Profile picture for Shortsalereject

Follow up question on short sale reject.

Should I just use the listing agent in future short sales to represent me as well?   Will the dual agency benefit me in making a successful short sale purchase.  In the current real estate climate in Las Vegas, I feel less cooks in the kitchen the better.  I understand the conflict of issue, but I rather have someone who may have some pull on the seller and bank.

  • October 06 2010 - Las Vegas
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Answers (9)

Profile picture for wetdawgs
I would find a buyer's agent who has successfully pushed through a number of short sales in your area.
  • October 06 2010
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That's a tough one. A buyer's agent is always to your advantage because that agent is representing you and not the seller provided the agent isn't in the same office as the listing agent. Dual agency extends to all listings in one office regardless if you are using a different agent than the listing agent in the same office. This is one circumstance I'm afraid I have to say you may have an edge if you use the listing agent. It's not suppose to be that way, but it does unfortunately happen. I would not recommend abandoning an agent that has helped you just to use a listing agent on a property you are interested in. The banks do look at the offers regardless of who's submitting the offer since they want the best, highest and most likely to close but greed does take the upper hand at times and a small number of agents do some strange things to make their own offers stand out.
  • October 06 2010
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Profile picture for Ofe Polack
I agree with wetdawgs and Christine.  The bank wants the best and highest offer and does not really care if it is from the listing agent or a co-broke.  The Buyer Agent will be on your corner if any issues arise and in better position to represent your interests.  I'll say get an EXPERIENCED short- sale buyer agent.  Good luck!
  • October 06 2010
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I  I agree with Ofe Polack. Also remember agents who work regularly with short sales and foreclosures in your market are not only more knowledgeable about the latest developments effecting the outcome but have established contacts to keep them abreast of new issues relating to this area of expertise.

If you are planning to only consider foreclosure or short sale properties you should ask your Agent how many transactions involving short sales  closed. If you are considering other types of properties as well be sure in your initial consultation with your Agent to let them know your interest in shortsale properties.


  • October 06 2010
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Profile picture for DBotticelli
No, it is not necessary to have the listing agent represent you, but if you're shopping short sales, you will want to be working with a buyer's agent who has experience with short sales on both the buying and listing side.  They will need to know what questions to ask and how to structure your offer.  Many short sales fail because of unmotivated sellers or incompetent listing agents (and of course, uncooperative banks) so your buyer's agent also needs to know how to spot potential problems early on in the game.
  • October 07 2010
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I hear where you're coming from, and I know you want more control.  The thing is, a buyer's agent has plenty of pull.  The listing agent in a short sale can help get your offer accepted, but then what?  The escrow portion is hugely important and you need someone in YOUR corner fighting for YOUR interests, instead of pushing you to simply hurry to get the deal done.  Find yourself an agent who's experienced with shorts and go get 'em!
  • October 07 2010
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Have an Agnet that is looking out for your best interests is the way to go.  It doesnt add any cost to the transaction and you will have a professional who is 100% dedicated to your interests.  Find a local Agent that has handled short sales in the past.
  • October 07 2010
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Damon made an interesting point that you should consider concerning your buyers agent having expertise on the Lisitng Side in previous short sale and foreclosure transactions. Today the national news reports the long list of states with forclosures on hold. The current market conditions certainly have increased your  Real Estate Agents value to you. Best wishes in the closing of your new property.

  • October 07 2010
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As long as you fully understand the consequence of dual agency representation this is probably the best scenario for you to pursue when attempting to purchase a short sale property.  However, ask the agent how strong their relationship is with the holder of title and how knowledgeable  they are in turns of ~turn time.~ Can they get you an answer in enough time for you not to lose out on other properties?  I have encountered agents who were not well versed with the short sale process but were willing to mediate the process only to encounter numerous issues with influencing response time, understanding the "upset price", waiting for the MI Company to approve the deal etc....Always check around and see if there is a Short Sale expert on staff with your local real estate agency to get the best representation before making a decision on representation.
  • October 07 2010
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