When searching for a real estate agent that would help you purchase your first property on a short sale, it's best to remember the three main qualities they should have: Experience, Good Reputation, and Local Expertise.
The short sale process could take as much as four to five times the amount of work compared to a regular sale. That's why it is very important to make sure that your agent would know the ins and outs of the processes and how to make it easier for you to go through them.
Experienced Short Sale Agent
Short sale agents are specialized real estate professionals that could help sell your home with the least amount of hassle possible. Understanding how to close short sales quickly and successfully is one of the traits that an experienced short sale agent should have. One transaction will not be the same as another, which is the case not only in the short sale but also in the real estate world. Issues requiring expertise could include properties having both a first and second mortgage, HOA liens, mechanics liens, and unpaid taxes. Without an expert short sale agent, getting these types of properties to successfully close with a clean title would be extremely difficult.
It is important to work with a short sale agent that understands various expectations from banks. Knowing the exact package to put together for each bank involved in the transaction decreases the amount of time that needs to be spent in closing a short sale. For example, expectations from Chase or Wells Fargo could be very different than what Bank of America would require. With the number of details involved, it's usually a bad idea for a homeowner to do the negotiations for their own deal. Homeowners and buyers or investors alike should be open to hiring a professional short sale negotiator to avoid frustrations in going through the processes. Certifications for short sale agents are relatively high level compared to other industry designations. However, it’s best to look for a streetwise agent that has a higher percentage of closing short sales on top of having the actual certifications.