Profile picture for fooz1227

How do I find a short sale expert to sell my house?

I do want to qualify for the HAFA $3,000.00 at closing. I need it to relocate
  • January 10 2012 - Mobile
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Answers (18)

Best Answer

Profile picture for Rita Walker
Get references! So called "Short Sale Experts" are everywhere these days.
You need someone that will talk to you straight from the beginning. Short sales can be lengthy processes and in most cases a lot of work for the Realtor. You need someone willing to put in the time it takes (Some Realtors farm out much of the work to attorneys. Find out if that is going to cost you out of pocket, or if it is taken from commission. Not a bad thing, just another way of getting it done).


Your cooperation is imperative!!!! If you want to get this done and over with, make yourself and your home available when needed by your Realtor.
Start getting your financial documents ready now. When the bank asks for a document, have it a hand. Be a part of the solution.

Good luck with you sale,
Rita

  • January 12 2012
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Do research before even calling agents. Find Agents on here and read through their reviews. Find 3 that have successful short sale reviews then interview them. Make your decision from there.
  • January 24 2012
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There must be an agent in your area that is HAFA cerified.I do have certification since 2009. HAFA(home affordable foreclosure alernative) is different type of short sale than regular short sale.If you decide to start interviewing agents,simply ask for certification, if you are located in California,you can contact me.

  • January 17 2012
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Profile picture for rickobx
Look for an agent that has some sort of certification in working with short sales. I am a Certified Distressed Property Expert (CDPE) - and have been working short sales and foreclosures for about 3 years now.  There is much you can do as well- you must have all of your financial records in order and able reproduce all financial statements, monthly budget, debt obligations, income, and a financial hardship letter to your lender.  You and I will need to stay on top of them all during the process.  Please stop by [website removed by Zillow moderator] Take care.
  • January 13 2012
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Profile picture for sunnyview
Thanks so much for explaining. I appreciate it.
  • January 13 2012
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I have brought together a pool of investors that purchase non-performing notes all over the US. The reason this works so well is for the main reason we are buying them in bulk. Usually 50 or more notes are purchased from the lender at a time. After we puchase the note, we are the homeowner's new lender. (It is just like BOA sells the note to Chase). We can then renegotiate the terms with the homeowner so that everybody wins. It is a much better route for the homeowner as appose to a regular short sale.

If you bring me these homeowners that are in default, I can see if we are able to negotiate their note for them. We can either sell it back to the homeowner or if they want to move, we can put the property on the market and sell it as a traditional sale. The good part is the listing agent will get their 3 or 6% commission once we sell it. 

Or if you are a homeowner and aren't being represented by a Realtor, we can handle all this for you no matter where you live in the US.

There is always a way to do something. You just have to find it.

  • January 13 2012
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Profile picture for sunnyview
"You can contact me personally Sunnyview."

Thank you. I appreciate the offer but I generally do not take Zillow conversations offline in consideration of my family's privacy.

I was interested in what you said because I thought that there were restrictions in place that did not allow owners to buy back their short sale talked about more here. Is there another way for owners to buy back their property at current prices that is allowed?
  • January 13 2012
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I enjoy educating homeowners how they can get out of a bad situation when they see no end in sight.

Well...how about if you answer Sunnyview's question.
  • January 13 2012
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Profile picture for GAHmPro
The short sale process can get complicated.  Our office has a department that specializes solely on short sales.  If you would like to schedule an appointment, please drop me an email.... we would love to help.
  • January 13 2012
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Sunnyview - I am always trying to find a better way to do something. I got into real estate right after the market crashed. So I had to learn right away the importance of how to do a successful short sale. I enjoy educating homeowners how they can get out of a bad situation when they see no end in sight.

When you you are negotiating with the bank, you want to have the upper hand. Not be at the banks mercy.

You can contact me personally Sunnyview.
  • January 13 2012
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Profile picture for sunnyview
"If you do not want to move, it is also possible for you to buy your OWN home back today BELOW the current market value instead of being upside down."

I am curious. Can you tell me how is that done without breaking the arms length requirements/anti fraud for most short sales? I thought that owners as part of the bank agreeing were not allowed to profit in any way from their own short sale.
  • January 12 2012
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First off, a short sale is VERY basic. It is the Realtors that aren't sure what they are doing that make it complicated. The banks let the homeowner know what documents they need and the Realtor gathers them to provide it with their first offer. Simple as that! It is the negotiating team that makes ALL the difference.

I hate to say this, but there is a lot of over hype about the CDPE designation. All it means is that the Realtor paid a lot of money to attend a two day seminar going over the short sale process, which is very basic to say the least. I regrettably paid the fee to receive the CDPE designation myself. The only difference between a regular CDPE member and Advanced is that they pay $99/month to have a website, get priority ranking, access to forums and updated marketing material. It doesn't mean they have handled any more short sales. What they teach you in the CDPE course is only the traditional way. They don't teach the Realtors how to work with investors or how to develop a successful short sale team that is crucial for the homeowner's well being.

If the Realtor tells you they do the negotiating themselves, you do not want that! They cannot be successful at all things. It takes a team to work on your file for the process to move smoothly.

A knowledgeable Realtor with an experienced negotiating team can make your short sale process a breeze. If done properly, you will NOT receive a 1099 and you will be awarded a No Deficiency Judgment from your lender. Not to mention, you may be eligible to receive CASH after the sale.

You want to work with a team the handles short sales in bulk! They are much more efficient and have a process that works! That way, the asset managers that they deal with are much more experienced and willing to work with a negotiating team that is helping them get 50+ properties off their books at a time.

So take the time to research who you use to perform your short sale for you, and you should by no means have to pay anything out of your own pocket!

If you do not want to move, it is also possible for you to buy your OWN home back today BELOW the current market value instead of being upside down.

  • January 12 2012
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Your hardship will dictate whether or not you qualify for a short sale to begin with. If you meet the qualifying guidelines for a short sale then you can call your servicer (lender) to see if you can participate in the HAFA program. If you have a first and second lien you must call and ask both servicers if they participate, if one does and the other does not you cannot proceed with a HAFA short sale they both must participate. There are many complexities to a short sale but the first step is to see if you qualify.

The next step is to find a local reputable Realtor who has a successful track record. Always ask for past references to speak to, they will tell you about their experience with that Realtor. Beware of Realtors using third party negotiators. Third party negotiators do not have a fiduciary obligation to you, your Realtor does! You need a highly trained Realtor that can explain the whole process to you every step of the way if they can't run! Right now you cannot afford to be practiced on you need the best professional guidance. Just remember your Realtor cannot give legal advice you should seek it on you own.

Brian had mentioned the CDPE designation, we are Advanced CDPE members since 2008 in the LA area. The CDPE website is a good place to start make sure to call a few of them just because they have the designation doesn't mean they have a complete grasp on short sales! Good luck Fooz!
  • January 12 2012
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You may be eligible to receive more than $3,000 from HAFA. Many people will tell you that short sales are the way to go. I specialize in helping homeowners with distressed properties. I am not sure where you are located, but I help homeowners across the US. You can message me or call me and I would be happy to discuss your options with you.
  • January 12 2012
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Profile picture for sunnyview
You need an agent with experience selling short sales, not just an agent who paid for an NAR certification like CDPE.

Interview a handful of agents in your area, ask them about their experience and ask them how many short sales that they have closed in the last year. With short sales especially, experience counts since there is a learning curve. Choose and agent with a good track record and the ability to negotiate with the bank to get your offers accepted.
  • January 11 2012
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http://www.cdpe.com

Certified Distressed Property Expert is what it stands for.
  • January 11 2012
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Feel free to contact me as I would be glad to assist you. I am a local real estate broker here in Mobile, AL who has 4 years of experience specializing in short sales and foreclosures. I also hold a Certified Distressed Property Expert designation and have maintained a 95% closing ratio with short sales. As long as you currently reside at the property and have not yet relocated and your current monthly mortgage payment is 33% or greater than your gross monthly income you should qualify. There are just a few additional items we would have to discuss before determining if you qualify or not. Feel free to visit my page here at Zillow and see my reviews from clients I have assisted with selling their homes through short selling. I would love to work with you and if you would like feel free to reach me anytime by phone [contact information removed by Zillow moderator]
  • January 10 2012
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Ask lots of questions about their experience.  I am not an expert, however, I do know of someone that has successfully closed several short sales this past year.  Depending on your location, he may be able to help you.

  • January 10 2012
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