Choosing an Agent for a Short Sale in Windsor, Connecticut (CT) -- Key #3
This is third in a series of questions to ask in order to help you choose the right real estate agent to represent you in your upcoming real estate transaction. Question #3 is important if you are one of the many people affected by the downturn in our economy. You may owe an amount of money on your home that exceeds the current values of real estate in your area. If this is the case, you need a specialist!
Key Question #3 - Do you have experience with completing Short Sales? Have you completed any specialized training in handling Short Sales?
Short sales are complex real estate transactions. They require a lot more paperwork than a traditional sale. When choosing an agent for a short sale, it is important to understand that they require remarkable communication and follow-up skills, and it is highly suggested that agents who work short sales have a system in place for managing their transactions. Because of this, a newer agent who has completed only a small number of real estate sales is probably not the best choice for an agent to handle a short sale.
There are several different "designations" that a real estate agent can earn which deal with short sales. These designations or certifications are earned by completing a prescribed amount of training and course study, and are administered by a number of training organizations.
- SFR is a Short Sale and Foreclosure Resource designation - administered by the National Association of Realtors
- CDPE is a Certified Distressed Property Expert - administered by Distressed Property Institute
- CSP is a Certified Short-Sale Professional - administered by RealtyU
- ASD is an Accredited Short-Sale Designation - administered by Harris University
- LDPD is Luxury Distressed Property Designation - administered by Harris University
- CDRS is Certified Default Resolution Specialist - administered by America's Home Rescue
While any training is better than none, and these designations do provide for the impartation of specialized knowledge in the area of short sales and foreclosures, I am not aware that any of them require any number of successfully completed transactions in this specialized area in order to receive certification. Beyond this, I believe the longest of the training programs is 2 days of classes (better than no training at all, but not enough to make ANYONE an expert!).
Because of this, I would urge you not to make your decision about choosing an agent for a short sale in Windsor just because the person has a certification or designation. Someone without a certification may have successfully managed several short sales, while a certified agent may not have completed any at all. It is the combination of education, training, and a track record of successfully closed short sales that is the best choice.
Find out: How long they have been handling short sales?...How many have they successfully completed?...Did they handle the transaction themselves or did they contract with a licensed short sale negotiator?
Don't just hire a real estate agent without asking pertinent questions -- it will make choosing the right real estate agent for a short sale so much easier!
If you're in the process of choosing an agent for a short sale in Windsor, Connecticut or its surrounding towns, please call Lisa Orme at The Master's Key Realty LLC. I am a full time real estate broker with short sale experience since 1993, and have sold more than 500 homes in northern Connecticut since 1985. I also hold the SFR designation to back up my practical experience. Contact me at 860-688-1400 or via e-mail at lisa@masterskeyrealty.com.
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