Picking the Right Stop Foreclosure Agent Specialist -- Sarasota, Venice, Bradenton, Lakewood Ranch, Florida
It's a fact that not all stop foreclosure agent/broker specialists are the same. It's not that these other agents are "bad," because they are not -- it's just that short sales are amongst the most difficult and complicated of all residential real estate transactions and they require an elevated level of training, expertise, and professionalism to accomplish successfully.
Your stop foreclosure agent specialist will have to oversee a myriad of specialized tasks:
- Initial preparation and processing of all documentation and paperwork needed to place the property for sale in compliance with all applicable licensing and disclosure laws.
- Compilation, verification, and transmittal of all seller financial information required for the "lender short sale package."
- Marketing and advertising systems designed to penetrate relevant target markets to attract a ready, willing, and able buyer to the property.
- Ensure the property is conveniently available for showings, and if vacant, to "keep an eye on the property" and report any damage/issues to the seller/lender when discovered.
- Superior negotiating skills that not only ensure a contract favorable to the seller, but given the unique circumstances and time-lines associated with the short sale approval process, a contract that "locks-in" the buyer for the "long-haul," so that the seller is not damaged by a buyer who "walks away" in the middle of the process, thereby costing the seller countless months of wasted effort, and potentially $1,000's in additionally accrued penalties, fees, and interest.
- Once a buyer contract is secured and locked-in, oversee the short sale approval process by acting as the liaison between seller and lender, maintaining weekly lender communications to ensure the "file" stays on track, and serving as a conduit for any additional information/documentation requested by the lender.
- Should the lender present a counter-offer to the buyer's offer, enter back into negotiations with the buyer until a new agreement is established.
- Accommodate all third party service providers who may need access/information with respect to the property during the short sale process: inspectors, appraisers, BPO agents, repairmen/contractors, buyer's lender, etc.
- Upon approval, coordinate the closing to ensure a smooth property transfer between buyer and seller, with all lender closing conditions having been met.
- If there is also a second mortgage on the home, duplicate all of the above requirements in compliance with the second lender's requirements.
Stopping foreclosure with a successful short sale is very doable, but the transactions are complex, and they require a higher level of skill and expertise than the average agent possesses. In order to avoid getting burned when hiring an agent to represent your interests, be careful to select an agent who has training beyond basic real estate licensing (MBA's, CPA's, and Law School Graduates are best).
Be sure to avoid so called "experts" who continue to operate as "lone-wolf" agents. Given the extreme complexity of these transactions, you should only consider working with a "Team" of associated professionals who work together in concert on behalf of the seller. The best of these teams include real estate, title, negotiations, mortgage, and legal professionals, each expertly handling their own segment of the transaction, to ensure the very best service to the client, and the very best chances of successfully completing the short sale.
In the end, putting a stop to the foreclosure is what it's all about, and stopping the foreclosure is virtually assured if you've chosen your stop foreclosure agent specialist wisely.