Realtors hate saying no; we are in the yes business. In the past, saying yes was not a big problem. If an agent wanted to "buy the listing" (tell the seller what they wanted to hear to secure the listing), the greatest harm done to the client, was the disappointment of selling for less then promised. Not the best practice by Realtors but it was done to get their sign in the yard of attractive homes. An agent would get buyers, a neighborhood presence and maybe even sell the home after a few price reductions.
Now in a Short Sale, tons of harm is done to the seller. If the seller can't make payments, then they will be foreclosed on. A Short Sale is a time bomb ticking backwards, the longer it takes, the more likely it will explode into a foreclosure. Some agents are still "buying the listing", they put the home on the market, to get some buyer leads and hopes that the Short Sale will solve itself. If an inexperienced Realtor lists a home for Short Sale, and is unable to perform the tasks required to get a Short Approval, then the home will often be lost to foreclosure.
Locally I have seen dozens of homes with other Realtors that became foreclosures because the listing agent was unable to complete the Short Sale. With the limited time period afforded, a seller may only have one chance to sell. They need a qualified Short Sale Realtor to help them. Sadly some listings have been Conditionally Withdrawn while the seller is in redemption period or right before Sheriff Sale. The listing agent has locked up the listing to avoid other (Short Sale) agents from contacting the seller to offer help. In fact the sellers are unable to engage with another Realtor until the listing contract has expired or a release is given. This is wrong and is goes against are fiduciary responsibility to our clients!!
When you choose your Realtor, ask them how many short sales have they closed? Did they negotiation with the bank or was it passed on to a 3rd party? Ask them for references and documentation that shows they are experienced in Short Sales. If a Realtor has never done a short sale or just backed into a few by chance, then you should be concerned. You have a limited time, so make sure the agent has a track record of success. You may not have a second chance.
Mike Sher,
Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com
CDPE (Certified Distress Property Expert)
MCAR, Short Sale Trainer
Max Brook and Real Estate One Short Sale Specialist.
The Mike Realtor Team Blog - Metro Detroit/Oakland County
Servicing Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City
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