Home Selling in 32824>Question Details

M R, Home Buyer in Orlando, FL

If listing a house as a Short Sale, is it best to find a realtor who has lots of Short Sale experience?

Asked by M R, Orlando, FL Sun Mar 14, 2010

I need to list my house with a realtor as a Short Sale. I have a friend who is a realtor but he doesn't have too much experience with Short Sales. He might have done 10 of them. Some realtors claim that have done 75 or 100 or even over 200. Is it important to list a house with a Realtor with lots of Short Sale experience?

Help the community by answering this question:


It is IMPERATIVE that you choose a Realtor with short sale experience. We at RH Funding Co. have the ever-so-distinct pleasure of working with hundreds of agents and can tell you first hand that an unexperienced Realtor can get you into a lot of trouble. It can cost you time, money and sometimes even the home. There is a specific short sale / distressed property designation that you should be looking for whenever dealing with Realtors to purchase a short sale property. This is additional education that some Realtors take on. You certainly wouldn't go to a doctor that never went to medical school, so I don't suggest that you buy a short sale from an agent that hasn't gone to "short sale school".

Thanks and good luck!
Web Reference: http://www.LendingFL.com
1 vote Thank Flag Link Tue May 18, 2010
Hello, You absolutely want an agent with experience. there is a lot more involved than simply sending the offer to the bank. A nice neat package that the loss mitigator can navigate through easily helps tremendously. The more information they have the better. There are extra steps that can be taken to ensure that your short sale is considered quicker than others. It is very important for an agent to fully understand the process to get you the best possible results.
1 vote Thank Flag Link Thu Apr 1, 2010
Experience yes. Lots?? Who knows how much is lots? My clients do not bother to make offers on short sales where the the listing has never had a successful short sale closing. we just move on to the next property. if they have at least one successful closing, then they know what they are doing.
1 vote Thank Flag Link Sun Mar 14, 2010
Sure it helps! Any agent with the will and desire to get the deal done..... Can do it too.
0 votes Thank Flag Link Thu Jun 10, 2010
YES !! It doesn't matter how many short sales an agent has listed. What matters is how many that realtor has actually seen close with right of possession going to the buyers. They have to be great negotiators. And just because you list your home as a short sale, doesn't mean you should sign the first offer that comes along. If it is not an offer that is fair market value, you are just wasting yours and everyone else's time. Why should a lender accept a low ball offer when they know they can get a good offer. Don't tie up your property for months waiting for the bank to say NO to an offer that shouldn't have been accepted to begin with. Your realtor should know this, if he doesn't, find another one.

Century 21 Flag
0 votes Thank Flag Link Thu Jun 3, 2010
No doubt you need an experienced agent to handle your sale. I have closed several. They are all different and lender's guidelines, paperwork and even phone numbers change constantly. Even more importantly you need someone who is pro-active, tenacious and organized. I credit my success to my never give up attitude. Most of my sales I have negotiated myself, but I now utlilize an attorney to negotiate and manage paperwork while I concentrate on marketing and getting the home sold.
Best of Luck to You,
Lisa Jones, GRI, SFR
ERA Tom Grizzard Realty
0 votes Thank Flag Link Thu May 13, 2010
Its best to have a REALTOR® with ample experience handle a short-sale. I usually do the preliminary leg-work and then pass the file along to an attorney with short sale experience do the rest.

≈≈≈ Mott Marvin Kornicki, REALTOR® ≈≈≈
Aventura | Bal Harbour | Sunny Isles Beach
≈≈≈ "★”This is the House “★" ≈≈≈
0 votes Thank Flag Link Sat Mar 20, 2010
I will like to invite you to a Free Short Sale Seminar, we will be open to discussions and questions
Our next seminar will be held on our officce at 10645 Narcossee Rd, Orlando,Fl 32832 in March, 18, 2010 at 6:30 PM
We are going to cover the buying and the seller side of a Short Sale

Selling a short sale home can be an enormous hassle and sometimes producess an enourmos amount of stress. Just be sure to choose your realtor carefully, know what you’re getting into, find an agent who is experienced in short sales.
Definetely experience makes the difference. I encourage you to check your realtor experience, ask them for copies of the approval letters, ask them what is their system, how are they going to keep you informed on how the process is going, etc.
Come to our seminar and get the answer to all of those questions, it is FREE and there is no obligation.

Visit us at http://www.LakeNonaShortSaleExperts.com

Licensed Real Estate Agent
Certified Short Sale Specialist
10645 Narcoossee Road
Orlando, Fl 32832
Phone: 407-468-2015
E-mail: Carolina@NonaShortSale.com or
To search the MLS Free visit my web page http://www.EastOrlandoHomeForSale.com
0 votes Thank Flag Link Mon Mar 15, 2010
It is not how many transactions you have completed, it is what you have learned in the process. If they seem competent, have a plan, and have positive references, I would say to proceed.
0 votes Thank Flag Link Mon Mar 15, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
Be very, very careful who you get to help you with your short sale. Unfortunately there are some self-serving Realtors who are affiliated with investors who will attempt to get you to sign over your ownership (quit claim it) without paying off your note. They will then submit falsified repair estimates to the lender(s) to get a short sale approval at a price well below market. They then attempt to find an ALL CASH buyer to buy close to full market price on a same-day flip. Should be illegal and I would bet in the years to come we will see the underlying lenders go after these Realtors/Investors and Owners for fraud. Just not worth it...

Also I would not go with a Realtor that suggests that you use a 3rd party negotiator. These "negotiators" will charge an outrageous fee ($2k to $5k) and will tell you that you will not have to pay it. They put that charge on the back of the buyer. FHA buyers are most common and they CANNOT pay a negotiator fee.
0 votes Thank Flag Link Sun Mar 14, 2010
M R,

It is hard to find a Realtor these days who does not do short sales. Short sales are just a reality in our marketplace. Short Sales and Foreclosures make up a huge part of our market in St. Lucie County Florida and I am sure in most areas as well. I would say that we all have short sale experience. What you need most is a realtor who has worked in of your neighborhood so that they are familiar with all of the good points your area has, with an excellent marketing strategy, a strong company which adds to the agents efforts, and an agent knowledgable in working with short sales. With that in mind, interview a few and find someone who you are comfortable working with. There are sellers who hire a realtor and an atty. to do the negotiation. They work hand in hand to get the job done. If you go that route, make sure you know exactly what the atty. and their paralegals are responsible for. Sometimes the realtor handles it all with submitting offers to the lender and communicating with them. Your interviews will help you make a decision.

Hope this helps!

Debbie Albert
Coldwell Banker Residential
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Sun Mar 14, 2010
10 is a good number but how many on the listing side and which banks? I currently have 13 in process on the buyer and/or seller side, and have 2 to list this week.

Bank of America is running a number of short sales through the new program that is slated to start April 5th now and I currently have 2 going through this program.

Although myself and other real estate firms in the beginning started negotiating with the banks directly most all have turned to using a professional service to help save time, but the new service B of A has starting using again requires us the agent to be involved directly cutting out the outside negotiating services.

I've heard the other banks when they start in April will be doing the same.

Interview a couple of agents to gain their knowledge on short sales and see how you interact with them, I research on a daily basis the real estate market, short sales and foreclosures to help sellers and buyers the best I can.

Hope this helps,

Broker Dave
GRI, ePRO, Real Estate Broker & Realtor

Community and Family Values
Web Reference: http://OrlandoHomeStore.com
0 votes Thank Flag Link Sun Mar 14, 2010

10 short sales! that is pretty good experience. How did it go with your friend? Was he/she successful in getting these transactions closed. There are many so called Super Agents (now ) that have much experience and many many listings with Banks, REO's and Short Sales. While these Realtors have an abundance of expererience you should look at the whole picture before deciding who to list your home with.

I just want to give you a couple of things to think about when choosing a Realtor to list your home.

1. Your "friend" may not be your best choice. Do you want to keep your friend? What happens if your friend does not represent you very well.? Just think about firing your friend or having a falling out over service to you. Sometimes it is just too close of a relationship to make it a bit uncomfortable if things do not go well. I am just saying. You may feel comfortable with your friend and that is perfectly fine if you do. Many people I find do not think of the total transaction and the ups and downs that occur during this process. Family Realtor is another relationship in Real Estate that can be challenging as well. May want to just keep your friend as a friend or advisor.

2.. Going with a so called "Super Agent" against a very well prepared, experienced agent with less number of short sales. First I would like to suggest you always should look for some experience in the location of your home and with the short sale process. Many agents and agencies have put into place short sale transaction coordinators that assist in the process of closing the short sale from contract to close. This should never be an extra cost to you. In fact you do not have any costs in this process. You get no profit, you are not charged. Some agents now have title companies that they team with to expedite the process as well. I have used this method successfully myself. My company now has on staff an experienced short sale transaction coordinator as I mentioned above. From contract to close that is all she does full time everyday. That frees me up to list, market your home and work with finding Buyers.

Keep in mind that the busier the agent is you may feel more removed from the personal care that the "Super Agent" may give you. if you are one of 10 or one of 100, which situation would you expect to get more personal care? I will let you answer that one.

In conclusion, your agent choice certainly must have knowledge of your neighborhood and area or zip code. Some short sale experience is very helpful but not conclusive especially if the agents home company supports them with extended help AND I suggest you interview a few agents to Qualify them for all this, think carefully about hiring friends or relatives to help you but only if you are completely comfortable with sharing with them all of your personal business. Interview a super agent with hundreds of listings, your friend, and a mid range agent with some experience and not overloaded with listings. You will know with whom you are most comfortable to hire. Communication is very key. You should get rapid response from any of the above. Business 101, do not keep you customer waiting for you.

I hope this helps. I will leave my contact information here for your convenience should you wish to talk with me further about the areas I specialize in and if we would be a good fit. I would be delighted to be included in your interviews. There are many good many agents who will respond here ton Trulia that you should consider as well.

Best of luck to you and I am so sorry that you have found your self in this situation but the good news is that you have taken the first steps to resolving and moving on. Thank you for your time.

Gay Middleton
0 votes Thank Flag Link Sun Mar 14, 2010
Its great to have a lot of experience. I started shorts in 2006. However I work with a copy that is certified to do just negotiations with the banks. They help me get replies to my offers in weeks rather than months, which is what hurts the short sale. They also have credit rebuilding services. the best thing is that the services are free to both the seller and buyers.

For more information about these services and a rtrack record contact me
Ramon Polanco
0 votes Thank Flag Link Sun Mar 14, 2010
Yes. Definitely find a Realtor with short sale experience. Reason: Short sales are complicated and time-consuming. There's a lot that you'll have to do, and a lot the listing agent will have to do. Your friend may be fully competent, but still not have the degree of experience that would most benefit you.

But talk it over with your friend. Possibly suggest that he partner with another agent in his company with extensive short-sale experience. He and the other agent would share the commission, but that way you'd have someone with a lot of experience involved, and your friend would get some very valuable experience and a portion of the commission.

Hope that helps.
0 votes Thank Flag Link Sun Mar 14, 2010
Don Tepper, Real Estate Pro in Burke, VA
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