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Hello, I've found a home that is listed as a short sale in miami,FL and need a realtor with experince to help us make an attempt at a successful offer.
The realtor who showed us the property doesn't seem to want to help us make the offer (he wants us to keep looking for a foreclosure, apparently doesn't want to take on the short sale). The broker who has it listed has her phone with "mailbox full" but I sent a few e-mails to every address on the website today and I'm waiting for response.
I've read that part of the success in getting a short-sale property is the experience of those on your team.
Does anyone have experience in this area or know a realtor for this area they'd recommend???
I think the "full mailbox" says a lot -- even if you had a buyer's agent that could help you here the listing agent is going to be a bottle neck.
Much as I hate to say it, the buyer's agent you have is almost certainly correct: odds of success for you in this case are LOW. The listing agent has to really "carry the weight" of convincing the seller and the lender that a short sale is the BEST WAY OUT for both. If that agent is over loaded with requests from other buyers (or even just voice mail spam...) I don't think it is likely that they can do the heavy lifting to get this deal done...
We are not in a hurry to get into the house, we have more than 6 months before there is any pressure to live it. What I got from the listing agent's website so far seems like an automated response, but it hasn't been 24hrs.
When I first found the property on realtor.com I asked someone to get the code so we could view it, thus I'm assuming they must have successfuly gotten a response from the listing agent to show us the property.
I don't know how to find out about the liens. I checked it out on miamidade.gov and nothing stood out. Actually event he market and assessed value on there are not too different than what it was purchased for in '05, and higher than the listed price by over 100K.
as my question will demonstrate my knowledge in this area is limited...
if the problem lies in the listing agent there is not much we can do ??
I'm understanding that the listing agent a role we can opt to choose someone else for...its that person for that house?? Correct me if I'm wrong
The listing agent is hired by the seller. A buyer cannot change that.
Your buyer's agent may have access to a service that lists the liens on a property; when considering short sales this is critical info, as you have to know how big the lender's exposure is.
Assessed value is not really relevant in these cases. It does matter what similar properties have recently sold for -- if this is far below what the borrower is out and/or the price trend is still declining, the pressure on the lender is greater. If the prices are trending back toward what is owed there may be desire on the part of the lender to "wait things out"... Lots of variables that are literally different for every situation...
6 months is just the beinging in a short sale. The last one I did took 4 months - for acceptance of the offer! It closed but it was months & months to close.
You might want to call or check for local agents on line - go to your local Board of Realtors and ask for someone who is well versed with short sales in your area.
I do shorts on both sides. But you have to know me or someone to get me to take your listing.
Buyer side short is a game of numbers. If you offer enough times you will get one. On some short sales campaigns we get 6 or 8 offers going. There is still no certainty but the odds favor eventual success.
On a single short transaction the odds are not as high as 10%. So you either need a lot of transactions to bring the odds up or don't do shorts.
The advantage of a short is that one can often get a very nice home at a very nice price.
The disadvantage is of course that you may get nothing after a lot of agitation.
A good short sale lister is mostly good at communicating with the lender...almost harassing them but not quite. You can't annoy them...you have to just get their attention. They get even if annoyed.
A good short sale buyers agent basically harasses the listing agent to get it done. You really have no other control. Again some caution because of you annoy them too much they too can get even. Or simply quit which means certain defeat.
I think the "full mailbox" says a lot -- even if you had a buyer's agent that could help you here the listing agent is going to be a bottle neck.
I have to agree. The seller's agent is the one who gets all the paperwork in and juggles all the balls to make sure everything's still moving. The problem is, commission is low on short sales and many seller's agents are not as motivated to sell these properties and put the required effort and substantial labor in.
I hate hate hate to say it, but don't get your hopes up. This sounds like it could be a hellish nightmare even if you get to put an offer in...
Jenn
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Jenn
