Ways to find a Short Sale Listing Agent.....Why a Short Sale Specialist is Better than a Neighborhood Specialist

Home sellers can easily find hundreds of agents eager to list their homes, but finding a short sale listing agent is more difficult. That's because a short sale listing agent does more than slap the listing into MLS and plop a sign in the yard.
The short sale agent handles negotiations with the bank. If the agent has no experience dealing with loss mitigation and negotiators, the seller is the person who may suffer. More than half of my real estate closings in Sacramento for the past few years have been short sales. I know first hand what it takes to get them closed and, quite frankly, short sales are a ton of work. Novices should not handle short sales.


Searching for a Short Sale Listing Agent
Due to rising numbers of short sales in certain parts of the country since 2006, many real estate agents have decided to market themselves as short sale specialists. Some of those agents have little or no short sale experience.

Here are ways to find a short sale listing agent:

◦Referrals From Family / Friends
In some areas, foreclosures are ubiquitous and more the norm than a regular sale. Sellers may already know someone who successfully closed a short sale, and that seller is an excellent source for providing a referral.


◦Ask an Agent for a Referral
Agents who don't list short sale transactions generally know which agents are short sale specialists. Agents judge each other by harsher standards, I have discovered, than buyers judge agents, so you're likely to be directed to a top-notch short sale listing agent. Plus, agents regularly pay each other referral fees, which means the referring agent has an added incentive to make sure you end up in the right hands -- because if it doesn't close, they don't get a referral fee.

◦Attend Short Sale Open Houses
Find out if the agent hosting the open house is the listing agent. Sometimes, agents let associates in their offices hold open listings. Talk to the listing agent and try to get a sense of how many short sales this agent has handled and whether the agent is knowledgeable.



Feel free to reach out to me anytime with your questions about short sales for buyers and sellers.

Tim Schmitz

Coldwell Banker Bain
www.RainCityShortSales.com
www.RainCityAgent.com

What goes in the hardship letter for a short sale?

This outline will help your Seller prepare their hardship letter. The sample answers are to assist NOT to just be copied. The hardship letter should only contain facts. Just be honest. The goal is to explain to the Lender why the Seller can no longer make the payments for their property. This letter should be handwritten by the Seller and legible.

TO: Countrywide Mortgage

FR: Paul and Suzie Helpus

RE: 1234 Lost Value Ave. Poinciana FL 34759

LN#: 34578903


First Paragraph-Explain what you want

We are requesting that you approve us for a short sale of our loan with your Company.
We are no longer able to make the payments and have been trying hard to sell the property.
We love our home but due to circumstances beyond our control we are no longer able to pay for it.


Secondly, describe your hardship

What led to your current financial problems and caused you to miss mortgage payments?
What caused your hardship?
Did you lose your job?
Did your current job require a transfer?
Illness?
Death?

Be very specific. Remember you are trying to get your Lender to accept a loss. Be honest and be thorough.

Then describe what you have tried to do to overcome your hardship.

Have you been to counseling?
Have you been job hunting?
Are you cutting back on your expenses?
Have you been making mortgage payments on your credit cards?

Briefly outline your current situation.

You have a new job but are making less money.
You had to move due to divorce, job, children etc....
Provide your contact information.

Let them know they are free to contact you if they have any questions BUT reiterate that they should contact your Broker.

Finally, sign and date the letter.

All Borrowers must sign.

OK, that's it for this time.

Short Sale Opportunity in Issaquah's Talus Neighborhood

www.2105FarCountry.com