Home Buying in 33570>Question Details

MS, Home Buyer in 33712

Is it unwise to use listing agent for short sale?

Asked by MS, 33712 Mon Aug 24, 2009

Unwise to use listing agent for short sale?
I am looking to make an short sale offer on an empty house (230 days and counting). Is it ok to contact listing agent to do this or is this method down right foolish and I should use my own buyers agent? I was hoping by using just the listing agent I could get the slow slow and slower process moving more quickly. You can also email me at ms4change@aol.com.

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Erin Rowley Stoner’s answer
I usually encourage buyer's to get their own agent-- but I think that using the listing agent in a short sale can be a great idea. The deal seems to stay together that way. The listing agent automatically represents the seller, but ultimately it's up to the seller's lender to approve the sale. So the debate over dual agency is not as big a deal.

If you go with the listing agent, have her prepare a buyer CMA for you. Find out how much experience she has with short sales too-- If she doesn't know what she is doing, there is a good chance it might not work out. This can help ensure you are making the right offer on the property. If you opt not to use the listing agent, find one who has experience in short sales!

Be prepared to wait! Educate yourself as best as you can no matter what you decide to do, and be sure your agent is persistent.

Good Luck!
2 votes Thank Flag Link Mon Aug 24, 2009
BEST ANSWER
MS,

It is not a foolish choice by any means! As a matter of fact, who knows that property better than the "Listing Agent"!

I would suggest meeting with the agent first to make sure this is the person you would like to work with through the "Short-Sale" process. Also, some lender's DO NOT allow "dual-agencies" through this type of transaction. The Listing Agent would be able to advise you on this.

The only guarantee you probably WON'T have is to expedite the process. Especially if this is an experienced short sale agent. Unfortunately, the banks still control this process more than agents and homeowner's would like.

If that's your only concern about putting in an offer on this property, you could always ask a friend or family member for an agent referral.

Best of Luck!
Web Reference: http://www.weberhomes.INFO
1 vote Thank Flag Link Mon Aug 24, 2009
My answer would be "it depends." Is the listing agent a short sale specialist? Has the agent successfully closed short sales? Is he/she doing their own negotiations with the bank? What is their success rate? If you have identified a property you would like to purchase, the best way to ascertain the property is to work with a professional who is well versed in the short sale process or uses a loss mitigator as part of their team. Interview your agent(s) and ask for references. The short sale process is lengthy and a strong negotiator is key to helping you succeed.

Carla Rayman
Prudential Palms Realty
Sarasota, Florida
Carla@CarlaRayman.com
941 724 0519
1 vote Thank Flag Link Mon Aug 24, 2009
I am a little surprised by the answers that say you should use the listing agent. The bank/seller is probably paying the same sales commission, so why not have someone that is looking after your interests? Short sales are so complicated, it seems that it would be good to have someone on your side. Do you have an agent you trust in your area?
0 votes Thank Flag Link Mon Oct 22, 2012
I am a little surprised that you would suggest a listing agent would not look after a buyer's interests or would not be "on your side." We always treat *all* of our customers with fairness and work hard to represent their interests. As Realtors we have a duty to buyers and sellers to make sure that everyone gets the best deal possible.
Flag Tue Oct 23, 2012
MS: There is no real reason not to use the listing agent of the property in which you are interested. Ask some simple questions up front and you can avoid a lot of pain and anxiety. The first question to ask is "Who is negotiating the terms of the short sale?". While some agents have some success in "doing it themselves," it is much better if a third party is doing the negotiating. I recommend looking for deals in which the seller has engaged a law firm to handle those details. As far as "listing agent" vs. "buyer's agent," here in Florida there is an assumption that, unless specifically stated otherwise, an agent is not representing one side or the other, but instead is facilitating the transaction. This arrangement is called the "transaction broker" relationship. With a transaction broker, which is what the listing agent would be if you worked with him or her, you are to be treated fairly and honestly, your information held confidential, and all conditions affecting the value of the property will be disclosed to you. The listing agent does have inside information about the seller and, if the seller agrees, may disclose it to you.

In any case, it's not the agent who directly affects the speed of a short sale closing, it's the lender and the negotiator. It's been my experience that an agent who also tries to negotiate short sales, does neither very effectively. I am sure there are exceptions, but, as a rule, if you want to avoid painful problems with a short sale make sure the sale is being negotiated by a law firm with good experience.

Contact me for information about short sales in the Apollo Beach area. We have some really good deals, but they're going fast...
0 votes Thank Flag Link Mon Oct 22, 2012
MS,
If you choose NOT to use a buyer's agent I say beware! Make sure YOU know the process, as well as what you'll need to do and timelines to follow to get them done. Although the listing agent speaks to the negotiator the contract still has terms that need to be met by you... Using the right buyer's agent can only help you NOT hurt you!
Mark Zabilowicz
Tampa Realtor
813-849-8554
0 votes Thank Flag Link Tue Aug 25, 2009
Hello Ms. Home Buyer,
As always buying a Home is a big commitment. You should always do your research when it comes to purchasing your future home. I would advise to consult another buying agent to find out what your options are. What kind of programs are out there. You already know that the home has been on the market for awhile. I would find out if there has been any offer and if so is the Realtor only working with one offer or multiple offers. Has the current short sale been approved by the bank. If you do decide to put an offer make sure it is the right decision for you. You do have options and you should definitely explore them talk to someone that you are comfortable with and who knows the market. So that you can make an informed decision Good Luck I wish you the best.

Kindest Regards,
Cassie Schaaf
Realtor
Century 21 Beggins Enterprises
Apollo Beach, FL 33572
Cell (813)267-5985
0 votes Thank Flag Link Mon Aug 24, 2009
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