When it comes to choosing a real estate agent for a short sale, the one factor that matters most is experience. The short sale is a unique subset of real estate sales, and it requires some very specific negotiating skills, price-setting expertise, and knowledge of how lenders handle these kinds of sales.
We’ve seen it happen more than once, where an agent – who may be outstanding when it comes to traditional home sales – just can’t navigate the challenges of a short sale. There is a lot of red tape involved in dealing with lenders that agents don’t experience in a traditional sale. It adds an entire extra layer of responsibilities for the agent, and working through that can be incredibly frustrating, especially when you haven’t done it as many times as Oyezz Real Estate has.
Frankly, the failure rate is higher than we wish it could be when it comes to short sales. Too many of them end up in foreclosure, despite the good intentions of the homeowner. But the biggest reason most of the failures happen is that they are attempted by real estate agents lacking the expertise and experience with them.
As a result, the pricing isn’t realistic, or the agent is overwhelmed by documentation requirements and various deadlines, or the frustration of negotiating with the lender’s short sales department. The result is a foreclosure that didn’t have to happen.
Here are a few questions that a homeowner should ask the agent before agreeing to a short sale:
• How many short sales have you done?
• What is your success rate?
• How much will this cost me? (The answer should be zero – the agent is paid from the sale proceeds)
• Where is your office located? (Never trust someone who has only a cellphone and no real office)
• Can you provide references?