redondo (2)

Where to find a Great Short Sale Agent?

The best way to find a Short Sale Realtor .

It's easy to discover a realtor...There everywhere... Here are my suggestions on what you have a look for in a Licensed California Realtor. Confirm they are Licensed!

 The Realtor has CLOSED at least Twenty short sale transactions. Not just listed. I'm seeing folks lose there houses everyday because they employed an inexperienced agent.

The way I see it... I'm the one that you hire to help you avoid foreclosure. At some particular point you and I are going to sit across from one another and sign the paperwork that enables me to market your home. Therefore it's my responsibility to help you through this. Not pass it off to some company so I can just try to get a few more listings

 The realtor should Market the property on the Multiple Listing Service. They do not work with investors unless the property is in actually poor condition and normal financing can't be obtained.

They've got a lawyer for you to check with if necessary.

Do not work with the guy / girl the bank has recommended to handle your short sale. That agents ultimate aim is to get more listings from that lender. They could server you up on a silver platter. What i mean by that is...sometimes a short sale isn't in your best interest....maybe  Bankruptcy is easier when you still have the house not after its already been sold. Not to say each agent would be that way.... You only need to be cautions.

7 ) The agent is familiar with the area and a member of the local board of Realtors.

Eric Baskett

310-261-8511

http://www.ericbaskett.com/category/short-sales/

Keller Williams Realty

DRE Lic # 01446685

Some of the main cities I service short sales in are Redondo Beach, Torrance, Gardena, Lomita, San Pedro, Lawndale, Palos Verdes, and Manhattan Beach.

How to Find a Short Sale Realtor

How to Find a Short Sale Realtor  How to Find a Short Sale Realtor in Torrance How to Find a Short Sale Realtor in Redondo Beach How to Find a Short Sale Realtor in Manhattan Beach

Read more…

Too often, many homeowners doing a short sale read up on the internet and speak to friends, coworkers, relatives and anyone else whose done a short sale, about how they received $3000 relocation assistance by doing a HAFA short sale.

Sadly...this is NOT always the case. Simply going into the HAFA short sale program here in CA does NOT guarantee you will walk away with money.

Case in point.....First your realtor needs to determine if your servicer(the one you normally make or made your mortgage payments to for your 1st lien)participates in the HAFA program. Many servicers DO NOT!.

Also, even if your servicer(1st mortgage lienholder) participates in HAFA, the INVESTOR who is above your servicer and has final say so...may NOT be a HAFA participant.

Many 1st mortgage liens are SOLD to a private investor or group of investors that DO NOT belong to HAFA, nor do they have to abide by HAFA's guidelines and rules. 

OK, so let's say your 1st lien holder and their investor DO participate in HAFA and allow you to do a HAFA short sale.

If you have a 2nd lien, you need to also find out if THEY participate in HAFA...for if they DON'T...then guess what may happen when you go to close? Your 2nd lien holder could see the $3000 monies awarded to the seller(YOU) by the 1st lienholder and decide to GRAB or TAKE any monies on the table. Thereby preventing YOU, the homeowner from getting ANY MONIES awarded to you. Don't say NO...because I've seen it done.

Also...here's the kicker....and even better than the above. Let's say..Mr and Mrs Seller had a 1st and a 2nd on their home, and the 1st even agrees to a HAFA short sale, and so does their investor.And let's say your 2nd lien servicer WAS a participant in HAFA and agreed to participate. *  If your 2nd in this process gets SOLD OFF or CHARGED OFF during this process to a collection co. for x amount of months of NON PAYMENT on your part, then that COLLECTION co is NOT HELD to HAFA's rules and can collect the relocation monies at funding. The collection companies ARE NOT SERVICERS...and therefore they DO NOT belong or partipate in HAFA's rules or programs...so  since they are a collection company..they can TAKE the monies left on the table. Remember people...they are a COLLECTION company...they don't call them a collection company for nothing!!!!

Remember the 2nd lien holder, whether it be a servicer or now a collection co...has begrudgingly accepted what the 1st will give them, and they are NOT happy.

Please make sure when doing a short sale that you interview an agent who has done them extensively and has much experience in negotiating short sales. Please don't assume EVER that because an agent has these CDPE or SFR designations...that they KNOW or are VERSED in NEGOTIATING short sales. These companies handing out designations are PRIVATE COMPANIES charging realtors a $500 or more fee to take a 1 day or sometimes just a several hour course in short sales. THIS DOES NOT mean your realtor knows in the slightest how to navigate and negotiate the slippery slope of short sales. Many of these realtors who have gotten their licenses not that long ago or get these designations because they know that 50% of the market is upside down and if they want ANY business, they better get with the program and start handling short sales.

I am not knocking these designations....there are agents who have them and legally have experience and know how to handle short sales... the main thing is to check for experience in how many short sales they have done...and if they have DONE it themselves. Farming it out to 3rd party negotiators or attorneys, does NOT guarantee success.

Please ask many questions about the short sale process and scenarios. There is no magic wand that anyone can wave to make sure your short sale goes smoothly, for many things occur as roadblocks to navigate along the way. But with a strong negotiating agent who is familiar with all the ins and outs and possible scenarios that the banks, lenders, servicers, investors,and collection agencies throw our way....hopefully having this extensive knowledge and experience can help you obtain a successful outcome.

 

Read more…

Blog Topics by Tags

Monthly Archives

********************************** like buttons ************************