There are many types of Realtors. Many sellers don't know this....they assumed that if you are a Realtor you should know what you are doing. But just like all professions, Realtors come with many specialties. We live in a age of many distressed homes, that needs agents that can help them navigate through the minefield of a short sale. The wrong information can kill a deal or worse, send a home into foreclosure.
Short sales will continue to be a big part of Real Estate as more and more homeowners find themselves under water and looking for a bail out. With the help of the Home Affordable Mortgage Program (HAFA), it is becoming easier and easier for a seller to bail out through a short sale.
But is your Realtor adequately trained to handle this business? Do they know the difference between a recourse or non-recourse loan? Are they aware of the financial ramifications of a short sale or do they have the adequate resources to help a seller know the financial ramifications.
If a Realtor is not adequately trained in handling short sales or REO's sales, should they fully disclose this to their client? If not, they should seek the help of their manager or refer the sale to an experienced agent in this area. If not, there are so many risks involved for the seller and for the agent if the transaction goes wrong. Article 11 of the Realtors code states that Realtors should not undertake to provide specialized services if it is outside their field of competence. Sometimes it is not all about the money!
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