bodies behind |
| and outsource everything to 3rd parties and | | | | this person if you are going to put this kind of |
| collect a fee. | | | | trust in them. |
| This isn't always the case of course, but I believe | | | | Keep in mind though that short sales have only |
| that letting consumers understand the game a | | | | been popular the last 2-3 years and they may not |
| little can protect them, and help them see through | | | | have a ton of transactions under their belt. This is |
| some of the smoke screens these types might | | | | ok if they know what they are doing, but you |
| use to hide their incompetence. I DO believe in | | | | won't know if you don't ask. |
| outsourcing work as a business model in some | | | | 3) Ask about the possible liability you might face |
| senses, but there still needs to be someone with | | | | and the risks involved with a short sale. Your |
| a higher level of skill keeping things in check and | | | | agent NEEDS to understand this and be honest |
| making sure the ship runs smoothly. | | | | enough to address this with you upfront. If they |
| So how do I choose the right Short Sale Realtor? | | | | don't know about this stuff they're probably a |
| Now that I've explained a bit about the dynamics | | | | rookie, but if they know and don't tell you I'd be |
| and hopefully showed a little about "why" there | | | | very concerned. |
| are so few well trained short sale real estate | | | | There are many variables to doing a short sale |
| agents out there let me show you how you can | | | | that involve legal and tax issues. Now I don't |
| make sure the one you hire can get the job done. | | | | expect every agent to be legal or tax experts, |
| This is coming from my own personal experience | | | | but having a basic understanding of the laws and |
| and also that of my own clients. Many of my | | | | implications and how they might affect a |
| clients hired jokers like this before and left them | | | | homeowner is expected. |
| out to dry when they needed them most. Let's | | | | Not only that, but taking the time to assess the |
| get into this then... | | | | client's situation and making them aware of the |
| 1) Ask about the process and what to expect. | | | | possible liability on their part is a must in my |
| Find out what services they will provide and when | | | | opinion. Better to give people ALL the info you |
| you will need to pay for them (if you are being | | | | can so they can make a good informed decision |
| charged). Also see if they promise you the world, | | | | then try to hide or omit things that hurt them in |
| this is a big red flag. | | | | the end. Not good. |
| If your real estate agent can't explain the short | | | | These are just some of the things you can do |
| sale and foreclosure process in great detail and | | | | that will weed out most of the losers that will |
| help you understand what the process will entail | | | | waste your time and possibly let your home go |
| that is a sign that they either don't know it well | | | | into foreclosure. There are others as well, but I |
| enough or don't care enough to take the time to | | | | wanted to be brief and give some effective ways |
| learn about it for their client's sake. Either way...not | | | | to be confident in who you are hiring. |