Do you really want to use an agent the BANK recommends?

For many homeowners by the time the decision is made to short sale their property, the homeowner has already been dragged through the mud by the lender.  Whether it is an unsuccessful loan modification or attempts for other workout options, the lender’s focus has not been the homeowner.  

Let’s accept it:  the lender’s function is that of a debt-collector.  You hear it every time you call the lender and it is typically the first words out of the mouth of the lender’s representative reminding you they are debt collectors.   They are debt collectors.  Period.  No matter how “nice” the person at the bank may be; the fact remains that person has a job to do: collect on the debt.  

That said why would any homeowner accept the recommendation of the lender when it comes to the selection of a Short Sale Specialist to represent you, the homeowner, in the short sale process?   

It just doesn’t make sense.  Consider this:  

Acme Bank (name changed to protect the not-so-innocent) recommends Robert Real Estate Agent to a distressed homeowner.   No doubt, Robert Real Estate Agent is an agent in good standing and is professional.  Robert doesn’t have to know a lot about short sales, as he will likely process the short sale as directed by Acme Bank.     

After all, in the above example, who would Robert Real Estate Agent be most likely to lean toward?  Acme Bank will continue to send referrals like you to Robert Real Estate Agent long after your transaction is complete.   Just human nature, Robert Real Estate Agent is most likely to avoid biting the hand that feeds him referrals.  

The question is with whom does Robert Real Estate Agent have a fiduciary relationship?    Most homeowners would presume the agent represents them, the homeowner, but in reality, the listing may be a Non-Representation Listing.   

All short sale transactions are not created equal.  There is no one-size-fits-all approach.  The long term effects of a short sale depend very much on the terms found within the short sale approval.  

It is critical that you hire a Short Sale Specialist that is working for YOU and be certain there is absolutely no doubt as to the focus of your real estate agent’s loyalties.

For more information on Short Sales, please visit www.WendySmithShortSales.com.