How A Real Estate Agent Can Save Your Home From Foreclosure?

Real estate agents do great amount of work in buying and selling of a property. They conduct a market research and find efficient properties to match the needs of their clients. Their life runs in real estate trading only. However, few real estate agents are moving ahead and are providing an additional service of preventing foreclosures also. Through this service, they sell a property and prevent it from getting auctioned under law. It is generally referred as short sales.

When a person is unable to repay the amount of his loan, lenders carry foreclosure as a way to take their money back. They send a notice of auctioning the property of the borrower. This notice intimates the owner and brings the role of an efficient real estate agent. In such a situation, a real estate agent carries short sales and does the following works on behalf of the owner of property

1.     Determining the type of short sales- The first work which a real estate agent does for avoiding foreclosures is determining the type of short sales. Short sales vary from Fannie Mae HAFAs to regular and from non-GSE HAFAs to traditional ones. An agent can only determine which one match perfectly with the situation.

2.     Gathers the require paper work- Another work which is done by an efficient real estate agent is gathering and submitting of required documents with the banks. Proper documentation plays a very big role in fulfilling the perquisites of short sale. The agent can also get this work outsourced from a third party.

3.     Pricing of the home- Another work done by the real estate agent is pricing of short sale home. He considers the current market value of properties and fixes an attractive price of the property. The value is decided according to the condition of the property also. 

4.      A report of all buyers- The next work done by the agent is submitting a report of all prospective buyers. That report will contain complete details of different offers. 

5.     Negotiation of short sale- Real estate agent makes negotiation with the lender. He finalizes the deal of short sale on behalf of the seller and ensures that complete liability is released and with zero deficiency.

So, these were the main works by which a real estate agent can save your home from foreclosures. His services will play a very big role in saving the reputation and name of a person.