If you are a buyer trying to get into a Short Sale property you already know the competition is fierce. You have to act fast when you see a property and be prepared to write up an offer quickly. You need an agent that is in constant contact with you and is willing to go above and beyond.
Hobbyist Realtors just won't do in this market so make sure the Realtor you hire understands the market conditions and is experienced in Short Sales Agent.
When persuing a property, here are some hints that will help you gain a competitive advantage.
Be aggressive. Not only with viewing properties quickly and being ready to react but also with your offer. The list price can be reflective of the sales price but remember that the list price and putting the home on the market is 'typically' a catalyst to begin the short sale process. The list price has not been approved by the bank yet so keep that in mind.
Check with your agent to see if the list price has been approved. In some cases if the list price has been approved your short sale offer and the approval process should go quicker. We are begginning to see more and more 'Cooperative Short Sales' which also means the process could go quicker. It doesn't mean it is an approved short sale but the seller has already been working with the lender prior to listing the property.
Look for 'Approved' Short Sales whenever possible. This will take some extra front end work from your agent but will save you tons of time in the waiting process. We always screen every listing prior to showing by asking the listing agent a series of questions from our checklist. Our clients appreciate this screening/filtering process and is an added benefit to our clients. We can typically cut the process from begginning to end in half by simply following a process, knowing the questions to ask and knowing which short sales do not make sense to persue.
Most properties have multiple bids. It is important to understand your agents strategy when submitting offers on your behalf. Ask your agent to explain it in detail. If they don't have a strategy when submitting offers or a short sale strategy when working with buyer's than you should probably consider seeking out a new agent.
Work with a local agent. I cannot stress this enough. If you are trying to buy a home in Menifee or Temecula Valley and your agent lives in Hermosa Beach it is absolutely impossible that they can be acting on your behalf. They don't know the local market, local condidtions and don't have relationships and networks formed. This is paramount in todays realestate climate. The same goes for a buyer living in Long Beach for example and trying to work with a Realtor in Long Beach to buy a house in Menifee or Temecula Valley.
Do yourself a big favor. Hire a local agent to do the job. Buying a home is the most expensive investment most people purchase. You wouldn't hire a Dentist to perform Open Heart Surgery on you, would you? Okay this is an extreme example but I'm trying to get the point across. Hire a local, competent, full time agent that has a Short Sale Strategy. There's just no two ways around this.
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