Choose Your Agent Wisely
I recently got a call from a woman who found my website, www.ShortSalesTemecula.net . She was calling from Idaho about her Temecula rental property that is facing foreclosure.
She told me the house is listed and she has 3 offers. At this point in the conversation, I didn’t know why she was contacting me.
“I can’t get in touch with my agent,” she told me. “I call and call and never hear back from her. Yesterday I called the bank. They said they don’t have a short sale packet or any offers. And the sale date is already set. What can I do? I’m afraid my credit is going to be wiped out if the house goes into foreclosure.”
Honestly, there’s not much of anything I can do. I suggested that the homeowner continue to attempt to contact the agent, who is also a broker. If the agent worked for a broker, the homeowner could seek help from the broker. I also gave the woman the number for Department of Real Estate consumer hotline to ask for their assistance.
I asked how this particular agent was chosen. The homeowner said the young woman helped her lease the house. Leasing is her specialty. The agent told the homeowner she could also handle a short sale.
WORD OF WARNING– If you received a Notice of Default or you are getting behind on payments or will soon be unable to make your mortgage payments, speak to a specialist about your options.
Short Sales require specialized knowledge and expertise to complete with success. The agent must know how to properly market the market, how to compile the short sale packet, how to negotiate with the bank, how to handle multiple offers, and how to work with a seasoned escrow officer who knows what it takes to close escrow on a Short Sale.
All these steps require a high level of competence and excellent communication skills. Make sure your agent knows what they are doing! Once you sign a contract with an agent, it can be binding and you might owe them a commission even if you cancel the contract.
Feel free to contact me at 800-895-5112. I can help you discover your options and make the best choice for you and your family.
with blessings,
Claudia