“I’m a short sale expert…no you’re not, I’m a SHORT SALE EXPERT…. Neither of you are…I AM THE SHORT SALE EXPERT!”

Just because a real estate agent advertises that they are a short sale expert doesn’t necessarily make it so! There is at least one well known short sale course, offered by a company which offers a “certification” in short sales that includes the word “expert” in its designation.

Interestingly, there is no requirement that the agent has ever touched a short sale in order to “earn” the expert designation.

Just the same, don’t be surprised if you come across an agent who claims to be a short sale expert on the strength of that designation alone.

In fact there is no standard for claiming one is a short sale expert, period!

Let’s hope the above information successfully debunks the short sale expert nonsense.

So, if you’re considering a short sale how can you tell if you are actually dealing with an agent who knows what they are doing with short sales? Click here for a link to 10 questions to ask the would be short sale agent.

If your agent can give solid answers to these questions you should be in good hands and never mind the short sale expert hype.

They may still not be a short sale expert but with the answers to my list of questions you will at least have the information you need to determine their level of experience and competence to be able to handle a short sale.

Remember, just because an agent says they are a short sale expert doesn’t necessarily make it so.

Mike Davis of the DavisResnick Group, LLC has successfully represented dozens of short selling home owners since 2007. Success in short sales means the deal was approved by the bank on terms acceptable to the seller and the deal closed.

thank you for going above and beyond our expectations."

A Short Sale occurs when you sell your property, but the proceeds from the sale will be insufficient to pay off the loan or loans secured by your property (Mortgages, Deeds of Trust, Home Equity Lines, etc.)

In the event you can and do pay the difference at closing between what is owed and what you receive in the sale, the sale will be like any other sale between Buyer and Seller.

However, if you are unable to provide the cash necessary to cover the shortfall, you will need to obtain approval from your lender(s) to complete the sale, since they will be taking a loss, and a Hardship must be demonstrated to obtain that approval.

In fact, today, mortgages are frequently packaged into pools along with hundreds of other mortgages and sold as securities. Thus, you are rarely making payments to the entity that originated your loan.

When the loan was originated, the collection of payments was probably outsourced to a Servicing Company who actually handles the loan from that point on, on behalf of the Investors who actually own your loan.

The Servicing Company (Bank of America, Wells Fargo, Ally for example) acts on the behalf of the Investors to negotiate the Short Sale based on Investor-defined criteria.  The Servicers will also initiate the Foreclosure Process and will, in fact, Foreclose in the event a short sale is not approved on a defaulted loan or other payment arrangements are not made.

For more information call or email us, we would be happy to answer any questions or concerns. 

410-224-0667

Nationally more than 70% of Short Sales FAIL.  The DavisResnick Group has CLOSED more than 90% of Short Sales.

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