The bank short sale is becoming a larger margin of the real estate market in the Phoenix Arizona area. Many real estate owners and home owners alike do not fully understand the bank short sale. Hence, one of the most challenging aspects of utilizing the bank short sale is to find a real estate agent that knows the ins and outs of the bank short sale. Many real estate agents in Tempe, AZ shy away from the bank short sale. The three factors that often keep real estate agents away from the bank short sale are the additional work involved, the lack of patience with potential buyers in a bank short sale, and the added stress of the situation that often leads to a bank short sale. Therefore, finding an agent in Tempe, Arizona that is willing to take on a bank short sale is vital to the process.
Here is an explanation of the three challenges above to give you a deeper understanding of just how unique real estate agents are that take on a bank short sale. First and foremost, the bank short sale is more challenging because often times the bank short sale takes what is normally a negotiation between two parties and makes it a negotiation between four parties, as two negotiators are often added to the mix. In a bank short sale, the seller and the banks involved do not proceed in the manner that one would in a traditional sale. Generally speaking, the home owner that is using the bank short sale process is upside down financially and their only goal is to get rid of the loan. The home owner doesn’t generally care about getting the best price in a bank short sale. However, sometimes the home owner can work against the bank short sale process by not showing the house at all or showing it in a less than stellar condition.
To complicate the process, the negotiators are not the home owners. The must respect certain policies regarding a bank short sale and are sometimes very difficult to contact and even harder to negotiate with. Negotiators often use their power in the situation to maximize the difficulty of the bank short sale. Also, often times the two negotiators fight amongst themselves because when one gains, the other loses. Also, getting in communications with the negotiators often requires that the home owner has an offer from a potential buyer before they will ever start working on completing a bank short sale. Eventually, there must be an agreement reached on a bank short sale between the seller, the buyer, and both banks. All of these negotiator headaches are even more reason to ensure that you find a real estate agent to handle the bank short sale. Their knowledge and value to the bank short sale process is vital to your sanity if nothing else.
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