Compared to the task list of a Wellington Florida short sale specialist when working with a homebuyer, his or her duties are usually double or even triple in number if the agent is working with a home seller instead.
To give you a fair idea of how helpful a short sale agent can be, here are just a few examples of the services they can and will perform on your behalf.
Short sale packages – If allowed to do so, your agent will speak with your creditor on your behalf and find out what documents the creditor requires from short sale applicants. Your agent will also make sure that you gather all such documents and be able to submit them on time.
Financial situation – A good Wellington Florida short sale specialist will also take the time to evaluate your financial situation. He or she may also have several recommendations that are meant to make you a more viable short sale candidate in a financial sense. Certainly, your agent will also double check that you have all the necessary financial statements – including pay stubs, tax returns, and bank statements – to serve as further proof that your financial situation is what you said it is.
HUD-1 Settlement Statement – Anyone who thinks of buying or selling a house usually needs to submit this statement. It can look quite intimidating and complex at first glance, but you don’t need to worry about it as long as you have a competent short sale specialist on your side.
BPOs and CMAs – BPO stands for broker price opinion and CMA stands for competitive market analysis. Although these two documents are distinct from each other, they are similar in the sense that they provide information on how “sellable” your property is. Your agent usually has to submit his or her own CMA to a bank and coordinate with the latter when it comes to obtaining a BPO. If you have a great Wellington Florida short sale specialist representing you, then you can be sure that your creditor will receive a valid, authentic and accurate CMA and BPO that at the same time speak of positive thing about your home.
Negotiations – This is extremely important if you have two or even three existing mortgages out. Your agent would have to negotiate with all your creditors as you need everyone’s approval before a short sale can be completed.
Closing – And finally, a good short sale agent in Wellington FL will do his or her utmost to do everything else that has to be done so that you and the other can finally close the deal.
Some homeowners end up trusting the wrong Wellington Florida short sale agent simply because they feel it is “bad” manners to ask too many questions. That, unfortunately, could be their biggest mistake. As the owner of the house, you are the agent’s client and you therefore have every right to ask all the important questions.
What Questions Should You Ask a Wellington FL Short Sale Agent?
It’s your privilege to choose the best Wellington Florida short sale agent you can find to represent your home. Don’t waste that chance as you usually only get one with your creditor or banker. To help you find the ideal real estate agent to work with when short selling your home, here are several questions you could ask a prospective agent.
How long have you been working with short sale clients in Florida?
There are two reasons for asking this question. Firstly, you want to make sure that the agent has more than enough experience working with short sales. It’s a whole new ballgame compared to the rest of transactions taking place in the real estate industry.
Secondly, you want to make sure that the agent’s experience has to do with short sales in Wellington FL or at least in the state you’re in and elsewhere. This is critical because laws on short sales tend to vary from one state to another. Short sale laws in Florida, for instance, are practically the opposite when compared to those regulating short sales in California.
How many short sales have you completed in the past three years?
A Wellington FL short sale agent with numerous short sales tucked under his or her belt is all well and good, but how many of those sales had actually taken place in the past three years? You need to make sure that your agent has been active in recent years. If not, your agent may not be in the best position to understand current trends in the local real estate market. Consequently, your agent may also not be aware of the latest modifications on laws governing short sales.
Has the Wellington FL short sale agent dealt with your creditor in the past?
Having an agent familiar with the ins and outs of working with your creditor would be a huge bonus so try to find one who comes to the negotiation table with this kind of experience. If your loan is serviced by your bank but is actually owned by another company, it would be helpful if your agent – or even you – have the necessary contacts to get in touch with the latter.
This may come as a surprise to many, but not all Wellington Florida short sale agents actually do their own “dirty” work or short sale processing. In some cases, for instance, a Wellington FL short sale agent may actually be in charge of marketing and promoting your property alone while leaving the rest for another short sale company, agent, or expert to process.
There are certain advantages to enjoy in this kind of setup but it would ultimately depend on the short sale processing company that your agent is working with. If it is tried and experienced with short sales then you would have nothing to worry about. Meanwhile, your agent can concentrate on the marketing and selling side of things while the other party works behind the scenes, helping you arrange and gather the necessary documents and making your short sale package.
There are, of course, drawbacks as well and these are more obvious on the onset compared to the potential benefits for this kind of setup.
Firstly, you could only be relying on the word of your Wellington Florida short sale agent that the short sale processing company he or she is working with is reliable and noted for its efficient and effective service. But how can you really be sure of that if you don’t know the company to begin with?
Secondly, it may not be possible for you to contact the short sale processing company directly. This means that every time you need to communicate something about short sales, it has to go through your agent first. This can cause significant delays if you are not careful.
What to Look for in Wellington Short Sale Agents
Ultimately, it would be better if you trust a short sale agent in Wellington FL that has experience both on the marketing and short selling side of things. This way, someone will be able to answer any and all kinds of questions you have about your home and the short sale process.
Consider compatibility as well. Simply put, do you get along with your agent? If not, then nothing good may happen between the two of you as you may both be wasting time arguing with each other every step of the way. It’s very important that you find a Wellington Florida short sale agent you won’t feel uncomfortable to talk to anytime and whose methods for short sales you heartily approve of.