If you have made the decision to do a short sale, there is another tough decision to make. Representation. Who are you going to use to represent you in the sale of the home, negotiate, and do whatever it takes to close the sale (within legal parameters, of course).
In days past, sellers chose real estate agents using what I call “voted most popular”. You know, if you see their face every where they have to be really good at selling houses…right? To be very blunt, it really didn’t take a super amount of “skill” to sell homes in our past market. If an agent was intelligent and professional with even a small amount of follow through the home would sell. Things have certainly changed….and many of these “voted most popular” agents have not adapted to the new requirements and knowledge it takes to close the sale. Agents are still taking listings, listings that are obvious Short Sales, but unfortunately for the seller they represent, do not have the training and skill required to accomplish a successful Short Sale.
Choosing the agent is crucial. The agent needs to be aggressive in both marketing and negotiating. The Realtor will not only have to negotiate offers that come in on the property, but the Realtor will also have to show, prove and negotiate with the bank to lose money. That is key. The Realtor will be on hold ALOT. The Realtor will need patience, and have the ability to be firm. This is not a case where you can leave a voicemail and expect a call back.
The Realtor will have to be relentless at all hours of the day, especially if the bank is located in another state
This means negotiation during dinner, before bed and very early in the morning. We have been on the phone negotiating offers at 5AM Pacific Standard Time. You have to seize every opportunity to reach an agreement, voicemail is NOT an option.
Now is not the time to go on perception of a well know real estate agent. Don’t rely on “popular” agents in this market.
Choose an agent that has completed a minimum of 6 Short Sales recently, the market is changing daily and your agent must be familiar with lenders and the process of a Short Sale that is required by these lenders.
