Home Buying in 95624>Question Details

Curious, Home Buyer in 95624

Came across a home worth further thought but it is a short sale. My question is, should we contact the selling agent, who has the reputation of being

Asked by Curious, 95624 Tue Jan 19, 2010

experienced in short sales or should we get another agent to represent us?

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Of the 11 previous answers, nine said you need to get a buyer's agent to represent you instead of dealing with the listing agent, and I agree, so the count at this point is 10-2. There's some wisdom there.
1 vote Thank Flag Link Mon Jan 25, 2010
Having the listing agent represent you in the sale can appear to be beneficial, but the fact is that the agent has a responsibility to both you and the seller and may need to make decisions in favor of one over the other.

I agree with the others, having your own "experienced" representation may prove to be a better option.

Make sure the agent:
1. Is full-time (It is difficult, but not impossible, to stay on top of industry news when you are part-time)
2. Has short sale experiene representing buyers and sellers if possible.
3. Has a plan - he or she should be able to provide to you in writing what to expect in the short sale process and how they plan to help represent you through the transaction from beginning to end.

It's a great time to buy! You will be glad you did, Happy Home Hunting!!!

Keisha Mathews
The Short Sale Lady(TM)
1 vote Thank Flag Link Tue Jan 19, 2010
I always believe you should have a buyers agent working in your corner, though if you work with the sellers agent you will know exactly what is going on.
0 votes Thank Flag Link Sun Mar 10, 2013
Short Sales have many issues and the lender has a Loss Mitigation Department as well as a Foreclosure Department. These two departments have specific objectives and do not always communicate. Work with the agent who understands how this communication flows. Short sales require a good communicator who is in touch with all parties, understands the process, and all prevailing rules and regulations in your state.
An NAR/SFR-Short Sale and Foreclosure Resource is your best bet.
0 votes Thank Flag Link Thu Jul 15, 2010
In the year 2010 in Elk Grove, most agents are experienced with short sales, so the fact that the listing agent is experienced really does not make him / her very special.

It is like having a bartender who has become experienced at pouring drinks.

Using a disclosed dual agent to represent both seller and buyer is usually okay (I'm just talking about California, and the agency relationships must be disclosed to all parties) if the seller and the listing agent are also okay with it. There is usually no advantage to seller or buyer to have a dual disclosed agent either. Some posters will hate the idea because there are occasional perils. They will try to make you uncomfortable with the idea of using disclosed dual agency. But if it is properly disclosed to all parties and they all agree to dual agency, then who is being harmed?
0 votes Thank Flag Link Wed Jul 14, 2010
Jim Walker, Real Estate Pro in Carmichael, CA
You always want to work with someone who is Experienced in Short Sales! End of story.
0 votes Thank Flag Link Wed Jul 14, 2010
I think it is okay either way.

If you have the listing agent write the contract, the listing agent must disclose to both the buyer and the seller that they have morphed from being a sellers agent into being a disclosed dual agent.

if both parties are happy not having exclusive representation, are knowledgeable, and businesslike, a dual agency transaction can lead to successful conclusion for all parties.

Dual agency with the same agent is the exception though. Most buyers select an agent that is not the seller's agent.

Some times two different agents work for the same broker, That is technically, also, dual disclosed agency, but since the people are not the same person , it 'feels' different.
0 votes Thank Flag Link Mon Jan 25, 2010
Jim Walker, Real Estate Pro in Carmichael, CA
In almost all cases, I recommend that a buyer be represented by a different agent than the listing agent. In that way, you have someone negotiating on your behalf. If I am listing a home, my policy is to refer a buyer who approaches me to another buyer's agent so that they have full representation. The only exception I have made is in the case of a short sale.

In a short sale, the lender requires that the seller receive no proceeds from the sale, so there is virtually nothing to negotiate on behalf of the seller except the timeframe on when they will close. All pricing, and negotiations for repairs, etc. will be completed with the seller's lender, not the seller themselves. So in the few times that I have represented a buyer on one of my short sale listings, it was because I could then keep this buyer better informed on the progress of the short sale.

When I am representing a buyer, I continue to tour homes in the market even when we have an offer in on a short sale. The reason is that no agent has control over when the lender will complete their approval, if at all. This is especially true if the lender is Bank of America. I have a buyer who has been waiting 10 months on their offer to have the lender give approval. And during that time, we are still looking at all other homes that come on the market. It's been, understandably, a very frustrating process but the buyer wants this specific house over any other we've seen.

So your buyer's agent (even if they have one of the short sale listings that you're interested in) should continue to work with you to keep you up to date on the market until you're actually in escrow.

(and by the way, I also just had a short sale offer approved for my buyer in 2 days so there's no fixed timeframe on when a lender might approve your short sale offer) Good luck Curious!
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Wed Jan 20, 2010

Would you ask for a "second opinion" from the same doctor?

This is very similar.....our recommendation is to not put all your eggs in one basket and seek your own personal representation.

Good luck
The Eckler Team
0 votes Thank Flag Link Tue Jan 19, 2010
Short sales are very specific to the lender and the seller. You should have a Buyer's agent who has been trained by the NAR standards and hope that the listing agent has also been trained for the requirements of the lender. These sales require much information and take lots of time. You may be in the transaction only to find out 3 days before closing that the information provided is not sufficient and the closing is cancelled.
These transactions take time but can lead to a very positive result if you are patient and working with qualified people on the seller and buyer ends. It is possible that the home may go into foreclosure before the final closing date. If this happens you have lost your investment in any inspections, etc..
Short sale rules are per the lender for that specific situation. There are not guidelines that are cast in stone for each sale. The seller hardship package must be in "perfect" submittal shape which is the key to a successful short sale. The seller hardship package contains very confidential and personal information about the seller and the buyer has no right to any information in this package. An attorney is favoried to assist all parties. If you truly love this house be prepared for the struggles that exist. If you do not have the time, patience and council of a great attorney I truly would suggest that you move on.
0 votes Thank Flag Link Tue Jan 19, 2010
It is always in your best interest to have an agent working in your favor. A buyers agent is typically paid by the seller so that is another reason why you have nothing to lose. When an agent is representing both parites sometimes its tough to give everyone a true opinion without violating laws.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Tue Jan 19, 2010
I believe it is in your best interest to have your own agent represent you. I know it is possible for the listing agent to represent both buyer and seller, but there may be circumstances or situations where something will happen and you may wonder if something was done in the sellers' best interest rather than yours as the buyer. Many listing agents prefer representing sellers only as they are busy in the office and on the phone with the banks. They leave it to the buyers' selling agent to drive the buyers around to find properties and write up the offers.
Web Reference: http://www.karenburns.net
0 votes Thank Flag Link Tue Jan 19, 2010
If this is a short sale than you can contact the listing agent with any questions that you might have and they can help you. If you are really interested in this home or just ready to start the buying process you should make sure that you find an agent that is a good fit for you. Generally though if you are interested in a purchasing a short sale, you may have more success using another agent to represent you as dual-agency with short sales can get a little tricky with the lender that needs to approve the short sale. I have to agree with the others, you should find someone that you can trust and feel comfortable working with. Good luck!
Web Reference: http://www.tanyajeske.com
0 votes Thank Flag Link Tue Jan 19, 2010
You can work through the listing agent assuming you have checked his references and testimonials. In most states even though the listing agent works for the seller, they still have to be ethical and honest with you. As long as you are confident on value and understand the short sale process (it is a pain), you probably are fine. If you have any concerns though, get a buyer's agent.
0 votes Thank Flag Link Tue Jan 19, 2010
Please get your own agent to represent you and your best interests. It's important.
0 votes Thank Flag Link Tue Jan 19, 2010
Get another agent. But interview the agents to make sure that your buyer's agent also has experience with short sales. Most of the work will be done by the listing agent, but it's still important for you to be represented by: (1) your own agent who has (2) experience with short sales.

Hope that helps.
0 votes Thank Flag Link Tue Jan 19, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
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