And yes, having a dual agent can work, so don't be swayed by that. It's just one of those scenarios where the agent really has to stay neutral & give each party the best service possible without jeopardizing either side. Any good agent, will educate you to the market about short sales, pricing, negotiation etc, so that you can make an educated decision should you go through with offering on one of their listings. As you can see, it's a touchy subject for many, but done correctly it can work.
Congratulations on the purchase of your home! As real estate professionals, we do often represent both buyer and seller in a "dual agency" and must maintain the highest level of integrity when conducting transactions.
1. The short sale process can be lengthy. Once the seller accepts your offer, it must be submitted to the bank for approval. Typically, unless the seller has already found another residence, they usually stay in the home during this process. It can take months to receive an approval from the bank so i hope you are in this for the long haul. There is a page on the contract that references when possession of the home will take place. Please review that with your realtor for clarification.
2. With a short sale, the "terrms" are typically established by the bank. You will receive documents to sign from the short sale lender with regards to purchasing this property. Please review those documents carefully and ask questions if there is anything you don't understand. All other terms/contingencies should be discussed with your realtor.
3. Hopefully I answered this question with the first two responses. The main thing you need to know is, have patience. The process can take time, but if you get your dream home in the end, it was worth it!
Real Estate Agent
Imara Mortgage & Realty
68 E. 11th Street, Suite 120
Tracy, CA 95376
I'm not going into the strategy's of short sale negotiation here, but if the agent is honest and short sale savvy, this situation would be advantageous for both buyer and seller for a number of reasons.
The dual agency exists due to the same broker, not the same agent....and in my mind, that's where conflict usually lies, but in CA is "made right" via disclosure. Again, I go with Gus!
The part that is concerning is "listing of her friend's."
What many listing agents in short sales fail to realize is that their fiduciary role is slightly different than in equity sales in the sense that they need to get the home sold - that doesn't mean for the highest possible price....it means find a viable buyer and get the deal closed so that their client doesn't get foreclosed on by the bank.
Now, just by the type of questions you are asking and the fact that you are here, it is hard not to feel that there is some concern in your mind regarding the realtor. Really, she should have educated you about question #1. Question #2 is for your agent to answer - and you might want to touch base directly with Gus below since he is from the same area. Question #3 is wide open in terms of answers, but I would say the #1 thing to look out for is a short sale listing that is taken by a friend instead of an experienced short sale agent. I would ask her how many she has closed and if she negotiates them herself personally. As a buyer, you enter into a short sale deal, and you are pretty much in the passenger seat of the bus....hoping the agent driving the bus knows where they are going.
Good luck. Call Gus.
CA DRE 01775528