It is amazing how many real estate agents consider themselves "short sale" experts. By definition, an "expert" is someone with a high skill and knowledge of a certain subject; in this case short sales. Let's take a look at some of the skills and knowledge required to be considered an expert in the field of short sales.
Know the banks you are dealing with, since so many homes have a variety of banks controlling their mortgage. Having one or two transactions under your belt as a real estate professional, will not make you an "expert". You need to be involved through the entire process of a transaction with a minimum of 20 sales and at least 5-7 different lenders.
Know your "stuff" before showing property. It is critical for the real estate agent to call the listing agent and asking them 8-10 questions before showing homes to their clients. These questions include everything from "How many lien holders are on the property?" to "Is it a purchase money loan?"
Know the "short sale" contract and addenda required - Contracts are written and submitted differently based on the bank or banks you are dealing with. Have the skill and knowledge of what are acceptable terms by the bank or you will be wasting everyone's time.
Have a full understanding of what the "As Is" addendum means. Some items must be corrected prior to the close of escrow. Knowing what items to ask the bank to repair and/or replace can make or break the deal.
Know the bank time-lines. Many banks process real estate transactions differently. Understand the exact requirements of how to submit contracts to banks. You should also have a strong understanding of how long it will take for the bank to respond to an offer. Once the offer is accepted, how long it will take the bank to close the transaction.
Thoroughly preview the home with your buyer. If the property is vacant and utilities are turned off, who is responsible for having them turned back on for inspection periods? Have knowledge of time frames for potential repairs. Is the air conditioner missing? Can it be replaced prior to the close of escrow and who is responsible for replacing it?
As real estate professionals, we always want to do our due diligence for the buyers and sellers. With the extended time frames involved in closing a real estate short sale, not having the skills, experience, and knowledge of these types of transactions will extend these time frames even further. Chances are the deal will never close escrow.
Exclusive representation to buyers and sellers is a complex venture. Real Estate Homes, LLC philosophy has accomplished this with great success. For more information on the Arizona real estate market or Phoenix Homes for Sale or Tucson Homes for Sale, please visit Real Estate Homes, LLC where you can search for all available homes for sale.
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