I have recently got 5 calls in 5 days, from numerous short selling homeowners in San Diego and across the country and one call from a real estate agent who in essence asked from me…”HELP!”. The calls have ranged from home owners who have been trying to short sale their home for over a year, to others most notably who have gotten approval letters that they are not comfortable with. The problem is these people are under contract with another agent and it is against my code of ethics to talk to them about their situation. I have however talked to them briefly and answered their questions, the problem is that I could spend hours on the phone consulting these people, and this is their current agents job to do so.
Unfortunately the home owners across the country are experiencing something that is all to common place and that is they are hiring inexperienced real estate agents to handle their short sale, who don’t know what they are doing. There are too many agents who are starting to do short sales, who don’t have the knowledge base or experience to properly inform their clients of the ramifications, or let them know about the possible outcomes of their particular case. Then when it comes near the end, the homeowners who are trying to do the short sale receive their approval letters and don’t know what to do. So they turn to the internet and read my blogs about getting deficiency waived with Bank of American, or Chase or whichever lender and ask for my help because their agent doesn’t know what to do.
At that point it is difficult for me to step in on the short sale file because I don’t know what the current agent has already done to the file, what financial information has already been provided to the lender, or how the deal was structured.
If I can say anything to homeowners who are considering doing a short sale, that is to call me first and at least have an initial consultation, to talk about your case. It is imperative that you hire a real estate agent who is familiar and ahs experience doing short sales. They are VERY difficult transactions to handle, and you need experience and connections within the banks in order to get deals done and get them done with the BEST results for the client. Yes, I can get deficiencies waived with Bank of America, Greentree, National City, PNC, and Chase but it is because I know what I am doing and have connections with these lenders that I have established over the past 5 years that allows me to do this. So again please call me BEFORE you list your short sale home or hire your short sale agent, NOT after you receive your approval letter and I can better serve you.