Choosing the best Utah short sale Realtor can help your short sale transaction get approved smoothly and quickly. A short sale agent will have different qualifications than a typical Realtor and experience creating a short sale package. Contrary to common beliefs, the most “popular” agent in your area may not be the best choice when selling your home short. An agent will need more than just a grasp on the neighborhood and prices to sell your home. You’ll need a short sale Realtor with special negotiating skills that has experience working with the bank’s mitigation department to get your transaction completed.
It is a temptation to choose a Realtor who is a friend or a family member, however if they are not specifically trained and have experience with negotiating with banks it will be even more awkward firing them when they are unable to perform. Your real friends and family will want what is best for you, so have an open conversation with them about their experience with short sales. If it is inadequate, ask them to refer you to an agent with more experience. They may even be able to get paid just for referring your name to another agent.
It is relatively easy to get a real estate license, however it takes commitment and dedication to stay in the business. A Realtor with at least five years experience can be an indication that the agent has a strong commitment to the profession. It takes money and time just to hold a real estate license so most agents will let their license expire if they are not actively selling properties.
Every agent is required to take Continuing Education (CE) classes to keep up their license, however they are not required to get designations or educate themselves about short sales. The new agent course and test does not cover how to negotiate with the bank and get your short sale closed. Don’t be afraid to ask about the courses and designations the agent have received.
Tell Your Story:
When your interviewing the Realtor tell them upfront about your particular situation. Find out if they see any red flags or problems with getting your sale approved. A good short sale agent will be able to tell you upfront what struggles you will have with your own situation. If possible choose an agent that has experience and contacts with your bank. Be very cautious with any agents that are promising everything is going to go perfect especially if they guarantee they can short sale your home.
Ask about what other choices you might have other than selling your home short. An experienced agent will make you aware of all your choices and can give you the pros and cons of each. Some of the options might include a refinance, loan modification, deed in lieu of foreclosure or a foreclosure itself. The agent may refer you to a tax specialist or real estate lawyer for some of the questions because they are not allowed to give legal or tax advice, however they should have good understanding about the laws and implications for each choice the homeowner has available to them.
Let the Realtor know what you want and expect. Don’t forget this is your home you are selling. If you have have certain requirements and/or expectations that you need let the agent know upfront so it can be discussed.
Don’t forget to do the research yourself on how the short sale process works. You can find some great information below.