Home Selling in 94589>Question Details

As, Home Buyer in Vallejo, CA

I want to short sale my home in Vallejo, but I don't know where to look to find an agent. Where do I start?

Asked by As, Vallejo, CA Sat May 23, 2009

Hi. I am looking to do a short sale on my home in Vallejo. College Park area. I don't know where to start to find an agent nor do I know how the process works exactly. Help?!?

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Please, I urge you to look for an agent very carefully. This agent if is not somebody who cares, can take you to the door of foreclosure and you would'nt even know what happened. There are some agents who are working this transactions in large volumes and may not give you their individual attention and there are some who are too big to take care of these measly shortsales. You want an agent with the right mix of experience and care. Many agents out there who are not detailed enough to handle this complication especially my friend if you have multiple mortgages with multiple lenders. If that is the case, the task is extremely daunting. Be careful. Good Luck.
Web Reference: http://www.VibhaMehra.com
0 votes Thank Flag Link Wed Aug 5, 2009
I'd be happy to meet with you & start the process of listing your home at the right price & finding a buyer & getting your lender to approve an offer. You may call or email me if you'd like to discuss..

Regards,
Ginger Kelley

Coldwell Banker Solano Pacific 707-334-0373
0 votes Thank Flag Link Wed Aug 5, 2009
Get-Smart is correct that majority of lenders won't start the short sale process until they have an offer in hand. You need a real estate agent to get that offer for you. It will most likely need to be priced under the market to get the offer. Seller accepts the offer - then it's sent off to lender with the rest of the short sale packet which includes your hardship letter, your financials, W-2's, tax returns - so lender can verify you truly can not meet your payment obligations on this home. Some people think that all that is required is to be upside down in the home. Not true. You need a "hardship". Job loss, job transfer, change in family status, extraordinary new payment obligations such as medical bills. Lenders seem to be more lenient lately for reasons for hardship - but there still needs to be one.

How this usually plays out is property is listed under market. Lender(s) receive offer. Goes in a pile of other properties. When they get to it, they'll send out an appraiser or do a BPO (Brokers Price Opinion) to see whether the offer presented is reasonable based on current market value. If not, the lender will come back with a counter. Let's take for example a home worth $250k in the current market. List price is set at $220k to get that very much needed offer to present to lender. Lender does the appraisal which comes in at $250k. Lender may well come back and say - "sure, we'll sell it as a short sale but we want $235k". At that time, the original buyer usually walks as he wanted the home for $220k or not at all. BUT, now the agent knows the
lender will sell for $235k and can put back on market at the $235k price and indicate it it an "approved short sale" - which is huge in agents and buyers minds because of how long it takes to even get that approval. Can be months.
Web Reference: http://www.annaboyd.com
0 votes Thank Flag Link Sat May 23, 2009
You will not be able to short sale your house, even with the assistance of a real estate agent, until you receive an offer to purchase from a bonafide buyer. A lot of people think they can just submit some paperwork to the lender and boom they have a short sale. The lender needs something to consider to agree to a short sale and that consideration is an offer. Once you receive an offer then you can proceed to short sale negotiation, otherwise your house will sit on the market until foreclosure.

My reference link has a few questions answered about short sales.
0 votes Thank Flag Link Sat May 23, 2009
You can use the Find A Pro tab and see agents on Trulia Voices who look like good initial contact prospects
such as Karen Haas at Coldwell Banker or Jeanie Kees at Exit Realty.

Trulia Voices can work well for buyers/sellers and agents. Look at the questions, the comments and you'll get a good sense of how knowledgeable the agent is and also their comportment and professionalism.
0 votes Thank Flag Link Sat May 23, 2009
As- I'd be happy to help you find a real estate agent in Vallejo. But, if you want to do the research yourself, I'd go to Realtor.com and use their "find an agent" tool. Once you find a few agents, whose profile look attractive, you can do an internet search to see which have web sites. An agent without a web site, or "web presence" is not worth wasting your time with. YOUR HOME NEEDS TO BE ON THE INTERNET. If they have a professional web site invite them over for an interview.

At your interview, ask the following for each agent:
1) Are you a Realtor? (Realtors are members of the Natl. Assn of Realtors, not all agents are Realtors)

2) Do you have your license with you? All realtors need to be able to present their DRE issued license. If they do not you might be dealing with someone who has a loose interpretation of the rules. When they do give it to you, look at it and make sure it has not expired. Write the number down and to http://www.DRE.CA.gov and check their lic. status to make sure it has not been revoked and suspended.

3) How long have you been a "licensed sales associate (or broker)". Some agents have developed cute little ways of getting out of this question like "Oh, it seems like forever" or "I've been in sales for 20 years", or "I sold my first house 15 years ago" (well, they mean their own house, and another agent sold it , not them).

4) Do you live in the neighborhood? If they don't, are they going to be able to show your home when somebody calls them from the sign in your yard. If they aren't close by, a prospective buyer may leave... house unseen or call another agent who might show them other homes.

5) Do you represent more buyers or more sellers? An agent who likes buyers may only want your listing to attract more buyers whom he will then take out and show other homes. 90% of my business is representing sellers. When a buyer calls me, I want them to buy YOUR home.

6) Do you own your own home? Some agents don't. Why? I don't know. Maybe they aren't successful enough to buy a home. Do you want an agent helping you through the stresses of buying a home when he/she has never bought one himself? I don't want to buy a car from a car dealer who's never owned a car before, or have my web page designed by somebody who does not own a computer.

7) Can you show me (on paper or on the computer) all the homes you've bought or sold for clients during the past 12 months? Has this agent even sold anything this year? How many are Short Sales?

8) Can you show me one of your listings right now? See if there's a sign out front. Is the box out of fliers? Are the flier’s black and white or color. Are his business cards inside where an agent can grab one and call about the listing? Did he tell the owner how to make the home look better or does the house look like crap?

Go back and ask the homeowner if they are happy with this agent.

9) Ask to see examples of his marketing material. If he/she did not bring any, they are unprepared and should be penalized for such. When I go to a listing interview, I'm prepared to show you everything I have. I even bring my computer in case you don't have one so I can show you how I market my homes on the internet.


Good luck As!
0 votes Thank Flag Link Sat May 23, 2009
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