In the midst of record foreclosures, homeowners that are desperate to avoid foreclosure are increasingly seeking short sales, where the lender avoids foreclosure of a property by selling it at a price that’s less than the mortgage on it. Short sales have tripled since 2008, with numbers reaching four million in 2010. The popularity of short sales has inspired several scam artists as well. Therefore it is very important to prudently choose a short sale specialist from a reputed real estate firm.
An agent that specializes in short sales plays a critical role in the entire process. The qualities and roles of a great short-sales specialist are intertwined. Here’s a short list of both:
As a realtor with Coldwell Banker Ackley Realty, Paul Antonelli has watched hundreds of people ask for help to avoid foreclosure and most of them have been given bad information about what they can do. To make sure homeowners are armed with accurate and trustable information, the Central Florida Real Estate Show will boast two additional Orlando-based experts including Colleen Mitchell, a Wells Fargo Mortgage Broker, and Charles Castellon, a real estate foreclosure attorney.
Antonelli said, “It is my goal to make sure homeowners know what road to take before they make any decisions, because the wrong decision could cost you. For example, if a home goes into foreclosure and the bank sells it for less than it owned, most people are completely unaware that the bank can still come after them to pay off the rest of the money even if it already foreclosed.”
You can contact a short-sale specialist at Coldwell Banker Ackley Realty by sending an email to CBARShortSale@gmail.com or visit our Short Sale Savvy Blog.
- Must have well developed relationships and contacts with many banks
- Be knowledgeable in bank-specific foreclosure processes
- Possess great negotiation skills to deal with multiple lien holders
- Be familiar with Broker Price Opinions (BPO) and property valuations
- Know state laws regarding short-sales and foreclosure prevention thoroughly
- Prepare short-sales packages that get the attention of negotiators
- Know the technical process of preparing preliminary HUD-1 closing statements
- Ability to handle multiple offers effectively
- Communicate with title companies, attorneys and third parties to coordinate closing
- Deal effectively with environmental risks and code violations
- Determine if and when postponing a foreclosure proceedings is appropriate
- Prevent banks from cutting real estate commissions deeply
- Protect and offer competitive commissions so that other Realtors are incentivized
- Get banks to pay for FHA repairs to make the house more saleable
- Avoid or minimize the chances of sellers having to sign promissory notes for portions of the deficit.
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