Traditional real estate agents are good at helping you buy and sell a home under ‘ordinary’ conditions. Conditions where the home’s value has maintained or increased and the mortgage is in good order. Unfortunately, Short Sales are not ‘ordinary’. They are complicated and require extensive lending institution cooperation and expertise in working with professional bank negotiations.
Typically, your local real estate agent lacks the expertise, time and persistence over what can be a long and unpredictable time frame to successfully close a Short Sale. That’s why Relogic’s success rate in Short Sales is over 3X times better than that of a traditional agent. 78% to 23%*. Most local agents, if they have handled any at all, have only completed a few Short Sales. Relogic often completes a few per week.
Experience, lots of it, and expertise is vital in making the process work. Before you work with anyone on a Short Sale find out how many Short Sales they have successfully completed.
* Rate calculated by applying Relogic’s short sale closings percentage (excluding cancellations, bankruptcy or foreclosure) from 6/1/11 – 12/15/11 compared with industry success rate of 23% per Realty Infusion’s article posted 7/21/10.