Question:
“Hi Gary. We’re in default on our home and need to do a short sale. There’s a lot of investors calling to buy our home, so we’re not worried about getting it sold. We don’t really need an agent because the buyer’s agent can handle the short sale. We all have a common goal, so it should work out…”
Answer:
Oy vey! Where do I start?
You’re making so mistakes it makes my head spin!
- You don’t know what you don’t know.
- The investor and the agent are not your friends. They are not looking out for you.
- Your bank may agree to a reasonable price, but the agent may hold out for something lower so his client can get a bargain, causing delays and even your short sale to be denied.
- You don’t know if the buyer’s agent knows what he/she is doing, especially when it comes to handling a specialized thing like a short sale.
- Having a listing agent is basically free because the bank eats the cost in the form of accepting a greater loss on their loan.
All that said, why wouldn’t you want someone in your corner, looking out for you, at no cost to you?
