Short Sale with No Agent?? Should We Get One?

[CheckingThingsOut]

The only reason we have not used one or were thinking of not using one was to possibly save some money. But I will now look for one.
Is there a website that lists short sales agents or should I just google my area and short sales agent? What other questions should I ask them?

[onlooker123]

Originally Posted by Brandon Hoffman

Get your own agent. You don't want to go into a short sale representing yourself or in dual agency. Hire someone who's familiar with ss and ask how many they've closed, recommended contingencies to make sure you really get someone who knows them.

Well said. I would also add to get someone you can trust. Some of them are probably honest enough, however, they may be inexperienced. Instead acknowledging that they may not have handled certain things right, they try to cover their inexperience by not telling you the whole true (or pretend to know more than they really do). Some of them can do you more harm than good. You would be surprised by how dishonest some of the agents are. It is actually hard to get a good agent. There are plenty good ones out there, but you have to be lucky enough to get one of them. I would also like to know how to get one of the good ones. Word of month is one way, I guess. I know I tend to refer when I find a good one (inspector, loan officer etc.). It is a good idea to take what listing agents tell you with a grain of salt.

[CheckingThingsOut]

I have spent a lot of time today calling ones that appear experienced but I have been turned off by many that I call. One told me that cash doesn't matter and that the time for cash offers was last year, not today.
I really am confused. And I don't have any referrals.
If we go through with this on our own is there a website, list of questions, etc of things we should look out for or ask? I feel in the back of my mind that if we use her as our agent it is more likely she will choose our offer to submit to the bank. The house is listed at the pre-approved amount from the bank, and since many of the agents I contacted today said not to offer anything less than that, what difference would having an agent make if we offer asking price? Just curious.

[rjrcm]

Originally Posted by CheckingThingsOut

I have spent a lot of time today calling ones that appear experienced but I have been turned off by many that I call. One told me that cash doesn't matter and that the time for cash offers was last year, not today.
I really am confused. And I don't have any referrals.
If we go through with this on our own is there a website, list of questions, etc of things we should look out for or ask? I feel in the back of my mind that if we use her as our agent it is more likely she will choose our offer to submit to the bank. The house is listed at the pre-approved amount from the bank, and since many of the agents I contacted today said not to offer anything less than that, what difference would having an agent make if we offer asking price? Just curious.

Banks (and anyone) prefer cash if you can close quickly, have proof of funds, and the price is reasonably in line with the seller's bottom line. On the other hand, plenty of short sales close that are not cash deals. If a financed offer is significantly higher than an all cash offer, it may still win. It all depends on the perceived value of the overall terms to the seller.

As mentioned before, things to be concerned about include how many lien holders are involved - more than one reduces the chance you will get approval from all parties. How is earnest money, inspections, etc handled? Will the contract allow you to cancel at anytime prior to final bank approval? Will the agent only submit one offer signed by the seller to the bank, or will they submit all offers and let the bank choose (prefer the former)?

If they really do have a fully approved price from the bank, then this may be a more straightforward deal than most short sales. Have they shown you proof of that commitment from the bank? Some agents claim pre-approval, but that is usually based on having had a previous buyer that fell out - the bank may or many not still honor the previously approved price.

Have you checked comparable recent sales to insure the "approved" price they are asking is fair? This is another service your own agent should do for you.