I am sure all of you, both agents and homeowners have come across advertisement of those who claim themselves as Short Sale Specialists or Experts. I want to caution, this can be a very deceiving self-proclaimed designation. There are so many realtors out there trying to "jump on the bandwagon" who have little or no experience with short sales. There are so many short sales in the Sacramento real estate market right now, that some agents view this as a business opportunity. What these realtors fail to realize is short sales are not for everybody. Not every borrower qualifies, not every agent can facilitate a short sale.
The short sale process is evolving constantly. The banks are changing the rules and their own internal processes all the time. If a Realtor is not actively listing short sale properties, working with different lenders, or representing buyers in this Sacramento real estate market, how can an agent self-proclaim themselves as a "specialist"? It is particularly frustrating when I see this self-proclaimed designation behind someone's name or on there advertising gimic. I can tell you most of these individuals do not know the first thing about the process. For example, I had an agent who I was involved in a transaction with come to me after we had the short sale approval, and ask for not only closing costs for his buyer but a home owners warranty as well. I explained to him the process and that everything needs to be upfront before obtaining approval from the bank to ensure the lenders net. He argued this point and began spewing threats of attorney's getting involved etc. I asked this agent how many short sales he had been involved in and did he know the process? He explained that he has closed 10 short sale transactions this year. OK, well let's verify this I thought to myself, which I did. I researched this gentleman's production report through our local MLS, not only had he not closed 10 short sales, he had closed a big goose egg 0.
When taking a short sale listing the second thing I do after thoroughly explaining the process to my client, is to provide them with my qualifications as a short sale agent. I suggest to any homeowner out there that is in a distressed situation to insist on this. You must know who you are dealing with and if they have experience, or are they a one hit wonder. When assisting home buyers the first thing I do after my client has expressed interest in a particular property is to "interview" the listing agent. I ask a few non-intrusive qualifying questions just to see if he or she knows what they are doing and where they are in the process. This is particularly important because the short sale process can be so lengthy that if I have a client that is waiting for bank approval on a short sale listing, and the other side does not have a clue of what they are doing potentially there could be a lot of wasted time.
Short sale specialists, or certified short sale agents are designated as such by the National Association of Realtors. I suggest homeowners look for that designation and verify its authenticity. There are also individuals seeking fees for their short sale services, I caution this as well. Short sale agents are paid by the lender not the homeowner. It should cost $0 to a distressed homeowner to list their property for sale as a short sale.
Remember, this short sale market is changing all the time. How could one proclaim themselves as a "specialist" if they are not actively working short sales as a listing agent and selling agent? And if they are not staying on top of the trends as they fluctuate as well as recent laws that have passed both protecting homeowners and limiting those who offer short sale services on what they can and cannot do. It is really scary to see what is going on out there, and to see how many individuals are "capitalizing" on distressed homeowners. A short sale is undoubtedly a better option than a foreclosure when a homeowner has exausted all other options. But this is only the case if the homeowner gets involved with someone who cares about their situation and has experience in the process.
The short sale process is evolving constantly. The banks are changing the rules and their own internal processes all the time. If a Realtor is not actively listing short sale properties, working with different lenders, or representing buyers in this Sacramento real estate market, how can an agent self-proclaim themselves as a "specialist"? It is particularly frustrating when I see this self-proclaimed designation behind someone's name or on there advertising gimic. I can tell you most of these individuals do not know the first thing about the process. For example, I had an agent who I was involved in a transaction with come to me after we had the short sale approval, and ask for not only closing costs for his buyer but a home owners warranty as well. I explained to him the process and that everything needs to be upfront before obtaining approval from the bank to ensure the lenders net. He argued this point and began spewing threats of attorney's getting involved etc. I asked this agent how many short sales he had been involved in and did he know the process? He explained that he has closed 10 short sale transactions this year. OK, well let's verify this I thought to myself, which I did. I researched this gentleman's production report through our local MLS, not only had he not closed 10 short sales, he had closed a big goose egg 0.
When taking a short sale listing the second thing I do after thoroughly explaining the process to my client, is to provide them with my qualifications as a short sale agent. I suggest to any homeowner out there that is in a distressed situation to insist on this. You must know who you are dealing with and if they have experience, or are they a one hit wonder. When assisting home buyers the first thing I do after my client has expressed interest in a particular property is to "interview" the listing agent. I ask a few non-intrusive qualifying questions just to see if he or she knows what they are doing and where they are in the process. This is particularly important because the short sale process can be so lengthy that if I have a client that is waiting for bank approval on a short sale listing, and the other side does not have a clue of what they are doing potentially there could be a lot of wasted time.
Short sale specialists, or certified short sale agents are designated as such by the National Association of Realtors. I suggest homeowners look for that designation and verify its authenticity. There are also individuals seeking fees for their short sale services, I caution this as well. Short sale agents are paid by the lender not the homeowner. It should cost $0 to a distressed homeowner to list their property for sale as a short sale.
Remember, this short sale market is changing all the time. How could one proclaim themselves as a "specialist" if they are not actively working short sales as a listing agent and selling agent? And if they are not staying on top of the trends as they fluctuate as well as recent laws that have passed both protecting homeowners and limiting those who offer short sale services on what they can and cannot do. It is really scary to see what is going on out there, and to see how many individuals are "capitalizing" on distressed homeowners. A short sale is undoubtedly a better option than a foreclosure when a homeowner has exausted all other options. But this is only the case if the homeowner gets involved with someone who cares about their situation and has experience in the process.
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