This happens quite a bit. I get a call from someone about their short sale and they are frantically wanting to get the home on the market. In some cases, they want to get their home on the market but they can’t make time to meet with our team or make the home available for photos, etc.
Selling your home as a short sale is more than just putting it on the market. ANYONE CAN LIST A HOME (as long as they have a real estate license). Not everyone can navigate through a short sale and have it completed successfully.
When you are interviewing agents, ask them how many short sale SELLERs have they represented. There’s nothing more disheartening to find out that a seller got anxious and decided to list with whoever would show up first without any due diligence on either parts.
If you haven’t seen this video on selecting a Short Sale Agent, head over to the About us page.
Here’s a few questions to eliminate the wheat from the chaffe:
- How do you handle a Mortgage Insurance company’s involvement in the short sale?
- How much to 2nd Lien holders typically get?
- How many sellers have you successfully represented in a short sale?
- Who does the negotiation with the bank? Are they local?
- Will I receive a 1099 for the difference? (I’m going to post the answer in another post, but the short version is ALWAYS yes, the difference is that if the home is your primary residence – that is you bought the home to live in – then you will not be liable)