How to find the right Realtor for your Florida short sale!
Short sales can be very complex, and your best bet for a smooth transaction is to get just the right help! A failed short sale can lead to a foreclosure and deficiency judgment, so it's critical to do your homework and make sure you have the right real estate agent in charge of your short sale.
Very few Florida Realtors actually understand the short sale process or have a lot of experience with them, so you'll want to do your homework. You can read reviews of Realtors on sites like Zillow and gain an understanding of their history and clients experiences, but you'll still to ask some key questions when interviewing real estate agents.
WHAT TO ASK WHEN INTERVIEWING A real estate agent TO HANDLE YOUR SHORT SALE:
How long have you been doing short sales?
Short sales are specialty transactions requiring loads of extra knowledge, documents and steps, as you are asking your lender to take a loss on the mortgage and forgive the difference so you can sell. All lenders have different guidelines for their short sales. Short sales are very different from traditional real estate sales. Financial consequences for short sellers can be significant so you want someone on the job that knows what they are doing. Your best bet is someone who has many years of experience handling these transactions.
How many sellers have you represented in a short sale?
Representing buyers in a short sale is a totally different ballgame than representing a seller in one. The listing agent does all the short sale processing on behalf of the seller. Ideally you are looking for someone who has closed multiple short sales on the seller side to a successful close, and not just a few short sales here and there along the way. Tens, if not hundreds of closed short sales is preferable.
How many sellers side short sales have you closed successfully?
Listing short sales does not mean closing them. You are looking for someone with a good track record of actually closing their short sales. Less than half of listed short sales actually close, the number one reason being mismanagement. A solid short sale Realtor will close over 90% of all the short sales they take on.
Who does your short sale negotiations?
Is the real estate agent negotiating the short sale? Is negotiation being outsourced to a third party? How is that person getting paid? Is the Realtor expecting YOU to negotiate your own short sale? YIKES! Best to find out now. Agents who are intimidated by and inexperienced with shorts sales will always seek to bring someone else in to handle the short sale, and this may not be to your benefit.
What kind of a timeline can I expect?
Although no short sale timelines are set in stone, an experienced agent with a track record of success will be able to give you a general time frame as to how your short sale will go.
How much will this cost me?
In 99% of cases, sellers can expect to pay nothing out of pocket throughout the short sale process as most fees are covered in the sale. In fact you may even receive relocation assistance at close. However some folks - especially those with good credit and assets, may be targeted for contributions.
These requests can be avoided or negotiated, but it will take someone very experienced to anticipate this and take steps to avoid it proactively.
What will happen to my second mortgage, HUD Partial Claim, or judgment lien?
A second mortgage, partial claim or other junior liens add some variables to the mix. All claims against title will have to be resolved in the short sale. Your agent should be asking questions about these and have a plan in advance to deal with them.
Need expert help with your Florida short sale?
We've been specializing on short sales since 2008! We've helped hundreds of homeowners move on from their over-mortgaged homes, and we can help you!
Minna was the best thing that happened to us in a very long time. We’ve been planning on moving on from the house and on with our lives and the house was simply an anchor. We’ve had two liens on the house that would take a long time to cure and we were forced to sell the house to settle with the bank. I’ve looked around for someone who specializes in short sales, not just an agent that did 2-3. The process took a while, but Minna was super persistent, and her strategic approach was close to none. We have lost two buyers, got a push backs from the back and lien holders and she was able to stay on top of it and at the same time, she kept us afloat emotionally. Because of her, we were able to leave CT and move to FL where we are currently waiting for our new place. Warm thank you to Minna and her team for doing what they do best.
M.R.
Last Updated on March 31, 2025 by Minna Reid