General Question

John_Mactavish's avatar

I decided to do a short sale on my property before it the mortgage company starts foreclosure proceedings. I approached a realestate agent and he told me he will handle everything. he will talk to the bank, get a buyer, etc. Should I let him handle it or should I approach the mortgage company first to tell them about the short sale?

Asked by John_Mactavish (29points) July 19th, 2008

The real estate agent told me he will handle everything. Can the real estate agent talk to the mortgage company for me?

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6 Answers

cooksalot's avatar

Get that puppy sold. You don’t have to let the mortgage company know. If you trust your agent then let them do their job and earn their commission.

marinelife's avatar

Apparently, it depends on the Realtor. Here is an excerpt of information from a Maryland firm that appears to specialize in short sales. You may want to read the whole list of FAQs on short sales.

“Do I have to use a Realtor to do my short sale? No, you can use an attorney, a title company, or a third party company specializing in short sales, but you must use a competent professional that understands the short sale process and can negotiate with the banks on your behalf.

Is there a benefit to using a Realtor? Using the RIGHT Realtor-YES! Honestly most Realtors have no clue about the short sale process. They tend to believe that they can just list a house as a short sale, find a buyer, and then negotiate with the bank. This is a MAJOR mistake! And I have heard of people put in much worse situations because their property was not handled properly. There is a lot of pre-work to do and we must have contact with the bank BEFORE the house is listed to insure 1) You can qualify for a short sale & 2) They will accept a short sale on your property. ”

allengreen's avatar

My friend, I too have suffered through this, but the difference is that I am in the industry. 1% of Realtors are qualified to do a short sale. Most are too incompetent to admit what they don’t know.

Handle this yourself or keep your finger on the pulse of the transaction. Or just walk away from the home—short sale equals a foreclosure on your credit report anyway.
Em me if you want more info, this is my area of expertise.

This too shall pass, stay strong.

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