Agent Short Sales Success

Realtors have access to MLS listings, including REO’s and short sales. If you are thinking about buying either an REO or short sale, you should work with a Realtor who can help you shorten you search time and assist you with the negotiations on the property.

They can send you updates when new REO’s and short sales come on the market because they have instant access to this information through their local MLS. All REO’s are listed with local Realtors. You typically have to make an offer through a local Realtor when you buy one.

Having someone represent you in the negotiations is a good idea. Many buyers and investors work with their own buyer’s agent, while some like to work with the bank’s listing agent.

Realtors network with other Realtors and can provide you with information about the property such as whether there have been other offers, if the property has fallen out of contract and the reason it fell out and give you insight as to what price and terms the bank/seller is looking for.

Some Realtors specialize in distressed properties and have relationships with banks and distressed sellers, as well as other Realtors who also specialize in distressed properties. They may have access to REO and short sale properties that have not come on the market yet, giving you a heads up about them.

Realtors are knowledgeable about homes in their local areas that meet your criteria. They talk to sellers and neighbors who visit their open houses and respond to their mailers. They know the history of homes in the neighborhood and can access the recent sales in the area so you know what to offer on your REO or short sale property.

Realtors coordinate the closing process working with the closing agent, the bank, the seller, their attorney, and all other parties to the transaction. They will remind you of contract contingencies and help you go over the title report and other closing documents. They can refer you to vendors, including home inspectors, contractors and subcontractors, mortgage brokers and lenders, as well as recommend other real estate-related services that you might need.

Finding a Realtor

The best way to find a Realtor is by getting a referral from another investor, family member or friend who has had a positive experience with their Realtor.

You can also search online and look for Realtors who work in an area that you are interested in buying a home.

If you see a short sale sign or bank foreclosure sign with a Realtors’ name on it, you can call or email them. They provide you with free services and information. They earn their commissions when the property closes and are paid by the bank that own REO properties.

In a short sale, the seller’s bank will pay the Realtors commissions out of the short sale proceeds, provided the Realtor requests payment of the commissions in the contract.

While you could find your REO or short sale on your own, smart and savvy investors/buyers work with a Realtor because they recognize the value of doing so in both saving time and money.

Realtors are experts in housing markets in their area and understand how to deal with banks and distressed sellers and can offer their expertise to buyers and investors making it more likely that you secure your REO or short sale and help to make the closing process smoother and more enjoyable.