May 28, 2010 in Our Blog by Towns Realty

Short Sale Team choosing the right agent .

The choices you make when pursuing a short sale will determine the outcome every single time
Short Sales are not rocket science, but choosing the right Agent to help you with selling your property in a short sale to avoid foreclosure could make all the difference in the world. You get one shot with your lender to submit all the necessary documentation that provides a clear picture of your hardship. The wrong language used, or incomplete financial package submitted without knowing what a lender is looking for to render an approval decision and your short sale request could be closed. This could lead you down the fast track to foreclosure and ultimate auction of your property.
Every agent out there is jumping on the Short Sale / Pre-foreclosure Sale bandwagon.
It takes a certain type of Agent with a Team of knowledgeable, seasoned professionals to work with you and your best interests through the entire short sale process.

This starts with the upfront interview – and asking the right questions.
One must know what your hardship is, how to best approach the particular lender in which holds the note on your property. The most important step in the entire short sale process is the pricing of your property. Most agents either price the property so far under market value that submitting an offer to your lender – with an under market value offer is wasting everyone’s time, most importantly your lender – which will leave a bad taste in their mouth from the start.

When you price a short sale to list on MLS service or any of the 100s of websites used to market your property it is always best to go with market value – You lender would be more apt to look at and consider a short sale for an offer on your property that is at market value that if it is not.

Think of it this way, your lender is taking a loss just as you are in a short sale. Your lender must determine if the loss is greater approving a short sale and allowing you to sell your property for less than what is owed, or, if it is in their best interest to take the property in foreclosure and their losses would be less.

It is the job – and duty – of your Real Estate Agent to make sure to present the best and highest offer to your lender, in addition to negotiation the short sale in a way that will prove to the lender this is the better way to go. This in most case is very easy to do –
However – as said previously, if an inexperienced agent is submitting willy nilly offers to the lender without doing the market research needed on what is selling and for how much, this can hurt you rather than help you.

These are all reasons why choosing the right agent to assist you in the selling of your property in a short sale – but most importantly the processing and negotiating of the short sale with you lender is most important.
To learn more – at no cost to you, Please contact Towns Realty – Central Florida Short Sale Specialists.