Kevin (720)…,  in Denver County, CO

Do banks assign short sales to brokers?

Asked by Kevin (720) 334-6181, Denver County, CO Fri Aug 26, 2011

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5
Kevin,

Make sure you do your research in selecting an agent to represent you in your short sale. Talk to real estate agents in your market place that have experience representing sellers with short sales. There is short sale training available that short sale agents are taking advantage of. Check with you friends and family to get referrals of successful short sale agents.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
DRE 985176
0 votes Thank Flag Link Sat Oct 22, 2011
The answer is mostly NO..

It is true that the majority of short sales are handled by an agent that the homeowner picked. But more and more lenders are "suggesting" agents to use.

While there is nothing wrong with a homeowner using the agent the lender suggests - I really question if this would be the best agent to use.

Agents who truly know how to "work" a short sale know that - to really help the homeowner out involves marketing and transaction management that is not always in the best interest of the bank - but the best interest of the seller. The banks have developed a method to maximize their return - which is not often in the sellers best interest.

Most sellers simply want out and want to be forgiven of the mortgage - trying to maximize the bank's bottom line often results in losing the home to foreclosure and the seller gets screwed because the bank wants to market the property at a higher than true market price.

Bottom line - use an agent that specializes in short sales- not the banks recommendation.
Web Reference: http://www.hqhomes.com
0 votes Thank Flag Link Sat Oct 22, 2011
It's not up to the bank to hire a Realtor. It's not their property to sell...yet. The listing agreement is with the seller. And a contract is between the buyer and the seller, not the bank.
0 votes Thank Flag Link Fri Aug 26, 2011
Not that I know of in our market...Banks don't get involved until a short sale has been approved and there is an offer.

So..if you are interested...get certified in shorts and start advertising for listings that will go short...

Tough wat to make a living....but the business is there.
0 votes Thank Flag Link Fri Aug 26, 2011
Haven't heard of a case yet....thus far, all the short sales I've handled (both as a listing agent and as a buyer's agent), the sellers engaged their own realtor to list the property as a short sale.
0 votes Thank Flag Link Fri Aug 26, 2011
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