A selfish or inexperienced broker can dispute that a short sale expert is superior to a local one. Some real estate brokers could say that How to Choose a Short Sale Agent working in a certain area helps them develop expertise in a particular field. Unfortunately, the short sale process differs greatly from a typical equity deal. Pick a short sale specialist if you must choose between a local agent and one specializing in this kind of transaction, but avoid leaving the region if possible. When we say "out of the region," we mean outside the borders of your city proper. You shouldn't, for instance, use a short sale agent based in the North if you're located in Southern California.

Should Your Realtor Assist You In Selecting A Short-Sale Agent?

You may find that other agents in Sacramento will recommend clients to you if they are unable or unwilling to complete a short sale. People are confident sending their sellers my way since they know you have a track record of successfully selling and closing several short sales. You spend too much time on what you make to consider offering those agents another referral fee. My compensation is also often reduced by lenders. Compared to a typical real estate deal, a short sale might require as much as four or five times as much effort. As a rule, the recommending agents will be relieved that you've agreed to purchase their customer's short sale. In addition to putting their clients' requirements first, these recommending agents don't ask for a referral fee.

How Much Experience Is Necessary For A Short Sale Agent?

The wisdom that comes with age and life experience is peculiar. Even if an agent has been working for ten years, it just means they've been active for one year times ten if they haven't completed too many deals. A ten-year agent may have closed just a few deals per year. You may do just as well working with a short-sale agent who has been in the business for five years but has done 100 deals. Get references from potential short-sale agents while making a final decision. You may find some examples of questions here:

• Tell me about your experience in the short sale industry. A representative with three years' experience per year is preferable. No amount of textbook study or videotaped short sale lecture can equal the education provided by actual practice. It instructs the agent on how to avoid traps and what to look out for. If the agent has expertise in real estate transactions outside of short sales, all the better.
• Could you tell me the number of short sales you've handled? Think about the insight gained by a short sale agent who handled 100, 500, or more of these transactions. Short sale packages on all banks are likely already in the hands of those agents, who are also familiar with the procedures of each lender. These brokers have processes that might speed up the short sale process, yet they can still provide you with the individualized service you need.
• Any warning signs for my short sale? An experienced short sale agent understands what to look out for and what to caution a seller about. While it is against the terms of the agent's license to provide legal as well as tax advice, a good agent should know enough about these topics to alert you to potential issues and direct you to the appropriate resources for further information.
• How successful has your bank been with you in the past? Indicators based on past performance should not be used to guarantee a similar reaction from a bank.
• Where can I find a short-sale negotiator? When it comes to reaching a compromise, attorneys are without peers. However, legal representation normally requires a separate payment. Find out whether your short sale representative is using a third party for negotiations if you want them to handle the process on your behalf.
• How long will I have to wait until my short sale is finalized? The answer to this is often the million-dollar question. You can anticipate the behavior of certain banks, while others are far more difficult to gauge.

Conclusion

Choosing the finest short-sale real estate broker requires the same considerations as owning the property for any other transaction. In both cases, experience is the most important factor. An inexperienced agent may be able to help a buyer or seller through a conventional transaction. Still, a seasoned professional will be better able to foresee potential problems and work to resolve them. An unskilled agent has a harder time navigating the short sale procedure and avoiding pitfalls.