Agents should understand how to handle short sales

Editor,

The scary thing about short sales is that many agents do not have a clue how to do them. Many of them have no idea what stage of foreclosure the seller is in; they do not know the bank or banks involved; they do not know how much is owed; and they do not bother to obtain all the proper seller information that is vital to a short sale submission. This should be done at the time of listing.
 
I have called many agents with short sale listings prior to submission of an offer and asked if these important issues have been addressed in preparation for an offer to the bank. I have been met with indignation instead of a knowledgeable agent prepared to help a seller out of a bad situation. It is important to know you are dealing with an agent who is prepared before you submit an offer.
 
When an agent submits an incomplete short sale package to the bank and doesn’t know what they are doing, the bank will know immediately and the file goes straight to the bottom of the pile, as there are far too many files to handle.
 
Because the required work is not done in many cases, the short sale does not have a prayer of being accepted, and the seller is the one who is hurt – not to mention every one else’s wasted time. Soon we will see lawyers on TV exclaiming the following: “ Did you lose your house to foreclosure due to the negligence of your broker? We can help. Call our legal offices today for a free consultation.”
 
There are many very knowledgeable agents and companies available to provide these services, and those who are new to short sales should utilize them. They should apprentice until they learn the ropes.

Short sales require skill and knowledge, and it is a specialty. Get the knowledge before attempting to play with a seller’s financial future. Do your homework and prepare an excellent package before an offer is received.
 
Bettina Robson
Florida Hometeam Realty
Davie

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