Marty Macisso | Maine Short Sale Specialist | Interview your short sale realtor

Marty Macisso | Maine Short Sale Specialist | Interview your short sale realtor

What to ask a Maine Short Sale Specialist when hiring them for the job?

May 4th, 2012

by Marty Macisso

Regency Realty Group

South Portland, Maine

Marty Macisso | Maine Short Sale Specialist | Interview your short sale realtor

Hiring a Realtor to sell your home involves an interview process, especially when the potential for selling the home as Maine Short Sale, because you owe more on the mortgage debt than the current market value.

Here are 5 mandatory questions you need to ask them before hiring them for the job of competing a short sale transaction:

1. How many short sales have you closed? 

This is very basic but important because many desperate agents who have never taken a Maine short sale listing are now jumping into this complicated process. Don't risk your home going to foreclosure on a "rookie" who is figuring out the process on the fly.

2. Do you handle your own short sale negotiations with the bank?

Almost all agents listing short sales are using 3rd party companies to handle the negotiation. This is the worst practice, as many major banks are no longer allowing this, they would rather work with a listing agent who handles all the communication, document collection, negotiation. Most importantly, an agent who works the file start to finish, has his name on the sign, is doing the work, has a vested interest in negotiating a clean short sale approval – IS THE PERSON EARNING THEIR COMMISSION. Don't work with an agent who just puts a sign in the lawn and lets some paper pusher do the work.

3. Explain some potential problems or hurdles we may face in the process. 

There are many hurdles the agent will face, make sure they know them and have the systems in place to prevent them and deal with them accordingly.

4. What do you do to overcome these obstacles and will I have to pay any money to you or the bank at any time?

There are specific best practices a short sale specialist will implement to "pre-negotiate" with the sellers bank to make it go smoothly

5. Why should I go through the hassle of a short sale and not just walk away?
This comes down to CREDIT – the short sale will allow you to rebuild your credit faster and in some instances qualify for a mortgage immediately vs the 7-10 years that a foreclosure judgment. DEFICIENCY – the difference in the balances owed and the sale price – this can be $100,000's in some cases and if the short sale is successful, the bank waives this completely versus a foreclosure where the Court automatically issues a separate judgment  for this amount. TAX – if the sale closes this year, the seller is protected by the Mortgage Debt Relief Act of 2007 that expires the end of 2012.

You should hire an agent who has been successfully completing Short Sales for at least 2 years and has worked with several different lien holders. Do not work with a "trainee" just trying to use your short sale as a learning experience. That will be the costliest mistake you can make.

About the Author

Marty Macisso is a Maine Realtor and Short Sale Specialist who has been successfully closing short sales since 2009 when no other agents knew anything about the process. He can be reached at 207-400-4413 or mmacisso@hotmail.com

Marty Macisso | Maine Short Sale Specialist | Interview your short sale realtor


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