This mornings question is: DO I NEED A NEGOTIATOR WHEN BUYING A SHORT SALE?
When you are the buyer, you definately want to hire a buyer broker who is experienced in short sales, you can usually do so at no cost to you, they usually get paid their commission from the fee advertsised in MLS by the listing agent and paid at closing. This way you will have someone assisting you through each step of the short sale buying process.
The bank will have a negoiator on it's behalf, the seller should have a negotiator on their behalf, you really need someone looking out for your best interests. Short sales are not always easy, and there is things you can do to make them easier.
In brief you need to make sure:
Is the house priced at or near market value, too low of a sales price is one of the top killers of short sales.
Are there any other offer submitted. The banks like to work with 1 offer at a time, if multiple offers are in, it complicates the short sale and limits your chance for a honest try.
Make sure you have constant contact for updates... waiting is the hardest part...
Please see my blog for my full list of short sale tips and advice on how to get your short sale approved.
http://www.trulia.com/blog/scott_godzyk/2010/06/how_to_get_a_short_sale_approved
Blog Updated Sept. 2, 2010
Blog written by:
Scott Godzyk
Godzyk Group Realty
Manchester NH
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