Not All Real Estate Agents Are

Qualified Short-Sale Experts!

10 questions to ask your real estate agent

before you sign on the dotted line…

And the answers you should expect

1. Can my real estate agent explain the short sale process to me?

Answer: A qualified short-sale real estate agent can clearly and logically help evaluate your situation, explain in detail the short-sale process, and create a strategy.

2. How do I know if my property will qualify for a Short Sale?

Answer: There are specific guidelines that your qualified short-sale real estate agent must know and understand so that your property can be accurately evaluated to address your specific situation.

3. Does my real estate agent know what information I will need to provide to the lending institution?

Answer: A qualified short-sale real estate agent will be able to ask the right questions and provide you with the appropriate paperwork to begin the process of creating a short sale package for the lending institution to review your current financial situation.

4. Does my real estate agent know what “hardship” categories qualify me as a short-sale candidate with the lending institution?

Answer: There are very specific categories that lenders consider as “qualified hardships.” A short-sale real estate specialist will be able to review your situation and inform you of the different types of hardships that most lenders consider “acceptable.”

5. Does my real estate agent know how to create an effective short-sale strategy?

Answer: A short sale will only be accepted by the lending institution if both your property and you meet the lending institution’s guidelines. With the knowledge and expertise of your short-sale real estate agent, every effort will by made to ensure that you have all of the necessary elements documented to qualify for and complete a short sale.

6. Does my real estate agent have prior experience and specialize in working with home owners and lending institutions to create a short-sale transaction?

Answer: This type of transaction has become a real estate niche. A short-sale real estate agent has specialized knowledge and understands the systems required to be successful. You will want to make sure that the agent you’ve select has previous experience and expertise.

7. Does my real estate agent know how to market my home, since timing is essential?

Answer: Most agents have similar tools for selling your home, including the MLS (Multiple Listing Service), company tours and caravans, open houses, market flyers and brochures. Again, because timing is so crucial, you will want your short-sale real estate specialist to know about advanced technological services and know how to apply them to the sale of your home. Specialty advertising includes: toll-free hotlines, fax-on-demand marketing, and 24-hour access to information on your home.

8. Does my real estate agent know how to price my home?

Answer: Ask about the current market and how the market is affecting home sale prices. A short-sale real estate agent will be able to back up his/her assertions with solid proof by obtaining a comparative market analysis to include three items: the listing and selling prices of homes in your area, a description of comparable homes, and the length of time the homes have been on the market.. This gathered information will give you confidence that your home’s proposed market value is set at an accurate pricing range.

9. Does your real estate agent have a pricing/marketing campaign for 14, 30, and 45 days?

Answer: If your home isn’t seeing much interest by prospective buyers after 14 days, your agent should promptly be able to provide you with a list of things being done on a regular basis to generate activity. Your agent should be having regular communication with you on the status of your property vs. you having to continually request updates and make suggestions as to how to sell your home. You must have a proactive real estate agent with professionalism and expertise in the short sale market.

10. How do I know if I am really comfortable with the real estate agent I am selecting?

Answer: This is a great question to ask yourself. We have all had times where we went along with a decision because of pressure but knew it wasn’t the right choice. Ask yourself if you trust this agent and more importantly, if you feel confident in the way this agent conducts business. Ask for references so that you can be educated with the agent’s skill level and expertise in selling your home as a short sale. You are dealing with a very emotional issue…selling your home. Make sure you are making good business decisions during this trying time.