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Top 3 Qualities To Look For in A Short Sales Agent in Charlotte, NC 

 September 15, 2021

By  Nancy Braun

Coming to terms with a short sale is a difficult pill to swallow. You’re dealing with a huge financial transaction, and everything seems to be on the line! If you’re tempted to work with a familiar face, going down that route may not be to the best of your interests.

The qualities to look for in a  short sales agent in Charlotte, NC should be their experience, reputation, and expertise. Finding the right short sales agent means coming up with a list of qualified candidates. 

Short sales involve multiple parties, several rounds of negotiations, complex paperwork, and numerous regulations. 

If you go with your favorite real estate agent, but they don’t specialize in short sales, you’ll get the short end of the stick.

Your Charlotte NC short sales realtor will dive deep into your difficult financial situation. So it’s best to find someone you’re comfortable with for this difficult transaction. Then, it’s just a matter of finding a reliable and trustworthy agent who also helps keep you at ease and answers all your questions.

Read on to learn more about the top qualities to look for in a short sales agent in Charlotte, NC. after reading this post, you’ll also know what a short sale is and how complex the process can get.

Short Sales Agents in Charlotte, NC

What Is a Short Sale?

A short sale happens when your lender agrees to sell your home at a lower price than your outstanding mortgage. Ideally, your lender will let you off the hook for your remaining balance.

Here’s  the deal, though: most short sales don’t get approved. All your lien holders must agree to the short sale under the same terms. This is where things get tricky and you’ll need all the help you can get from an expert.

Just to give you an idea, here are the steps to the short sales process:

  1. 1
    Acquire a property valuation analysis.
  2. 2
    Prepare a hardship letter and supporting documents.
  3. 3
    Contact your lender for a short sale application.
  4. 4
    Prepare the sales contract or purchase agreement.
  5. 5
    Prepare a comprehensive short sales package.
  6. 6
    Review of your short sales package by the loss mitigator.
  7. 7
    Negotiate the short sale.
  8. 8
    Close the deal.

Do You Need a Realtor for a Short Sale? 

The whole process can drag on for weeks and become frustrating. Short sales typically run from 40 to 60 days and longer on some occasions.

You’ll need a realtor or an expert negotiator for a short sale. Finding one helps you avoid agreeing to lowball offers that are typical of short sales.

Remember, not all realtors are well-versed in short sales. Since short sales aren’t common these days, finding an expert can be difficult.

The minute you decide a short sale is the best route for your home that should be the moment you start looking for an expert short sale agent in  Charlotte, NC.


How Do Short Sales Agents Work? 

You might have a few questions about how short sales agents work. 

In a short sale, the agent represents the seller and not the lender. Like in a traditional sale, an offer gets negotiated with the seller.

What Is a Seller’s Agent?

A seller’s real estate agent is a licensed professional who helps list a property for sale. The seller’s agent will represent the seller of the property. This means their priority is delivering the best possible outcome for the seller.

Your realtor will help you, the seller, come up with an offer or short sale application. The agent will then proceed to negotiate the terms and net proceeds with your lender. 

In short, your realtor will help you get approval from your lender.

Do Realtors Make Money on Short Sales?

You might still be debating if you should spend money on a realtor. We can’t blame you –– it’s difficult not to count every penny when you’re in such a risky financial position. 

Realtors make money on short sales. For instance, Charlotte NC short sale agents are typically paid 4-6% in commissions. 

Sometimes, realtors can get paid a higher commission in these cases:

  • If the sale price is higher than the required amount stated by the lender
  • If a higher commission is promised in the listing agreement

If you’re tempted to rule out using a short sale agent completely, then here’s the good news: 

The primary mortgage lender or bank pays for commissions of Charlotte NC short sale realtors. Your first lien holder will cover the commission with part of the sale proceeds.

We bet that’s one problem off your shoulders! Now, we can start discussing How you should choose a short sales agent in Charlotte, NC.

Top Qualities of Short Sales Agent in Charlotte, NC

What Should I Look For in a Short Sales Agent?

Short sales require four to five times the effort and amount of work than a regular estate transaction. 

You need to look for a trustworthy short sales agent. However, finding one is more complicated than calling up your favorite real estate agent.

Of course, they might be able to refer you to a qualified short sales agent. But in such cases, you still need to do your part and figure out if the referral is the right fit for you.

You will also need to confirm that there isn’t a referral fee involved.


Top 3 Qualities to Look For in a Short Sales Agent

When coming up with a list of short sales agents in Charlotte, NC, it will be best to consider these three qualities:

  • If they are an experienced and certified short sales agent
  • If they have an established reputation
  • If they have local expertise

Under these three considerations, you will have to ask your agent some valuable questions to ensure that they’re the right fit for you.

Factor #1: Experienced and Certified Short Sales Agent

Don’t be fooled. Not all real estate agents who have taken  special short sale classes are qualified to do short sales. Even if they’ve got a certification in short sales, it’s best to err on the side of caution before it’s too late.

Short sale realtors are specialized real estate professionals who want to help you close deals fast with the least amount of hassle. An experienced short sale agent in Charlotte, North Carolina, understands the intricacies of:

  • Closing deals quickly 
  • Handling tax, mortgage, and liens issues

Experience in short sales means two things:

  • Experience closing short sales
  • Experience dealing with banks and lenders during short sales

Ensure that your short sales agent ticks all the boxes when double-checking their track record.

Experience Closing Short Sales

Experience is a little difficult to gauge! Begin by asking them these questions:

Do you have any short sale certification, licensing, or training?

While definitely not necessary, your realtor should go through specialty real estate training. This will give you peace of mind that they can complete such a complex transaction.

Specialized training for short sales include:

How many years of experience do you have selling short sales?

Ideally, an agent should have a minimum of three years of experience. Real short sale experience teaches an agent how to anticipate (and avoid) potential issues that might arise. This is different from learning theories in a classroom or online seminar.

If an agent has been in the business for more than ten years with only a few short sales to their belt, start thinking twice about choosing them as your agent. An agent who’s been in the business for half that time but with more closed deals might be a better option.

This number depends on how many opportunities are available in their area. Obviously, though, an agent with more closed short sale deals has more experience.

It will also help if they have experience as a regular real estate agent.

How many short sales have you closed?

A realtor with short sales experience should be able to give you proof.

You can ask to see:

  • Their current short sales listings in the MLS
  • How many closed deals have they had in the past year

An agent who hasn’t closed a deal in the past year might not be your best choice. Then again, short sales are becoming less of a common occurrence, so keep this in mind.

The next step is to ensure that they’re still up to date with changes to federal regulations.

For agents with no recent short sales experience, you can ask for their short sale history from late 2008 to the mid-2010s.

Experience With Short Sale Banks

Have you closed short sales with my specific lender or bank?

A short sale realtor who’s closed a deal with your lender has valuable insight into how your bank or lender goes about the short sale process.

You should remember, though, that short sale procedures and forms change on a routine basis. Your agent should be familiar with these and have the forms on hand.

Some red flags that you have to watch out for include:

  • A lender’s behind-the-counter contacts, employees, and staff come and go.
  • Contact with government agencies that avoid taxation and deficiency judgments.

If your bank or lender is a small institution, it might be difficult to look for an agent who has experience with them. Most competent short sale realtors work with the top 4 banks:

  • JP Morgan Chase

  • Wells Fargo Bank

  • Bank of America

  • One Main Financial, formerly Citimortgage

Factor #2: Established Reputation as a Short Sales Agent

Here’s what you should know:

A short sale agent who values reputation has a personal commitment to following an ethical code. You can rest assured that an agent with a good reputation serves the best interests of sellers and buyers.

A short sale agent should be known for their high dedication to their craft while maintaining a high rate of closed sales.

What’s the best place to dig up facts about real estate agent reputation? Check out client reviews! You can even take this step further by getting in touch with previous clients.

Your agent’s short sale strategy will have a direct effect on:

  • Their success rate
  • How fast they complete the sales process

Remember that your Charlotte, NC, short sales agent will be by your side throughout the entire process. It’s in your best interest to hire someone who has a track record of establishing good client relationships.

Ensure that your agent keeps you updated throughout the process and that they will accommodate your queries and concerns. You want to find an agent that will make your short sale experience positive, fulfilling, and dignified.

Factor #3: Local Expertise

There’s one more factor that will make your agent the best choice:

They should have experience selling homes in your area.

Say you’ve found an experienced and reputable short sale agent who’s well-versed in local real estate…Trust us when we say that you’ve struck gold!

Trusting a short sale agent with a good local reputation means that they are most likely familiar with the nitty-gritty of your local community and real estate market.

This makes the short sale process a whole lot easier because they’re familiar with:

  • Dealing with your competition
  • Characteristics of your pool of buyers (demographics, demands, interests, and spending habits)

In this way, your short sale agent can:

  • Keep your buyers interested
  • Stay on top of tax and legal expectations
  • Figure out the best way to market your home

This means that you can quickly address what needs to be done so that your home sells as quickly as possible.

A respected Charlotte NC short sales realtor has already established good relations with buyer’s agents. They can also make buyers feel comfortable enough to write an offer and close a deal!

While real estate agents can’t give taxation or legal advice, they should be familiar enough with the law and local customs to anticipate problems. From there, they should guide you to a reliable local source, like a lawyer, that can provide you answers.

More importantly, a short sale agent from your neighborhood will guide you through pricing the short sale correctly.

In short, a local Charlotte NC short sale real estate agent knows the specific strategies that will successfully lead to short sale completion. 

Best Charlotte, NC Short Sales Agents

Building Your Short Sale Team in Charlotte, North Carolina

In a typical home sale, your real estate agent is the only advocate on the seller’s side. When it comes to short sales, you will need a team of experts to guide you through the complex process.

Your team may include:

  • A lawyer to navigate legal complexities and adjust regulations for a short sale.
  • An expert negotiator to ensure that you get the best deal possible to move forward in the future.
  • Figure out the best way to market your home

The first step to building your team is finding an experienced, reputable, local short sales agent who will assess your situation and determine your specific needs.

Once you’ve done this, you can go on to hire an attorney or negotiator. An experienced short sales agent will know the ins and outs of the housing market. They’re also your best bet for keeping your buyers interested amid the lengthy and frustrating short sale process.


Final Thoughts

At Showcase Realty, we understand that a financial crisis like a short sale is emotionally stressful and demoralizing. An experienced and Certified Short Sale Seller like myself, Nancy Braun, will ensure that your short sale experience is positive and hassle-free.

We want this to be a new beginning for you. That’s why we’ll be by your side from the moment you decide to do a short sale until you can prepare to get another mortgage for your new home.

Nancy Braun


Call me, Nancy Braun, at (704) 997-3794. Let’s talk about your needs and wants in a home.

Nancy Braun

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