Join me on the next Foreclosure Fridays Live (June 29th) to discuss my trip, Foreclosure Book, etc! Start at 5PM PST (10AM Saturday in Australia).

New Mexico Foreclosure Rescheduled, More Time For Short Sale

Just got off the phone with the law firm. Foreclosure auction rescheduled to March 1st. Sweet! I have some time to attempt a short sale.

The question is… should I do it myself or hire a competent real estate agent who specializes in doing short sales. My current agent has never done short sales. If I do the short sale myself I would keep my current agent as the listing agent but I will do all the paperwork and negotiations for the short sale with the bank. I would ask the current agent to take a discounted commission or ask him to reimburse me for the work I would be doing for him. If I hire a different agent that specializes in short sales I would ask the current agent to cancel the listing and I will re-list with the new agent.

Hiring a short sale agent vs. doing it myself:

PROS

  • Outsourced – will save me time
  • Will not have to figure out how to do a net sheet
  • Short sale package will actually get submitted
  • Establish relationship for future deals / referrals
  • Third party representation so the bank doesn’t get a funny feeling about the borrower negotiating his own short sale

CONS

  • Miss out on the learning opportunity of doing a short sale step-by-step

Hmm….

Leave a Reply

Your email address will not be published.