I earned my SFR designation – Short Sale & Foreclosure Resource – earlier this year.  Although I nearly set the certificate on fire by accidentally leaving it on top of a burning candle, taking the actual coursework was very helpful in making me understand how complicated this type of home sale is.

Many agents don’t understand that mortgage companies can and will move forward with foreclosure even when a short sale is authorized – especially when a certain amount of time has passed.  Uncle Freddie and Aunt Fannie are not messing around, nor are other big banks and lenders, when it comes to collecting their money.  Without an experienced real estate agent to help navigate you through the complicated process, you could still lose your home to foreclosure despite having an agreement that the bank will allow a short-sale.

According to Massachusetts real estate agent Tori Stamp, the resulting lawsuits when agents are sued for not providing the service they say they can provide are becoming more common,

Short sales are a VERY labor intensive listing that require a VERY experienced agent.  While I’m an SFR (BFD, I took a class), I still bring in an agent who has A LOT more experience in short sales (from a different company, no less) because that’s what my clients NEED!  The Code of Ethics is VERY specific here - and it’s not hard to understand!

If you’re fearful of losing your home to foreclosure and want to do a short sale, be sure to interview the agent prior to listing.  Find out HOW MANY short sales they’ve listed and subsequently sold.  Find out if they have a good relationship with your lender.  You could also ask the lender if they have an agent in your area they’ve worked with in the past who’s done a good job.