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Why is it important to choose the best short sale real estate agent? First of all, choosing the wrong one can lead to you losing $3000.00 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 of delay. And finally, unlike a regular real estate transaction where there are only 2 principals (buyers and sellers), a 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 the most suitable one to represent you is crucial. So to avoid these horrible errors, follow the tips below:
- 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 1 real estate recession in the past. And if you’re still in business, you must have the fortitude to work through complicated short-sale transactions. You must have completed at least 5 short sale transactions. Avoid the part-time real estate agent.
- Find a real estate agent who works in your local area. It is difficult for an agent to properly service a listing if you live more than 30 miles from your home.
- Pick someone you feel comfortable with. You should be able to ask your real estate agent to sell your house without a For Sale sign. Sometimes you don’t want your neighbors to know that your house is under water and that you are in financial difficulty. Your real estate agent should be able to sell your house 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 might as well enjoy the experience.
- Choose an agent who is skilled in the HAFA (Affordable Foreclosure Alternative) procedure. Most lenders participate in the HAFA program. Ask him if he has read the Treasury Department’s 47-page HAFA directive.
- 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 you cannot negotiate for the lender to give you credit.
- 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. So you need a real estate agent who can negotiate on your behalf to find you a place to rent after the sale is closed.
- 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 are low. So a good real estate agent will guide you (if you want) on how to rebuild your credit again.
- A good real estate agent also usually has experience with loan modification. Loan modification may be the best option for you, and you may not know it if your real estate agent is inexperienced. He may even pressure you to make a short sale because that’s all he knows.
- Your short sale real estate agent must have great negotiation skills. You will face a tough negotiator from professional lenders. Your real estate agent must be better or you may lose some money that is entitled to you. Test your negotiation skills by giving him some objections and see if you are satisfied with his answer.
- Look for a real estate agent who has a certified endangered property designation. From Harris University of Real Estate. They are one of the best.
And now I’d like to recommend the free report on rebuilding your damaged credit after a short sale.
