A Realtor is an essential tool in selling or buying homes. This is especially true for short sales and foreclosures. Due to the economic environment, short sales are taking up nearly half of the market and the public (and some Realtors) need to be aware of what a Realtor can and cannot do.

 

There are three challenging aspects of short sales to a Realtor. First and foremost is the lack of experience in short sales. Add to the fact that the lenders are under-staffed and not trained and you could end up with a negotiating nightmare. The second challenging obstacle to a Realtor is the lack of a uniform process. One bank does short sales one way and another has different rules all together. Short sale documents are lender specific and there is no one form that a Realtor can memorize. The third challenge is extremely difficult and that is the fact that some homes have more than one lender. When more than one lender is involved, you have the first two challenges combined. Short sales are heavy on paperwork and the results are not always guaranteed.

 

Knowing this information is helpful but it is particularly important that you realize that a Realtor is a facilitator in a short sale. The Realtor can negotiate the sale of your home but is not an attorney. A Realtor can speak with the lenders and discuss the sale of your home but they are NOT tax authorities.  This is very important for homeowners to understand as there may be consequences to a short sale if they are not handled properly.  

 

A good short sale Realtor must be very clear on his/her role in the short sale process. Realtors are here to help sell your home and have been very successful with the process as long as everyone is on the same page. The most important thing that a homeowner and Realtor must remember is that all decisions are up to the lender. No matter how good your Realtor is, the lender makes the final call and it will be a business decision.

 

 

Life is a Beach ~sand included!

Elisha J Heebner
Realtor, Short Sale Specialist
Beach Bum Realty
Cell: 386-569-3335
Fax: 386-445-9823
www.elishaheebner.com