Menifee CA – Why is it so important to select the right agent to short sale your house? I'll tell you why. If you pick the wrong agent you risk losing your house to foreclosure and you will not be able to buy another home for the next 5 to 7 years! You will only have one chance to short sell your home and if you select an inexperienced agent, this will have long term effects on you personally and financially. So needless to say this will be a major decision when hiring an agent.
First of all. Look for a LOCAL agent, in your area that specializes in short sales. You wouldn't hire a plumber to fix your electrical , would you? It's the same thing if you pick an out of area agent that simply does not know the local market. I would never take a listing in an area I was unfamiliar with. I don't know the comps, the neighborhoods and would not be able to fairly service the client so don't hire an agent that lives in a different county to short sell your home. If you have a relationship with an out of area agent, ask that agent if they can refer you to a local realtor that specializes in short sales and that can assist you in your time of need.
Additionally, many agents turn down short sale listings because they are unfamiliar with the process. These transactions are much more difficult and complicated than your average real estate transaction. Fairly enough these agents should turn down the business. Don't be part of an agents Beta Test!
When interviewing agents first, ask the agent you are interviewing why they qualify to help you. Do they have any special short sale training or designations? Agents have a fudiciary responsibility to stay current with their education and credentials. Hire an agent that isn't just 'winging it' but has taken specialized training and education. They care about being up to date with the current trends in the market.
Next ask them how much experience they have selling short sales. An agent who has closed a few short sales is a lot better prepared than an agent that has not. You want someone experienced working for you.
You also want to ask what lenders they have dealt with and whether or not they have existing relationships. Every lender handles short sales a little bit differently. If your lender is ABC Lender and the agent has experience with ABC Lender, then they are already more familiary with the process. Your agent will be prepared and be able to overcome obstacles and objections in the negotiation process much more effectively.