Choosing The Right Real Estate Agent When A Short Sale Is Needed

Choosing The Right Real Estate Agent When A Short Sale Is Needed

Myrtle Beach Short SalesWe have often been asked “Do I really need a real estate agent when I could short sale my home myself and save much needed money? “  A short sale is a critical decision and possibly one of the most important decisions you will make in a lifetime, a good agent can guide you every step of the way.

Will the Real Estate Agent Do What Is Best For Me?

If the economy has put you in a position where you need to sell your home for less than your mortgage it is a very depressing and stressful time in your life.  Some questions you may be asking are:

  • What assurance do I have that an agent will really work for me?
  • Will the agent be too tied up with other clients to work with me?
  • How can I judge the integrity of the real estate agent?
  • Will the efforts of the agent be as much or more than I would do for myself?

During this stressful time in your life you want to be comfortable with the real estate agent you select to work with you on the sale of your home.  You want someone you can be honest with and feel comfortable saying “no” to an offer that doesn’t feel right.

Look for a real estate agent that is a business person with a good attitude but one that isn’t intimidating.  In other words, you want an agent that is professional and assertive when they are dealing both with you and with other agents.

Look at the selection of an agent the same way you would choose a doctor for a second opinion in a medical crisis situation.  You always want to work with an agent that has your best interest in mind.

The Interview Process For A Real Estate Agent in  Short Sales

You will definitely want to interview for the perfect agent, one that is not only familiar with your area, but also has a good understanding of short sales and you feel comfortable with the person you select.  When you ask an agent for an interview they will most likely do a presentation.  This is a standard practice but you want to be suspicious of an agent that clicks into the presentation process right away in the interview process.

You goal is to get past a canned presentation and really get to know the real estate agent.  Does the agent really understand what your need?  In most cases agents have integrity because their reputations depend on it.  Their only objective should not be the sale of your home as quickly as possible.

What is the sales record of the real estate agent?

Many agents have a great sales record even in a down economy.  Don’t be afraid to ask about their history of sales. A real estate agent shouldn’t hesitate to give you their most recent sales along with references.  You will want to call some of the sellers and ask how the agent was to work with and were they comfortable with the process.

Don’t be afraid to ask the seller a few questions. 

  • Was their home on the market very long?
  • Did the agent reduce the price of the home on a frequent basis?
  • Were they also in a short sale position?
  • If yes, did the agent know what they were doing?

Just a few other questions you may want to ask the reference would be:

  • Was it evident the real estate agent had a plan?
  • If yes, was that plan followed?
  • Was it evident the agent had the education to handle a home that was on short sale?
  • During the interview you want to take note of the tone of voice the agent uses.
  • Do they appear by be disinterested and talking in a monotone?
  • Do you find their voice to be irritating or relaxing?
  • Does their tone of voice reflect they are excited about your listing?
  • We all are comfortable with different tones of voice.
  • How you are treated during the interview lays the ground work for how you will be treated during the entire sales process.

Be sure and ask questions that will give you an indication of the negotiating skills of the agent.  As about the sales commission and what they feel should be the lowest selling price for your home.  Get comfortable discussing money with real estate agents.  A good indication of the agent’s skills in this area is to try and get a lower sales commission.  Can they convince you that the rate is not only fair but they will work hard to earn that commission?  If yes, they will be in a position to negotiate a good sale for your home.

By asking the right questions you will be in a better position to judge whether the agent is the right one for you.  In a stressful short sale position, you need to have someone that is on your side and working for you.

The Jerry Pinkas Short Sales Team
Myrtle Beach, SC 29577

Find more great tips on Facebook

Myrtle Beach Short Sale Specialists – for Buyers

Myrtle Beach Short Sale Specialists – for Buyers


Hire an Agent with Short Sale Experience

Buyers pursue short sales to get a good deal. It’s one strike against you if the listing agent has never handled a short sale, but it’s even worse if your own agent has no experience in that arena. You need an experienced short sale agent.

An agent with experience in short sales will help to expedite your transaction and protect your interests. You don’t want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.

A short sale means the seller’s lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. You have to be patient as the short sale is worked out with the lender. Some short sales may take up to 90 days or more.

Submit Documentation & Purchase Offer to Lender

Once the seller has accepted your offer, send it to the lender for approval. You do not have a deal until the lender accepts. In addition, the lender will want to see how you will be purchasing the property, and that you have your own loan available and you are pre approved. Our team of experts assist our clients in every step of the transaction.

Myrtle Beach Short Sale

The Jerry Pinkas Short Sale Team
Myrtle Beach, SC 29577

The Intelligent Choice!
* Join the Thousands of homeowners that have successfully avoided Forclosure.
* We can Help You Now!
* No Obligation – Free Consultation
* 843-222-1926