Behind in your mortgage payments? Beware the Knight in shining armor (part 2)

Sometimes you think that if you call a professional if you have a problem you will get help, right? What if that person was looking out for themselves, and not you? That would not be a good thing for you.

One of the newest games in the real estate market is short sale help. You get behind in your mortgage payments, so you do the right thing and call the lender. The lender tells you to call a real estate agent and try to sell the home, even if you have to sell it for below what you owe on your loan (we call that a short sale). So you find an agent that specializes in short sales for help.

The newest twist on this program is for the agent to become 'partners" with you on the short sale. How does it work? They get you to make them part owners of the home so they can negotiate with your lender as an "owner" and not an agent. Then when they get the lender to take the lower price, they sell it for higher and earn a profit, plus they earn a commission. Doesn't sound quite right. does it? You thought the agent was going to help you out, and they are helping themselves out first and foremost, and if you happen to get out of the deal yourself, that is a happy side effect.

Be careful when you are trying to sell your home on a short sale that you find an agent who is qualified, competent, and looking out for YOUR best interest, not theirs. There are a lot of good, qualified agents out there and sometimes you need to talk to a few before just picking the first one you come across.