When faced with the possibility of a short sale, it is very important to choose the right real estate agent . Your financial future and a possible foreclosure may rest on this decision so choose carefully. If you see these warning signs – you may want to reconsider your Realtor choice before it is too late:
- Despite a market analysis telling you your home is worth about $150k, your Realtors pricing plan is to price it at $220k -just where you need to be to clear the loan and pay all the closing costs.
- Your Realtor says she doesn’t personally handle short sales – they have “someone in the office” for that…or they “hire a negotiator”….hmmm. You are now interviewing the wrong person. Interview that “someone in the office” or “that negotiator” or move on to interviewing another Realtor altogether.
- Your Realtor tells you YOU will have to negotiate the short sale with the lender yourself to see if they “will allow that”.
- While discussing your situation, no questions are asked about your loan, such as: Whether you are behind, and if so, how far? How many loans you have? What the balances are on your loans? Who owns these loans? NO? Those questions never came up? Hmmmm……
- No discussion of various different short sale programs happens (there is more than one kind).
- Your Realtor doesn’t need an authorization (your written permission to talk to the lender) or any documents. They don’t need that, because they have a “contact at the bank”… Turn and run the other way, NOW!
- Your Realtor insists you WILL NOT qualify for a short sale for various reasons like….Your loan was modified…You’re not behind…You have more than one loan…You own another home…You have good credit…You’re not destitute yet. (These short sales are more difficult, but very possible).
- Your Realtor admits they have never done a short sale before but they are willing to learn WITH YOURS! Isn’t that nice of them? How would you like to be their guinea pig?
Last Updated on October 17, 2017 by Minna Reid