How to find an agent with solid experience in short sales and probate sale with court confirmation?

Asked by Galangal, Paris, NY Tue Jan 19, 2010

I am trying to find some deals (if there are any remaining) in the Bay Area. I think normal sales and even REOs are priced at market or over-market prices so that investing in these properties (as rentals) yield a negative return. On the other hand, it seems like short sales are indeed closing. Also, there may still be opportunities to find reasonable values in probate sales that involve court confirmation.

How to select good agents with experience in these sales? Every salesperson claims he/she is capable but there must be objective ways to verify their claims.

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Norman Aless…, Agent, San Jose, CA
Wed Jan 20, 2010
I would look at the agents here who answer questions on trulia and review there profile, how they answer questions, there areas of expertise, knowledge of your areas of interest. Then I would contact a few of them by email or phone and chose the one you feel will represent your interests the best. There are quite a few VERY good agents right here at your finger tips.
DRE# 01397256
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Bill Mccord, Agent, San Jose, CA
Wed Jan 20, 2010
Others have given you good ideas for determining the ability and experience of an Agent. I will simply suggest that if you are looking for good long term rental property with at least nuetral cash flow then you would be best advised to be looking at the Duplex, Triplex, 4plex market. These present a much better oportunity for a serious investor and using FHA financing they are much easier to get low down payment loans.
You might want to add experience in this area to your list of qualifications.
Good luck,
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Glen Mitchell, Agent, Half Moon Bay, CA
Wed Jan 20, 2010
In a job like construction you can go view past projects and get a strong visual image of the type of work the contractor does. Real estate is a little different because you can see two houses two different agents sold, but it tells you nothing about the quality of their work or which agent was better. Talk to different people and get their recomendations. Talk to people who have bought the types of property you want to buy. In any market there are good deals, sometimes harder to find, but they are there.

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CJ Brasiel, Agent, San Jose, CA
Wed Jan 20, 2010
G -

To me, no matter what the purchase "type" is for a home, the agent who is best able to negotiate is going to be the best bet for landing a "deal". Probate deals are a little bit more complex if they involve a bidding process but the end point is the same. What is the market value of the home? What are you willing to pay? Most investors know exactly what they are willing to pay for a property to insure (hedge) the result they are looking for in a purchase. Some want positive cash flow. Some are looking at the long term investment/appreciation. Once the investor knows the numbers they need on a property, you only need a good negotiator.

There is always an advantage when the agent knows the neighborhood. Pin pointing value not only from the recent activity but the understanding the historical value of an area is important. Understanding the exact situation of the seller is crucial to finding the right opportunities for an offer. No matter what the label on the listing, finding an agent that knows how to work a deal that is appropriate to the buyer's desires is best agent.

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Infinity Rea…, , Saratoga, CA
Tue Jan 19, 2010
Great question, i think looking for a specialist or an agent that has a niche market is a great idea if you are sure that that niche is the way to go. The hard part is that if you are buying homes for investment it would be wise to keep all options open. All the deals left out there aren't necessarily only going to be short sales or probate sales. Although i agree that in my opinion there is tremendous value and reasons to look into short sales, but without proper understanding of you personal goals it would be hard to make sure that it is a fit.

Now Finding experts, well just like anything else interview them, testimonials, etc. There is no magic answer its all about doing the research like you are now and staying consistent. You might find a great agent, or you might work with a couple of agents. The best thing to do is be honest with them if you are working with other agents for other types of purchases.

You might also want to ask your self is a buying agent really an expert on short sales, although many agents have experience and have put offers and closed short sales. There aren't that many buying agents that actually are out there consistently obtaining short sale listings. Short sale listing agents in my opinion are a different breed, it takes a specialized agent to keep acquiring short sale listings and be good at closing them. I would say as well finding a specialist when it comes to probate will be tough. There are many experienced in one transaction or have the knowledge to do this, but this is a pretty small market to build your business on.

I also agree with your statement, yes short sales are indeed closing i can vouch for that.

Good Luck and any help you need feel free to contact us.
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Eric & Janel…, Agent, Cupertino, CA
Tue Jan 19, 2010
References, References, References,
Our team always recommends speaking with our past references, whether it is for the short sales we have performed, or the short sales and REO's we have helped investors purchase, we feel they can truly provide the true test of our abilities. There is a reason our motto is "Proven results through teamwork. If you would like to discuss your search criteria, as well as your wants and needs our team would look forward to meeting you with no obligation of using our services. To find out more about us feel free to google us, or call or email us anytime. Good Luck house hunting!
Warmest regards,
Eric & Janelle Boyenga

Top 1% Intero Real Estate
Silicon Valley Specialists
Office: 650.947.4645
JANELLE: 408.373.1660
ERIC: 408.506.3942
Fax: 408.516.5820
"Guaranteed Results through Teamwork"
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Cindy LaPeer…, Agent, Spring, TX
Tue Jan 19, 2010
Check out this website for a list of agents who have training and experience. The level is an indicator of how many sales the agent has done. You are right... it is very important to have an experienced agent to handle short sales. You can contact me if you have questions.
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