The National Association of Exclusive Buyer Agents (NAEBA), the organization of real estate professionals who advocate for buyers, has found that many home buyers are not adequately prepared to buy short sale homes. To help educate home buyers of the many pitfalls involved with short sale transactions the group has published a free report titled “Short Sales Are a Long Shot For America’s Home Buyers! 51 Critical Things Buyers Need to Understand About Short Sales”.
According to 2011 NAEBA President Ulrich Salzgeber, “Some industry experts predict short sales will increase 25% in 2012 compared to 2011. But short sales are often the most frustrating type of transaction for purchasers to be involved in. Every day our members get asked basic questions about short sales and there really hasn’t been much good information available for buyers to read on their own. This report is our effort to help buyers around the country understand and work through the difficulties involved in short sales.”
The report includes explanations of who all the parties are in a short sale and what typical chances of success are, along with helpful recommendations to include in purchase contracts.
“Regular real estate agents seem to want to promote short sales to buyers as an easy way to buy a property at under market value. That certainly works sometimes, but the majority of the short sale transactions present a very different reality to buyers. As exclusive buyer agents our role is to help buyers objectively evaluate short sales and manage the risk in their real estate purchase”. Salzgeber added.
Exclusive Buyer Agency is the practice of representing only buyers and never sellers in a transaction. The company never lists a seller’s property and thus never has a seller as a client.
The report on “Short Sales Are a Long Shot For America’s Home Buyers! 51 Critical Things Buyers Need to Understand About Short Sales” is available as a free download at the associations website:
Here is a link to the report while the NAEBA.org website is updated: NAEBA Short Sale Report