subject: Why All Short Sale Agents Are Not Created Equal [print this page] Talk to 10 different "experts" in the real estate game, and you will likely get 10 different opinions regarding whether a short sale is a great way to buy homes or not. There are definitely a lot of detractors out there, who point to the hidden fees and the competition you may be facing, but there are others, who know their way around these challenges and can truly find success in such a complex buying scenario. Ultimately, whether your short sale purchase is a good deal or a bad deal depends on who your agent is, and how skilled they are. Not all short sale agents are created equal. When you get a bad one, you lose money. When you get a good one, you gain. But the fine print tells you exactly why they're not all created equal, and it is because of the following:
1. Some are lazy, while others are not.
A lazy short sale agent will tell you the offer needs to be "realistic," and that "you're only going to get one shot at this, so don't try anything rash." They don't like to question the conventional thought in this area because, they think, it will be ineffectual in securing a purchase. These agents are all about whatever commission they can drain out of a sale. They're not about your best interests. Non lazy agents will dig down into the history of the property, and they will construct an offer that favors you ahead of the lender / seller, and that brings one to the second point:
2. Good agents always put their clients ahead of the other components in a transaction.
When you are buying a short sale home, there can be a temptation to bid too high just so you can beat out the rest of the competition. Don't do it. If you end up having to pay short sale fees and taxes, then you may find yourself paying more than you would for a straight property transaction. Adopt the attitude of "if it's a win, fine; if it's not, who cares?" Know there are always other properties on the market waiting for your attention. A good agent will help you adopt this attitude, and he will be there with another offer on the next property should the current possibility fall through. Lazy agents want their commission, and they want it now, and they could put you in a position where you pay more than the property is worth.
All agents are not created equal, especially in the short sale game. In fact, very few are worth your time. But the ones that are will have you buying property after property with nothing but profits in mind.
