What are the 5 critical questions to ask your realtor before short selling your home?

Asked by Trulia Fort Lauderdale, Fort Lauderdale, FL Wed Nov 21, 2012

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My NC Homes…, Agent, Chapel Hill, NC
Wed Nov 21, 2012
Forget about the Realtor for now as their the last person to be concerned with. Before you speak with them you should speak to directly with your bank and actively work on either a solution to your problem (talk debt relief) or if that's not viable you need to try and start the approval process for a short-sale; it's very possible you don't qualify for a short sale and this could save you a lot of time and aggravation. Under no circumstances should you allow them to put you off by essentially saying, " Get and offer first and then come talk to us" Don't hesitate to ask for names and don't hesitate if your being blown off to let them know that you're next call will be to the Florida Attorney General's office to file a complaint and to the state Banking commission to file a formal complaint. The banks are still abusive and arrogant and you don't have to take it.

Secondly do call the Florida State Attorney general's office and the Florida real Estate commission and ask them for their advice. Specifically ask if they advise you to have an attorney. (Every state is different and I'm not familiar enough with Florida's specific laws to know whether an attorney is going to be necessary or not. Here in North Carolina it is unless you don't mind getting screwed to the wall by the bank) If they do advise you that this would be wise, make this your next call.

Finally you can speak with a Realtor and at that point you'll have good information for them, and can focus on finding one who is an experienced agent who has handled many short sales so you know you'll be working with someone who knows the in and outs of this niche.
1 vote
Judi Loporto, , Fort Lauderdale, FL
Wed Nov 21, 2012
What are the steps to take so the house doen't go into foreclosure?
Will I get a clean settlement with no deficiency Judgements?
Is your company an attorney based firm?
How long will my credit be bad for?
How long will this take?
0 votes
Lynne Hale, Agent, Fort Lauderdale, FL
Wed Nov 21, 2012
1) You should know that they have processed many short sales before.
2) That they are proficient at handling the bank, or have representation to do that.
3) They should ask the questions of what type of loan it is, FHA, VA or conventional, who the loan is with and if there is more than one loan.
4) They find out if you qualify as primary home, 2nd home or investment and be able to tell you what each would do for you.
5) They have taken courses educating them on short sales.

Basically, you need a good Realtor who will push to get these files through, as a passive realtor will not work well for you.
I am an experienced short sale realtor and would love to assist you if you have not already chosen.
Regards and Happy Thanksgiving,
Lynne Hale
0 votes
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