Hi First time,
I don't mind working with them, as long as the client is patient and doesn't get upset with me when it takes months and months. When you retain a buyer agent, tell them up front that you want Short-Sale property.

Hi 1st time,
I am mainly a buyers agent who show my buyers ALL properties that meet there price and criteria I am NOT afraid to look at short sales or to write offers on them.
If your agent isn't servicing you correctly then get out of the contract and go with and agent that will give you FULL service.
Don't settle for less this is one of the biggest investment you are going to make, do it with someone that will give you FULL SERVICE.

Regards,
Allyson
408-705-6578
allyson@homesbyallyson.com

It is true that short sale takes much longer to be closed. Sometime, it even cannot be closed. In last year, I have sent over 70 short sale offers in Alameda and Santa Clara Counties, and only one was closed. I will not skip short sale. Sometime it has sweet equity. You should understand that the process of a short sale is
very hader especially there are two lenders. The experienced agent will be plush. However, donnot give up. Just keep going. You will hit one. The good deal is never easy to get.

I think the reason your broker won't show you short sales is that they are unlikely to close. Since I am involved in local and state associations of Realtors, I have heard many times that statistics show only 1 in 7 actually close as a short sale. They may close later as an REO after they have been foreclosed on by the lender, but the listing agent and the selling agent (buyer's agent) will usually be unsuccessful in getting it closed before that.

Therefore; it is a big gamble and usually a waste of time for an experienced agent with an established client base to attempt to get a short sale closed. If you were diligent in your work and only got paid one time in seven, you'd be reluctant to work in that part of your business too.

Many agents in other parts of the state and the country are probably more successful than 1 in 7 and will chime in after me, that's for sure. There are areas in California where almost all the current inventory available for sale is either an REO or short sale. That is not the case in Silicon Valley but is very true in areas like the High Desert and Inland Empire all the way to the Oregon border.

In Silicon Valley we generally run under 30% of inventory being some type of distressed property so there is plenty of 'normal' listings to go after. In some parts of San Jose it might be higher but in most of the West Valley area, for example, REOs and Short Sales are almost non-existent.

Why do you want to buy a short sale? The prospect of making an offer and then being sidelined for weeks and months to find out later that your offer didn't go through with the lender can be extremely frustrating. It will very likely cost you the opportunity to buy a home that you like as you wait and wait and wait. Negotiate on a home that you like, close it, and move in. That's a better approach.

Perhaps another compensation model for agents might be getting paid by the hour to work on short sales. If that were the case, you might find a few more agents willing to work on them. But would you be any more successful in getting one? Probably not.

Mark Burns, Realtor
Coldwell Banker Premier - Top 2% Worldwide
President - Silicon Valley Association of Realtors 2007
Chair of Region 9, California Association of Realtors Board of Directors 2009
President - PRDS, Contracts and Forms for Silicon Valley Residential Real Estate 2008, 2009
DRE #00896552 licensed since 1985

PS If you have a buyer's broker agreement with your existing agent, you may owe them a commission if you purchase a home through another agent or by yourself during the contract period. Have that contract reviewed by a real estate attorney for further clarification.

Michael, here is the thing about short-sales in my area.
There is more action on REOs and not that many on short sales and I have negotiated some pretty good offers my clients have submited and worked with the listing agent as well to make it work. There's a 40/60 chance that it will close, but it is a lot of hard work on the listing agent.
Anyhow, as we know and some agents are self-interested and pompous.
They want to get paid within 30-45 days.
But, if a client wants to see a short sales and put an offer on a short sale, the agent cannot deny their client that right and just hand them off to an agent that will show them short sales.
The client can submit an offer and state that they are still looking for properties and have the final word.
1st Time Homebuyer if you are willing to wait for the short sale to close in 3 to 8+ months with no problem, fine you have that right.
Just my 10 cents. Correct me if I am wrong.

Hi 1st Time Homebuyer, There will only be a breach when there is a Buyer/Broker agreement as mentioned Fred. My question is if your agent is simply protecting you from untrained listing agents who claim to be representing the seller's interests and really do not have any idea or experience closing short sales. That is where the problems and pitfalls can prevent a purchase/close from occurring in a timely and satisfactory manner.

Having said that, I would echo Fred that there are Realtors who are very good at identifying the potentially good short sale listing agents and will show those best suited to your wants and desires. It is really more of an art than a science unfortunately. If I can answer any more of your questions...post away?

Michael http://www.MichaelRobertsHomes.com

For many, many reasons I strongly advise my clients not to bother with short sales as they are an out of control niche in our business. However, provided they agree to my slightly unorthodox way of dealing with them, I will show if requested.
Bill

There are many, many Real Estate Agents who will work with you in Short Sales.

Ideally, you want an Agent that specializes in Short Sales
(but check their "credentials" - taking a one-day course does not make an Agent a "Short Sale Specialist").

If you have a Buyer Brokerage Written Contract Agreement with your current agent,
they may be in breach of contract for not providing the service that you agreed to
(check with an Attorney, etc. to avoid any liability or breach on your part).


If you do NOT have a Written Contractual Agreement with the Agent, you are free to go.


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Best wishes to you,
Fred
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