While most lenders today would rather agree to a short sale than go through foreclosure proceedings, short sales are still a complex transaction to undertake even to the most experienced short sale agent in the industry. There are many horror stories reported of short sale deals gone bad, and more are still being reported both on the internet and in local business bureau offices. It is believed that hiring a good short sale agent would significantly reduce the chances of a short sale deal gone sour. Here are some of the reasons why the input of a short sale agent could affect the results of the deal.
Buyer walking away – if your agent takes forever to negotiate with the bank and reach agreeable terms, the buyer would have no option but to walk away.
Incomplete packages presented by the seller’s agent – banks have very strict rules when it comes to documentation for a short sale. A good short sale agent should be in a position to advice the seller on the required documentation to expedite the process.
Tags: short sale agent