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If you're thinking about a short sale - read on . . .

By
Real Estate Broker/Owner with Cornerstone Business Group Inc 0225086119

So, a short sale means that the Realtor has to be under 5' 3" tall?  No, not really, but there are a lot of scammers out there that are trying to convince people in distress that they are short sale experts.  In the process, the home goes into foreclosure and the homeowner's life is wrecked.  So, let me give a few simple guidelines when hiring a short sale agent.

  • Ignore every TV commercial that promises short sale success.  If the originators are not connected to a local broker you may have trouble verifying their credentials and their success.
  • Don't pay someone up front to short sale your house.  Going further under water will not ensure short sale success.
  • Ask the person you're considering to short sale your house if they've ever conducted a short sale before.  There are a lot of short sale experts out there that have never conducted a short sale.
  • Call the agent's broker and confirm they are qualified and backed up with a talented brokerage staff in the event something goes sideways.
  • Ask about short sale training.  Does the agent have a CDPE or SFR certification.  There are other good ones out there too.  If they do, you know they've been through the process of learning, even if they haven't conducted a short sale.  Good certifications are not totally necessary, but they do give the agent a broader understanding of the process.  An experienced, uncertified agent can be just as good.  Interview, interview, interview.
  • Ask the agent to give you a full rundown of the process.  Every experienced agent should be able to explain the process with the caveat that each lender may have some minor differences in procedure which may vary a little bit. 
  • If you can afford it, have your attorney review all documents before signing up with a short sale agent. 
  • Can they guarantee success?  Drop them if they do, because no agent can guarantee success in this area of real estate, but they can guarantee they will give it 100% of their efforts.  That's much more important.

Doing a short sale is a difficult process under the best conditions.  You'll want to make sure you are ready to comply with the lender's requirements, and you will want to find an agent who is there to support you through the process. 

 

Comments(31)

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Goran Utvic
Goran Utvic Real Estate Broker/Construction Consultant - Chicago, IL
Chicago 2 Flat Specialist

Mike - excellent short sale tips!

Aug 31, 2011 10:45 AM
Kerry Lucasse
eXp Realty - Urban Nest Real Estate Group - Atlanta, GA
Your Urban Nest Atlanta Real Estate Consultant

Excellent post!  I'm going to share this with an extended  family member who is considering doing a short sale in another state.

Aug 31, 2011 10:48 AM
Paul Francis
Francis Group Real Estate - Las Vegas, NV
Las Vegas Real Estate Agent - Summerlin Homes

Nice post and some great tips but ... Hmmm... well... as far as the Uncertified Short Sale Agent COULD be just as good as a Certified Agent... Some of us have been doing them longer then any certification became available.

I've probably personally done more short sales then most people teaching them for a designation / certification and I know several other "uncertified" short sale agents that are in the same boat.

An "uncertified" agent who has done 50+ short sales is far more experienced and has a far broader understanding of short sales then a "designated" agent with one or two short sales under their belt....

 

Aug 31, 2011 10:52 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Ron, that sounds excellent.  Thanks for dropping by!!

Cathy, you are so right.  Seller beware!

Thanks for commenting, Lisa.  You are so right about the fly by nighters.  Too many out there.

Glad you liked it, Jennifer!!

Those success guarantees sound like a recipe for disaster, Bruce.  But, we can always guarantee our 100% effort which will likely lead to success. 

Absolutely, Chris.  It's already a sad place to be without someone trying to pick your pocket.

Thanks, Richard.  That's an honor!!

Michael, you're much to kind.  But, always feel free to re-blog anything I put out there.  I'm honored that you do.

You are so right, Eileen.  They do need all the help they can get.  Thanks for commenting!!

Thanks, Goran.  I appreciate the kudos!

Excellent, Kerry.  You might want to include this one too.  "Small Things to Help with Short Sales."  I hope they help!

You are right, Paul.  I have mixed feelings about some certifications.  The SS ones can be good if an agent is inexperienced - but taking a one or two day course should not make someone an expert, but rather better educated.  IMHO.  I have a SS cert, but it was done to fill in some blanks in my experience, and it did. But, there is nothing like experience!

 

Aug 31, 2011 11:56 AM
Michael L. Brownstead
Brownstead Real Estate, LLC - Frisco, TX
ABR, GRI, MRP, SRS, 1SG US Army (Ret.)

Mike, this is very, very valuable info, thank you so much for sharing!

Sep 01, 2011 12:00 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Glad to do it, Michael.  Thanks for dropping by!

Sep 01, 2011 12:07 AM
Sally English
The English Team - Atlanta, GA
Sally English Atlanta Real Estate Agent

Nice article Mike.  I reblogged for my audience.  Good info for those who could really use a little help with the housing market! 

Sep 01, 2011 12:25 AM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Wise words....hard steps to take for people who are emotionally crippled and financially strapped...but necessary for success !

Sep 01, 2011 12:28 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Thanks, Sally.  Glad you could use it.

Thank you, S & D.  It's a tough time for folks. 

Sep 01, 2011 12:40 AM
Kim Boekholder Utah Real Estate/ PECO
Results Real Estate 801.580.5624 - Draper, UT
Broker Results Real Estate/Leasing Specialist PECO

Mike,

Amen  Run fast if someone promises you complete success and paints a stressfree "perfect" picture of how they work a short sale with 100% success, if they say the bank wont ask for a promissory notes, if they say the their will be no tax repercussions  and no hiccups along the way.  Short Sales are a lot of work for the seller and the listing agent.  So many people say they are experts but have never worked a short sale in  their real estate career. great points above by all 

Sep 01, 2011 02:07 AM
Anonymous
David Kurz

Great Job Mike.  Best best thing I ever did was order a program called proptrackr.  Since I deal with 10-15 short sales at a time it really helps me keep everything organized and keep all parties involved and notified.  This really raises my level of success with short sales.  Just thought I would share that.... worked for me.  People are just nervous.  Thats okay and its normal.  I just tell each client I work with - PLEASE do not come to me 30 days before your sale date and PLEASE understand that I will do my best, but ultimately the bank will make the decision. 

Take care all!

Sep 01, 2011 02:13 AM
#22
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Thanks, Kim.  Thanks for stopping by!!


Thanks, David.  I'll check that out!

Sep 01, 2011 07:07 AM
Kathleen Vetrano
RE/MAX Gateway - Falls Church, VA
Helping YOU Achieve YOUR Dreams

Well said and very good information for those considering a short sale.

Sep 01, 2011 07:21 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Thanks, Kathleen.  I hope you're having a great day!!

Sep 01, 2011 07:23 AM
Lisa Dunham
Alexandria, VA
Associate Broker, Alexandria Virginia Real Estate

Mike, this is excellent information for short sale sellers!  This could only help to improve their chances of succeeding in the short sale process.

Sep 01, 2011 08:29 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Thanks, Lisa.  I hope so!!

Sep 01, 2011 08:33 AM
Kim Davis
available for employment - Harrisonburg, VA

I really like the part where you say:

  • Can they guarantee success?  Drop them if they do, because no agent can guarantee success in this area of real estate, but they can guarantee they will give it 100% of their efforts.  That's much more important.

There's really too many cooks in the kitchen to guarantee success.

 

Sep 01, 2011 11:14 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

That can be sooooooo true, Kim.  Thanks for stopping by!!

Sep 01, 2011 01:06 PM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Short sale is really an unfortunate phrase created by the banks or whoever. It adds confusion to an arena that needs clarity.

Sep 03, 2011 04:32 PM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

That's for sure, Dave.  There is nothing short about a short sale.

Sep 04, 2011 12:56 AM
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