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5 Things Agents Need to Think About with Short Sales
I know I am in the minority here when I say agents should not be negotiating short sales. (which I have written about ad nauseam) I am fully aware that in some markets, 90% of the housing inventory is a short sale or REO. Every time I turn around, I see some other "agent expert" hawking their short sale how-to book or "qualifying" designation. Unfortunately, short sales are part of the real estate business in 2009; however, we are in unchartered waters as agents and I hope that in 10 years, the real estate industry doesn't look back on this and say, "what were we thinking?". 1. Does your E&O insurance specifically state that you are covered to engage in a short sale? I asked my insurance company this and the answer was, "yes"; however, the policy doesn't specifically state "short sale" nor any of the acts normally associated with handling a short sale. The policy does state that I will not be covered for acts as an agent, "not expressly described herein". 2. If the sellers currently have a government mortgage and they sell it short, will they be able to get another government loan (including a government backed student ... more
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