A week or so ago I received a couple of great questions from one of our readers. That led to further reader questions and interest on our experience and advice in representing yourself in the Short Sale of your own home. I have included the readers original comment below... because I type so slow.
"I have been reading all your info on short sales and I find it very helpful. I have never sold a short sale because I have been told by several seasoned agents and brokers to stay away from them if you can. But I am faced with selling my own house as a short sale. Have you had any experience with banks not being so cooperative with agent owned short sale properties? If you have, what has been the out come?"
So first I will begin by telling you that you're receiving the right advice when you say "I have been told by several seasoned agents and brokers to stay away from them if you can." In today's tough market many agents are faced with doing everything, and anything to survive, but unfortunately that is the beginning of their own failure. To survive this market you must focus on one area and become an expert in that area, "Do one thing and Do it well". The short sale niche' is tough and requires much experience to be proficient, you will get paid more often by simply referring the work to a local expert.
You are not alone many agents have been forced to short sale their homes and even faced foreclosure. Even more sad is more agents have needlessly lost their homes to foreclosure out of pure embarrassment from their own hardship or attempted to Short Sale their own home and failed due to lack of experience.
And here is why... the job of the bank is to "Hardball" every seller. To the bank you are nothing more than a seller. Think about it for a minute, why do people use attorneys? Like real estate professionals they are a necessary evil. Read on before you send me a nasty gram telling me how all your clients just love you and really love paying you thousands to sell their home. Folks, people hire us and attorneys because we're supposed to be expert negotiators. A bank loss mitigator is an expert negotiator.
"Sales people work in department stores and on car lots, expert negotiators make a great living in real estate."
The other reasons you do not want to represent yourself are as follows in this order!
- You are probably not a Short Sale Expert.
- A seller cannot receive any proceeds from the sale, banks can and have prosecuted the creative sellers.
- Like any other time you represent yourself, you are putting yourself and your Broker at great risk.
So in my opinion you should hire a Short Sale Expert anytime you are dealing with a potential Short Sale... especially your own home. I hope this has been of some assistance to you and the other readers who expressed interest in hearing our advice.