- Qualify the listing agent. Not all short sale listings are equal. The knowledge and experience of the listing agent is crucial to the outcome of the pending short sale. As a buyer you will not have much control over the short sale, but will instead be at the mercy of the listing agents skill in dealing with their sellers lender. A solid buyer’s agent experienced with short sales will be able to screen the listing agent quickly and easily on your behalf to determine their level of ability, and ultimately your chances of success.
- Prepare you for the process. Short sales have their own sets of issues and timelines. Does your agent understand them? What is his/her plan for timing contingencies along with lender approval? A good short sale agent will know in advance what issues you will face along the way, what the timelines will look like, and most importantly: how you will overcome these challenges.
- Protect your interests in a highly complicated transaction. Short sales are not for everyone. They can be good deals but they are complicated transactions that often go wrong, have crazy mishaps and unexpected delays. It is very important to have your agent structure your contract and handle the transaction in a way that protects your interests throughout the process. You will want a qualified experienced short sale agent for this one.
- Sell you as the buyer of choice. In many well priced short sales you will be in a multiple offer situation competing with other buyers for the same property. A qualified sellers agent will always be seeking the buying party most likely to make it to closing. Its not just about price. What that means is that the agent representing the seller of house you want will be looking for the buyers agent with the most knowledge, the best short sale track record and in turn the most prepared clients. Your best odds of winning in this situation is by having the right buyers agent.
Last Updated on September 9, 2017 by Minna Reid