Short Sale Real Estate Agent: 10 Tips on Choosing the Best Short Sale Real Estate Agent

Why is it important to choose the best short sale real estate agent? First, choosing the wrong one can lead you to lose the $ 3,000.00 moving expense credit that lenders are willing to credit you because your realtor has to negotiate on your behalf to get this money. Second, there is a lot of paperwork involved and missing or making a mistake on one of those documents can mean several months late. And finally, unlike a normal real estate transaction where there are only 2 principals (buyers and sellers), the short sale has 3 main parties: the seller, the buyer, and the lender. This makes the short sale much more complicated. Therefore, choosing the best and most suitable to represent you is crucial. So, to avoid these horrible mistakes, follow the tips below:

  1. Look for an experienced full-time real estate agent who has been in business for at least 10 years. Ten years is a good time because you must have experienced at least one real estate recession in the past. And if you are still in business, then you must have the strength to work through a complicated short sale transaction. You must have made at least 5 short sale transactions. Avoid the part-time real estate agent.

  2. Find a real estate agent who works in your local area. It is difficult for an agent to adequately service a listing if you live more than 30 miles from your home.

  3. Choose someone with whom you feel comfortable. You should be able to ask your real estate agent to sell your home without a For Sale sign. Sometimes you don’t want your neighbors to know that your house is underwater and that you are in financial difficulty. Your real estate agent should be able to sell your home without a for sale sign. Choose a real estate agent who has a pleasant personality and is willing to go the extra mile for you. You will be working with this real estate agent for some time. You can also enjoy the experience.

  4. Choose an agent who is an expert in the HAFA (Home Affordable Foreclosure Alternative) procedure. Most lenders participate in the HAFA program. Ask him if he has read the 47-page HAFA directive from the Treasury Department.

  5. Ask him if he offers a guarantee that you will get your $ 3,000.00. A professional real estate agent will risk paying you the $ 3,000.00 if he cannot negotiate for the lender to credit him.

  6. Find a real estate agent to help you find a place to live after your. Your credit must have been damaged due to your financial difficulties. A short sale record on your credit report will not help your credit score. This will make it more difficult to qualify for a rental property. Therefore, you need a real estate agent who can negotiate on your behalf to find you a place to rent after the sale is closed.

  7. Ask if the real estate agent can help you rebuild your credit again. This is important because you may want to be in a position to buy again in 2 years or less, especially when prices drop. So a good realtor will guide you (if you want) on how to rebuild your credit again.

  8. A good real estate broker is also experienced in loan modification. Loan modification may be the best option for you and you may not know this if your realtor is inexperienced with it. You can even pressure him to make a short sale because that’s all he knows.

  9. Your short sale real estate agent must have great negotiation skills. You will face a tough professional lender negotiator. Your realtor must be better or you may lose some of your money. Test his negotiating skills by giving him some objections and see if you are satisfied with his answer.

  10. Look for a real estate agent who has a certified property in distress designation. Preferably from Harris Real Estate University. They are one of the best.

And now I’d like to recommend the free report on how to rebuild your bad credit after a short sale.

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