The distressed market has violently collided with the traditional real estate market, and the unprepared real estate agents have been caught off-guard. The average real estate agent typically does not handle pre-foreclosures, probate, short sales and other complicated distressed situations as they have no specialized training to fall back on. Often when they encounter these properties they have to rely on the advice of others and often have trouble with the process and specific details associated with distressed properties.
One of the most common reasons that a short sale will not close is the inexperience of the listing agent. It is critical that you interview the agent representing the short sale sellers to make sure that your contract has the best possible chance to close. Make sure that your potential listing agent has had specialized training in short sales. What are their credentials. Are they a certified distressed property expert? Ask them how many short sales they have SUCCESSFULLY negotiated and closed. Ask them to explain step by step what will be happening from the beginning of the process to the closing table.