Short sales are very different from traditional real estate transactions. The process, the paperwork, the deadlines – almost everything is different. And your short sale realtor is not only negotiating with the buyer, they’re also negotiating with your lender. Needless to say, you want someone with a lot of experience in short sales working on your behalf so you get the best possible outcome.
How can a homeowner or real estate investor pick the best short sale agent? Here are some questions to ask when you interview agents to see if they are qualified to handle your short sale.
What are my options other than a short sale?
A responsible short sale realtor will explain all of your options. Washington Property Solutions offers free attorney and CPA consultations to all our clients. There is no obligation and no cost to you for the consultations. It’s an opportunity for you to explore all the options with a professional and come up with a solution that best suits your situation.
How many short sales have you done?
If you decide to move forward with a short sale, the experience of your short sale real estate agent can make or break the deal. Many agents agree to take on a short sale even though they don’t understand the process. You want to work with an agent who has successfully negotiated at least 100 short sales. Washington Property Solutions specializes only in short sales. We have successfully negotiated over 1,200 short sales.
What is your success rate: what percentage of your short sale transactions close?
Good short sale real estate agents should be able to close at least 90 percent of their short sale transactions. Washington Property Solutions closes over 90 percent of our transactions.
Have you worked with my lender before?
Ideally, you want to work with a short sale agent that has closed multiple short sales with your lender. Each lender has a different short sale process, and knowing that process can make an enormous difference in the success of your short sale. Washington Property Solutions has closed over 1,200 short sales with a vast range of lenders that include Bank of America, Chase, Wells Fargo, Citi, Nationstar, Green Tree, BECU and Everhome. We are also highly experienced with FHA short sales.
What are my short sale tax consequences and how will a short sale affect my credit?
Real estate agents are prohibited by law from providing you with legal advice. Short sale agents should refer any legal or tax questions to a CPA or a real estate attorney. Washington Property Solutions offers free attorney and CPA consultations so you can get your legal and tax questions answered at no charge. The consultation includes creating a plan to minimize the impact on your credit and your taxes. There is no out-of-pocket cost to you for the consultations.
How long will the process take?
A short sale take much longer than a traditional home sale. While every transaction is different, the average short sale takes 60-120 days to complete. An agent who says they can get a short sale done in 30 days doesn’t understand the process.
Do you have past clients I can contact as references?
Your agent should be able to put you in touch with homeowners who they have worked with that can tell you about their experience with your agent.
The right solution depends on your unique situation. We are happy to provide you with a free attorney consultation to discuss all the options and come up the best plan for your circumstances.
Call us at 425-381-2233, or email us
to schedule your no-cost, confidential, attorney consultation