Over the last 9 months my company has seen its fair share of short sales, pre-foreclosures and REO properties both as a listing agent and a buyer’s agent. Both sides of the transaction require education to make sure your client is represented to the fullest.
As a seller’s representative I always recommend they talk to an attorney and their accountant while in the process of short sale. In some cases it is in the best interest of the client to file bankruptcy and it's better to find this out before the home is sold. The worst part about being the seller’s representative is the fact that while you are assisting them they are still losing their home. Selling a home should be a transaction that nets the seller money to buy another home, not destroy credit and their life in the meanwhile. As agents we always take down loan information and have our client fill out a lender authorization form so we can contact the lender directly. After all….if you were losing your home how much work would you want to do? It is still in our best interest as fiduciary’s to our client to get them the best deal possible. The better deal we get for our client the less suffering our client will go through regarding taxation or even worse a deficiency judgment.
As a buyer’s representative, we again must educate the public what a short sale, pre-foreclosure or a foreclosure home is. Are they receiving a home warranty, ability to have any items fixed that fail in an inspection and under a trustee sale, are they receiving a general warranty deed or a Sherriff’s or trustee deed. All of these have a huge impact on your clients purchase. I wouldn’t want a home that I purchased for $300,000 cash and find out there is a $50,000 mechanics lien that wasn’t recorded before the purchase. There are a lot of good deals out there right now…which purchase makes the most sense for your client?
Ninety-percent of our job as good Realtors is to be educated about the process and in turn educate our clients to make the best decision. After all…in the end it is our clients decision…not ours.
Robert Jones,pllc
Designated Broker
JG Realty,llc
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Always pay for a title search and call the registrar of deeds before closing to prevent the placement of liens
Better Foreclosure than the Short Sale?...Hmmmmm
I think you're right.