5 Tips for Purchasing a Short Sale Property


1
Assessing Real Estate Agents

Short sale investors sometimes encounter go-between real estate agents as they try to negotiate short sales. An agent representing the homeowner can be a good addition to the team or a total hindrance.

Short sale-savvy investors often complain about agents who have a listing but who don't understand the process and advantages of short sales, and won't even take the proposal to the client. Since time is of the essence, most short sale professionals recommend that, if an agent thinks your short sale offer is too low but you know it to be in line with the neighborhood and what is owed on the property, you just walk away and find another property with a more receptive agent.

Short sale experts will also tell you about advantages of real estate agents who specialize in foreclosures. These agents will be well-versed in the art of the short sale proposal and can become your biggest allies.

You can further enlist short sale-savvy agents by having them keep an eye out for new listings for you. This would help you begin the process with appealing properties as early as possible. An experienced agent can also guide you through the process.

For more information, check out the links below.

Related Articles

Sources

  • All About Real Estate Short Sales. "Strategies for Locating Short Sales." (Feb. 27, 2011) http://www.realestateshortsale.net/buying-short-sale/short-sale-strategies.html
  • Cunningham, Barry. "Buying A Short Sale For Maximum Profit With The Help Of A Realtor." Real Estate Radio USA. March 14, 2010. (Feb. 27, 2011)http://www.realestateradiousa.com/2010/03/14/buying-a-short-sale/
  • Evans, Mariwyn. "Sold up short: How to Succeed at Short Sales." REALTOR Magazine Online. (March 8, 2011)http://www.realtor.org/archives/feat1200706
  • Foreclosure.com. "Real Estate Short Sales." (March 2, 2011)http://www.foreclosure.com/shortsales.html
  • Information-Valley.com. "Working Default Listings." 2005. (Feb. 27, 2011)http://www.information-valley.com/defaultListings.html
  • Lansner, Jonathan and Jeff Collins. "Realtors: 43% of 'short sales' fail to close." The Orange County Register. March 8, 2011. (Feb. 26, 2011)http://lansner.ocregister.com/2011/03/08/realtors-43-of-short-sales-fail-to-close/102221/
  • Levy, Dan and Prashant Gopal. "Foreclosure Filings in U.S. May Jump 20% From Record 2010 as Crisis Peaks." Bloomberg. Jan. 13, 2011. (Feb. 26, 2011)http://www.bloomberg.com/news/2011-01-13/u-s-foreclosure-filings-may-jump-20-this-year-as-crisis-peaks.html
  • Michigan's Compassionate Foreclosure Solutions. "Realtors Get Help for Homeowner Short Sales." (Feb. 26, 2011).http://www.miforeclosurerelief.com/realtors-helping-homeowners-get-help-with-short-sales/
  • RealtyU. "Short Sale: Certified Short-Sale Professional (CSP)." (Feb. 27, 2011)http://www.realtyu.com/short_sale_class.htm

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