Home Buying in 89141>Question Details

Bob Michaels, Both Buyer and Seller in 89141

What kind of agent should I be looking for when buying a short sale property? Use the listing agent?

Asked by Bob Michaels, 89141 Mon Aug 16, 2010

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Jillian Batchelor’s answer
Hello Bob,

Well I have to say I agree with the agents below. As a buyer you ALWAYS want your own representation. You want to know that YOUR interests are covered and that you have an EXPERIENCED agent looking out for your best needs and Negotiating the very best deal for you.

Short sales can be complex at best and some times very trying. Especially for Short Sales in Nevada and short sales most importantly in Las Vegas, have many diverse aspects to them and the negotiations condition on through the entire transaction so you most definitely need an agent who is well versed in short sales to know how to navigate these challenges. As you can see many short sales do not end up in a successfully closed transaction and this is hugely in part to agents lack of experience and complex hurdles the seller's lien holder's throw into the transaction.

As in any real estate sale in Las Vegas, Henderson, North Las Vegas, & of course anywhere in Nevada Dual agency is allowed but not always permitted by the individual agents brokerage due to the conflict of interest and potential for law suits.

As a buyer you need to find an agent you feel as though you can trust, you have seen references, and asked them how long they have been in the business for and how many transactions a year they close. If you are looking for a short sale agent I would ask them if they have closed more than 100 short sales. This experience is not only important but invaluable.

Myself and my team of short sale specialist would LOVE to assist you in your real estate transaction. To answer the above referenced questions I have been in the business 10+ years always ranking in the top 2% of the Realtors in the valley, helping hundreds of home owners a year buyer and sell their homes in Las Vegas. I am a short sale specialist and currently rank in the top 6% of ALL realtors in the COUNTRY. This is important for you to have the confidence in choosing a realtor.

We look forward to hearing from you and I know there are MANY great Realtors in the valley so either way I wish you luck in choosing one!
1 vote Thank Flag Link Tue Aug 17, 2010
1st, never have the listing agent in any sale represent you if you are a buyer! In fact, banks don't allow an agent to represent both buyer and seller in short sales. Having the listing agent DOES NOT in any way save you money-EVER!

2nd. In other kinds of sales such as a bank owned (REO) or normal sale, If the agent represents you, the buyer, and the seller, the agent is limited in what they can do for both the buyer and seller. SO in fact it may hurt you by not having your OWN agent. Keep in mind you as the buyer does not pay for the agents commission. The seller, and in a short sale transaction, it is the lien holder that pays both agents commission. The ONLY fee that you should have to pay the real estate agent is what many call the transaction fee. It can range from $300 to $675. Bottom line...ASK the agent what their fee is BEFORE you ever have them do ANYTHING for you. Once they show you a home and write your offer, you are stuck paying their fee-even if it is the $675 amount. You are in a much better situation to negotiate the fee down, if it is high, or make an informed decision before you are in contract rather than after.

3rd. Search for an agent that is first active in the current market. Just because they might have been an agent for 20 years doesn't mean they are doing much business right now. There are a lot of agents that are working full time in a different job and only working part time in the industry.

4th. Search for an agent with what is called designations. As you will see in my signature block I have 8 designations. Someone with no designations COULD be good, but it shows a lack of initiative to stay on top of the latest news, ideas, & methods that are being used in the current market. I'm not saying that anyone needs 8 designations to be good, but it can't hurt for a professional to demonstrate their desire to improve themselves in their chosen field. You certainly wouldn't want to have a heart surgeon working on you that hasn't gone to a seminar or taken anything but the minimum number of required continuing credit since he/she started in the industry. Things change in the medical field with time just as in the real estate industry. Find someone who has a little bit more to offer than the basics!

5th. One of the more important designations, if you are looking to purchase a short sale (SS) or a foreclosure (REO), is to look for an agent that has their SFR which is the Short Sale Foreclosure Recourse designation.

6th. Ask if the agent represents buyers and or sellers in Short Sales. The agent doesn’t have to be part of a major real estate firm. to help you. Every agent has access to every listing in the valley. All short sale transactions are required to be listed in the MLS and made available to all agents. So size of firm is not relevant as well as their experience in short sale transactions!

Hope this will help get you started. If you need further assistance, feel free to contact me directly.

Best of luck,

Valerie Edwards, REALTOR
ABR, RRG, GREEN, SRES, SRS, RSPS,SFR,ATHOM
Direct: (702) 371-5533
INFO@Agentvalerie.com
Premier Real Estate
1 vote Thank Flag Link Mon Aug 16, 2010
The listing agent is working for the seller and will have their hands full dealing with the bank. You should have your own representation and use a buyers agent so that your best interests are being protected.
1 vote Thank Flag Link Mon Aug 16, 2010
Get your own buyer's agent.

The bank pays the commissions on short sales so you get professional representation at no cost to you the buyer. There really is no negative consequences of having a buyer's agent represent you.

If you use the listing agent to represent you as well you have to hope they are honest and ethical and look out for your best interests as well as the seller's at the same time. Just eliminate this risk by going with your own agent. My 2 cents.

Hope this helps!


Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Fri Sep 21, 2012
Asked by Bob Michaels, 89141 • Mon Aug 16, 2010

ARE you still looking to BUY a Short Sale Property?


David Cooper Investor 702-499-7037
0 votes Thank Flag Link Fri Sep 14, 2012
Hello, Bob.

Our recommendation is that you only utilize the services of an agent who specializes in that area. For assistance, please feel free to contact our firm direct:

LV Property Search
Info@LVPropertySearch.com
0 votes Thank Flag Link Wed Sep 12, 2012
Hi Bob,

This is a very different market than what most people are familiar with. About 70% of the market are short sale properties. It is best to work with an agent that is familiar with short sales more than other agents. An agent that successfully lists and sells short sales will be a great guide for you when buying a short sale. They will know the process better than anyone and they will know the right questions to ask the listing agents throughout the process and even when you are potentially interested in a property. There are certain factors that are extremely important when choosing a short sale property to purchase. Many agents don't know all the right questions to ask. This means that you could potentially end up stuck in a short sale deal that goes absolutely nowhere.

I specialize in short sales for many sellers and I have represented many buyers in these transactions as well. I know all the right questions to ask the other agent involved before even getting involved with the wrong deal. This helps you as the buyer choose the right property without wasting your time and money. Feel free to call me and I would be happy to discuss how I can help you with your short sale purchase. Remember, 70% of the market are short sales, so I know I can be a great help to you.

Len McGuirk
Short Sale Specialist
Prudential Americana Group
Cell: (702) 203-6688
http://www.LasVegasShortSaleSpecialist.com
0 votes Thank Flag Link Mon Aug 16, 2010
I would always use an agent I know and trust.
0 votes Thank Flag Link Mon Aug 16, 2010
You most definately need someone to represent your interests as a buyer. I personally helped many buyers to purchase short sale properties. Feel free to contact me and have a quick chat about what your particular goals are. I will work hard to earn your business.

Leonid Vekslin
Golden Real Estate & Investments
702-538-6253
leovek@aol.com
0 votes Thank Flag Link Mon Aug 16, 2010
In my opinion you need a good buyer's agent who knows the short sale process and can walk you throughas well as have your best interest when representing you.

The best luck for your house hunting

Tina Encheva
Realty One Group
702-292-1156
0 votes Thank Flag Link Mon Aug 16, 2010
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