Is hiring someone to help me find a short sale worth it?

Looking for advice. I'm interested in buying a short sale SFD House in Irvine, most likely in the Woodbury Community. I Already own a detached condo in Woodbury which I am currently living in. I am not in any rush to buy a bigger home, so waiting for a short sale to go through isn't a problem... but If I found something I really liked, I am prepared to make the move. What's the best way to get started?

I think a good, experienced realtor would be just as good as a "short sale specialist". But one of the advantages I see with working with a realtor or agent or company who is set up with various banks to be the listing agent is they will push your offers through over others. While that may seem unfair, they are the gatekeepers to the bank, and it goes without saying that this may happen.

I hear stories where there are multiple offers on a short sale and the offer that gets through may not always be the highest but the one with the most "connections" (ie. listing agent is also the buying agent). Maybe the realtors here can explain if there is any oversight when it comes to submitting offers to the bank in which the bank needs to be aware of all offers. I don't think there is, so basically the buyers are at the mercy of the agent who can decide which offer to submit.

Or maybe I'm wrong... but it seems like there is a bit of smoke and mirrors involved when it comes to which offers get through on short sales. And single agent transactions are probably less costly and more convenient for the banks.

And again... this isn't always the case. I know a few people whose offers on short sales have been accepted and they had their own agent, one resulted in a successful sale and another is in escrow... so it really depends on the situation.

Good luck.

Better go to the house and ask the owner, who is their agent, sometime there is contact on the sign, ..... do some under the table deal like buying the owner furniture at high prices or leash the place if is empty.

Those short sale agent don't like to split commission with another agent .... the owner and the listing agent decide who they want to summit to the bank, you don't have to be the highest bid but you need to be in their radar.

Mike 
 

mikeirvine said:

Better go to the house and ask the owner, who is their agent, sometime there is contact on the sign, ..... do some under the table deal like buying the owner furniture at high prices or leash the place if is empty.

Those short sale agent don't like to split commission with another agent .... the owner and the listing agent decide who they want to summit to the bank, you don't have to be the highest bid but you need to be in their radar.

Mike 
 

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I don't think that this is accurate for the majority of short sales, but I don't discount the fact that you might have had this experience.

Since you own a property already and appear to be buying this short sale on a non-contingent basis, check with a lender to ensure you can purchase if you are financing the home. You may have to qualify for the new loan by counting your current home payment in your debt to income ratios.