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This mornings question is: DO I NEED A NEGOTIATOR WHEN BUYING A SHORT SALE?When you are the buyer, you definately want to hire a buyer broker who is experienced in short sales, you can usually do so at no cost to you, they usually get paid their commission from the fee advertsised in MLS by the listing agent and paid at closing. This way you will have someone assisting you through each step of the short sale buying process.
The bank will have a negoiator on it's behalf, the seller should have a negotiator on their behalf, you really need someone looking out for your best interests. Short sales are not always easy, and there is things you can do to make them easier.In brief you need to make sure:Is the house priced at or near market value, too low of a sales price is one of the top killers of short sales.Are there any other offer submitted. The banks like to work with 1 offer at a time, if multiple offers are in, it complicates the short sale and limits your chance for a honest try.Make sure you have constant contact for updates... waiting is the hardest part...
Blog Updated Sept. 2, 2010Blog written by:Scott GodzykGodzyk Group RealtyManchester NH
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For California Homes and Properties-If you and your agent believe a negotiator is a must have, be sure that your negotiator is properly licensed by the CA DRE.
Short sales can be tricky and a real pain unless you know what you are doing and can negotiate with the bank negotiator successfully. Every bank/lender is different in how they handle short sales. My husband, Tim and I have had one short sale that went from start to finish in only three days. We've also had short sales that went on for 16 weeks and longer before closing. You must be a properly trained Realtor® with experience in short sales to really be effective. Definitely hire a Realtor® to do your negotiating. There are just too many problems that can come up that you can't really handle by yourself as the seller. Good Luck is my main advice and really be ready to have patience for an indefinite period of time.
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