Choosing a Short Sale Realtor
Questions that you need to Ask before Choosing a Realtor

The number of short sales being performed on homes and properties is continuously increasing. This is due to the fact that the percentage of homeowners experiencing financial problems is also on the rise. If you are one of these people, then you might already be considering performing a short sale on your property. If this is the case, then it is important that you know how to choose the right short sale Realtor that will help you with your transaction.

You might have seen advertisements, fliers, and posters of individuals claiming to be the number one short sales Realtor in your area. Since there are so many short sale Realtors to choose from, you might be wondering how you can pick the right one for you. Choosing a short sale Realtor is not that easy, so make sure that you know how the process of short sales works before you actually hire the first Realtor that you meet.

Knowing the correct way in choosing a short sale Realtor who will truly help you out is crucial if you want to save yourself from experiencing the negative impact of a foreclosed property. And since there have been many home owners who suffered the consequences of not choosing the right and the best realtor for them, here are some of the most important questions that you need to ask in order to avoid this from happening to you.

In order for you to be successful in choosing a short sale Realtor, you should ask questions that are relevant to the task you have for them. Their answers to these questions will help you determine whether they are qualified for the job or not.

• Are you a real estate agent or a Realtor?

A real estate agent is different from a Realtor. A qualified, experienced, and professional Realtor who handles short sale transactions is more qualified for helping you out with the sale of your property. This means that you are better off with a short sale realtor who has a total understanding of how this type of market works.

• Are you qualified to perform short sale transactions?

Real estate agents may tell you that they can perform short sale transactions, but you need to be specific and ask if they are qualified to do the job. The National Association of Realtors launched a program that is designed to train real estate agents to handle short sale transactions. Once they have passed this program, they will be qualified and certified to perform short sales. In choosing a short sale Realtor, make sure that he or she has taken and passed this program.

• How many short sales have you handled and negotiated?

Another determining factor that you should consider before choosing a short sale Realtor is the number of short sales that he or she as handled and negotiated.

• How many short sales have you closed in the past?

While it is important that you know the number of sales that a short sale Realtor has handled and negotiated, you should not base your decision entirely on this sole factor. It is more important that the short sale realtor was able to close a significant amount of sales rather than just handled a great number of sales. For instance, if the Realtor has closed 14 out of 15 short sales, then you are in good hands. On the other hand, if the Realtor has closed only 14 out of 140, then you should move on to the next Realtor.

• Do you only work part time or is this a full time job?

A lot of real estate agents maintain their day jobs and only work part time in the real estate industry. While this is legal, it does not ensure that you would be provided with quality service. A full time short sale Realtor has more time to perform market research, stay on top of the market trends, and build better relationships with their clients.

• How many short sales are you currently handling?

You want to choose a short sale realtor that has handled and closed a good number of sales in the past, but you would not want him or her to be currently handling a lot of transactions. A full time Realtor may be able to handle four to five transactions at a given time, but this means that he or she has less time to devote on each deal. You have to ensure that your short sale Realtor has the right amount of time to devote to your transaction.

• Have you worked with other real estate professionals?

There are some firms that have teamed up with other real estate professionals such as real estate accountants and real estate lawyers. This has strengthened their firm as they are now able to provide additional services that their clients may require. These services include tax advising and negotiating with the lenders. You should consider choosing a short sale realtor who is part of a professional firm, or one that has connections in the industry. While this may cost more, it will prove to be cheaper than hiring separate professionals.

• Will you charge me with upfront fees?

One of the most important questions that you should ask before choosing a short sale realtor is if he or she will charge you with upfront fees. Never accept an agreement with realtors if they are asking for upfront fees. In fact, most of the states in the US have laws that ban Realtors from asking for any upfront payments because these expose sellers to fraud.

Processing fees, closing fees, and brokerage fees are all paid for by the financial institution during a short sale transaction. If a realtor is asking you to provide payment for these fees, you should consider this as a red flag and move on to your next option.

These are just some of the important questions that you should ask before choosing a short sale Realtor. If a realtor has provided you with good answers, then you should expect your short sale transaction to be successful. If you are looking to stop foreclosure and need additional assistance, then please contact a Short Sale Specialist Realtor today!

 Allie Zehring