We often get the question from both Agents and Buyers..."Who is the lender on this short sale listing?"
We were working with an attorney on short saling a property and her response to that question was: "Any agent who can't easily find out who the lender is probably shouldn't be showing a short sale." Maybe not...try enough, it isn't difficult. The reason agents and consumers ask is the constant well fed rumor mill.....and more importantly.....that regardless of the market, there are lots of agents who "Do" short sales....that do not have the training or experience to get them closed.
Popular Rumors include but are not limited to:
- If the lender is_______________(name that bank) it will never close
- There is more than one mortgage, it can't be closed
- There are tax liens and the buyer will have to pay them to close the transaction
- My friend wrote on a short sale...and it never closed....
NAME THAT EXCUSE......
Reality is THIS...
In our experience....the largest reason that a short sale does not close is NONE OF THE ABOVE
Are you ready....do you know the answer....'Bet you do....
The largest single reason in our experience for a short sale NOT to close is lack of experience and education of the listing agent. That can include sending negotiations to an inexperienced third party...not knowing how to navigate thru the systems of the lenders...or escalate a file when necessary...a title company that has no experience in supplying timely informaton.
No....Short sales are not brain Surgery....but they also are not for agents who do not have the training and experience to close them successfully.
Sooooo....How does an agent or a consumer KNOW which agents HAVE experience ?
In our MLS, you can print a report....for all the short sales listed and more importantly....all the short sales closed. If you are an agent showing property and there is a short sale on the list...Check on the sales history of the listing agent, You are doing your Buyer a disservice writing on a property with a listing agent who has little or no experience in short sales.
If you are a short sale Seller...or a potential Seller...Ask the agent for their sales history as Printed out from MLS and you will be able to see their success rate. They won't....or should not be offended...if they have a track record...they should be proud to show it to you.
No matter where you are in the country.....if you are considering a short sale and don't know who to call to list your property OR you just have questions about the process....Call US:414-525-0563.
Don't gamble your future...the best is yet to come !
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