The process of selling a home short of what you owe is simple in concept, but very difficult emotionally because it involves you and your home, and your prospect of foreclosure, and your finances.
As a short sale expert, it’s my job to first market your home, and second, negotiate with the lender so you don’t have to. Banks listen to us because our job is to circumvent their B.S. and we’re not emotionally invested in the financial situation, even if he had finest lending solution for all and because we know the market and they don’t. We are invested in you and your success through this process. We know the facts and we get the job done where the job can be done. Banks don’t really listen to their customers. In fact, they’ll use tactics to frighten you into emptying your retirement accounts to stay afloat until all of your money is gone and you’re truly realizing the hardship that was inevitable anyway. They know that most Americans feel held hostage by their “credit scores” and they’ll use that to keep you paying your mortgage even in the face of financial hardship. As long as they get their money…
It’s best that you allow your Certified Distressed Property Expert the room to do the job you have hired them to do.
Through the process, you will be hounded by your lenders, you will be called, you will receive letters that may cause you to freak out. You may even start searching for alternate solutions in desperation. Don’t do this. It’s critical that you give your short sale expert room to work. There’s a process involved and deviation from that process is the first thing that will slow the process and in some cases prevent success.
Sometimes the job cannot be done. You need to know this. A short sale is how we attempt to prevent foreclosure. Banks do it because it saves them money. Foreclosure is expensive for them, and they don’t want to own houses, they want to play with money. However, the clock is ticking, and there is no guarantee that we will be able to achieve an agreement with the lender. We do it all day long, and have been very successful at it, but nobody can guarantee that it will work.
What I can guarantee is that if you aren’t 100% trusting of your realtor, and you find yourself seeking alternative solutions, of which there are none by the way outside of finding someone else to start all over again, then you’ll be saying to your agent, “I don’t think you’re able to do the job, so I’m going to have someone with more clout, more experience, or more legal knowledge tackle it.” As a result, your agent may resign the listing to take on more loyal and trusting clientele.
A good agent will know when he in over his head, and a good agent will resign from the job if he recognizes that he can’t solve your short sale problem, whether it’s truly unsolvable, or it’s because you aren’t giving him or her the room needed to do the job. If you feel like you need to seek outside help, such as an attorney, then feel free to do so, but I would encourage you to read my story about “Attorney Negotiated Short Sales are Still Just Short Sales” so you understand why they offer this service.