What should you know? How do you pick a short sale real estate agent to sell your home? Should you even consider purchasing a real estate short sale?
Everything about a short sale can seem difficult and it is!
How does a short sale affect my credit vs. a foreclosure?
Nothing about a short sale is easy! It can be the most frustrating real estate experience you will ever encounter. It might make you want to get out of the real estate business or avoid buying or selling another home.
For buyers thinking about purchasing real estate in this market, a short sale is a great way to do it. On the other side, for homeowners, a short sale may help you avoid foreclosure with minimal damage to their credit.
For Sellers – What factors will make a short sale possible???
The first one is “COMMUNICATION”. This will only be possible if you find an agent that will answer your phone calls, return your calls and keep you in the loop with daily updates.
The second one is “AGENTS PERSEVERANCE”. Your agent should be in contact with the bank on a daily basis to ensure your short sale package is moving forward with the right negotiator.
The third one “BE INVOLVED” Don’t let your agent forget about you, don’t drive him crazy! 🙂 Insist that you are updated and informed regarding the process of the short sale. You don’t want to loose your home to foreclosure because of a break down in communication with your lender. .
For Buyers – What factors will allow you to purchase a Short Sale???
First, find an agent that has a proven track record of selling short sales. If he knows how to sell them it will be easier for you to purchase a short sale. Also, consider all of the other factors explained for sellers above.
In conclusion: You hear so much negativity about short sales. The reality is that loss mitigation departments are increasing their staff and making efforts to accommodate short sales. Short sales will be a large part of this real estate market for the next few years. They are an excellent option depending on your situation. Make sure you are dealing with an agent that will make every effort to look out for your best interest. Real Estate Short Sales are not for everyone and may not be the best option for you!