Hire an Expert Realtor for a Short Sale
In my previous post "FHA Short Sales in Springfield MO, Part 2", I listed several steps to the short sale process. The first was to hire an expert realtor for a short sale. This is true whether you have an FHA loan, a conventional loan, a VA loan, a USDA loan or any other type of loan for that matter. Short sales can be very complex transactions You need someone who understands the ins and outs of that process.
Before I tell you how to hire an expert realtor for a short sale, I'll give you some "don't" advice.
- Don't hire an agent who hasn't done any short sales before. Short sales are serious business. If they are done incorrectly they can result in foreclosure and/or deficiency judgements.
- Don't hire an agent who has only done "a few". See the bullett point above for why.
- Don't hire an agent because they are your friend. Just because you like someone doesn't mean they know what they are doing.
- Don't hire an agent who says "I do short sales, but I hate them!" If an agent "hates" doing short sales, are they really going to do a good job for you?
So how do you hire an expert realtor for a short sale? First, ask the agent you are interviewing if they even like short sales. Personally, I love them! Are they difficult and at times frustrating? Absolutely! But, they are also among the most rewarding transactions I have ever completed. Helping someone avoid foreclosure and relieve a burden off their back is probably the most rewarding thing a Realtor can do.
Second, ask the agent what kind of specific short sale training they have received. There are several short sale training and designation programs available and I won't try to list them all here. I myself have the Certified Distressed Property Expert (CDPE) designation which is an approximately 40 hour training program. The CDPE designation also provides additional training and industry updates which offer specific information as to changes in short sale processes and lender specific information which goes well beyond the standard training curriculum.
Third, ask how many short sales they have completed. I'm not going to say that there is a magic number someone must complete to be proficient in short sales. Personally, I've completed dozens. But, things change so quickly in the short sale arena that an agent who does not do them regularly will not be up to date on the latest processes and procedures. That can be a BIG problem for you if you are staring foreclosure straight in the face. 
Fourth, ask what short sale forum memberships they possess. This may sound like a strange question but it's very important. Nobody, and I mean NOBODY, knows everything there is to know about short sales. I am a member of the Short Sale Superstars forum and the CDPE forum. These forums allow me to interact with other agents who are also doing short sales. We share our knowledge with each other. We share our triumphs and tradgedy's with each other. If I have a question about how to handle a situation, I've got literally thousands of other agents to draw experience from. It's probably the best resource available to any agent who lists short sales.
And that's how to hire an expert Realtor for a short sale. If you live in the greater Springfield, MO metro area and are having difficulty in paying your mortgage or owe more than the home is worth, call me. I will meetin with you, assess your situation and help you decide what the best course of action is for you. I would love to help you in any way that I can!
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