Posts Tagged ‘agent’

In the current real estate market, there are too many assumptions of the short sale on homes, based on the stories from friends and family. Friends and family mean well, yet they are not professionals, working with the lending industry, where regulations may change weekly. Therefore, it will serve you better to start fresh, “What if I don’t know enough to buy a good deal?” In other words, staying open, learning from the reputable articles and asking your foreclosure realtor important questions will benefit you. Once you gather more information, you can truly decide if the short sale on homes is for you.

What is the driving factor of the complicated and lengthy short sale process? It’s the price. Buyers are frequently attracted to it, because they want a screaming deal, which may or may not happen. It depends on the price, which must be carefully and tediously researched, before you make an offer. Therefore, hiring an experienced foreclosure realtor will often ensure a happy ending. Otherwise, you might be wasting six or more months waiting for the deal, while missing out on other opportunities of the foreclosure market.

Why you need a foreclosure realtor working on your side on a short sale on homes? Firstly and mostly, she can make sure the asking price is the best deal you can possibly get. Without the realtor, you will not be able to adequately evaluate the discount offered by the seller. Calling the seller’s agent and asking if the price is right, it’s like calling your wife’s divorce attorney hoping for advice. The seller’s agent is protecting the opposing interests, not yours. Therefore, you’d better be represented by your realtor to get the best possible results.

Secondly, your foreclosure realtor can and must make sure that the asking price is realistic, i.e. most likely to be approved by the bank. The golden rule of a short sale on homes dictates that the asking price means nothing, until approved by the lender. Yet, too many short sales display the deceptively low price in order to attract offers, luring an educated buyer into a trap of wasted time and money. It is a good selling strategy, but it is a disastrous buying strategy. However, this strategy can work for both parties, if supported by the low-priced comparables in this area. If the seller’s agent gambles the price without checking those or they are not available, then all the parties are wasting their time.

Since extensive price research is necessary to ensure success of your short sale, you are better off hiring an experienced foreclosure realtor to do it for you. Additionally, your realtor could advise you on all the stages of this complicated real estate transaction without costing you a dime. Remember, it is always the seller who is paying for both realtors. Sometimes, it’s the lender, who authorizes the disbursement of the available funds to compensate your realtor, who is helping you get the screaming deal. In other words, the short sale on homes can be a good deal for the buyer, who is willing to wait for the right opportunity, while having an experienced foreclosure realtor on his side, protecting your interests.