FAQ’s (Foreclosures & Short Sales)


Are I-Agent.com representatives licensed Realtors?
Absolutely! All of our agents are licensed in their markets. Our agents are also members of the National Associations of Realtors®. In fact, 90% of our agents are in the 20% of Realtor's in the Nation!

Do you represent buyers for foreclosures, REO's, and Short Sales?
Yes! If it is listed in the MLS we will represent you in the purchase. As a matter of fact, nearly 40% of I-Agent Transactions in 2008 have been foreclosure homes (on both the buying and selling side). Foreclosures are often great deals and should not be overlooked in your home search.

For foreclosure homes you DO have the right to have a home inspection and request repairs, credits, or cancel the contract regardless of what the listing agents says or advertises!

What is a Short Sale?
A Short Sale occurs when the homeowner gets approval from their lender to sell the home for less then what they currently owe on it. The lender forgives the current homeowner of the negative equity. The good thing about a short sale is that the bank pays for all the cost associated with the sale and you get to avoid foreclosure.

Will a Short Sale work for me?
In most cases it is in the mortgage companies best interest to work with the borrower. Whether you are enduring a hardship or your adjustable rate mortgage has just reset, the short sale is a much better option than foreclosure. In most cases a short sale works out better for both parties, you get to avoid foreclosure and the mortgage company saves a ton of fees associated with a foreclosure.

If I do a short sale, how much will I have to pay to sell my home?
All fees associated with a short sale are paid for by your lender. It may seem hard to believe but you do not have to spend a single dime. By allowing the short sale, the lender spends a little money now to save a tone of money later.

How do I get started on a short sale?
Fill out the Free Consultation form to your right. One of our certified agents will review your information and respond within 4-6 hours. If you prefer to speak to someone now, feel free to give us a call at 1-866-565-1574. There is no charge for the consultation and you are not obligated to work with us.

 

Can I short sale my property if I am not late on my mortgage?
Every situation is different and we would have to review your case. Currently The U.S. Department of Housing and Urban Development is offering incentives to lenders who allow qualified homeowners who are not behind on payments to short sale their property. Some lenders require that the borrower must be behind on payments and some don’t. Also some lenders give priority to borrowers who are behind as over the ones that are current. The only way to know if your lender will allow it is by putting together the short sale package and submitting it to them.

What sort of hardship would my lender consider legitimate?
The hardship letter is one of the most important parts of the short sale. It really helps convey to the lender what is causing the need for a short sale. Below is a list of common hardships that people write to their lender about.

  • Family illness or injury

  • Illness or injury in the extended family – particularly if it forces relocation

  • Job relocation when the property is equity deficient

  • Job loss or significant income loss

  • Divorce or split of domestic partners

  • Adjustment in mortgage payment or unforeseen increase in living expenses

 

Do all short sales get approved?
Lenders do not approve all short sales. It is very important you work with an agent who is experienced and knows how to successfully negotiate with banks.

 

What happens when I have two loans on my property?
Neither lender benefits from a foreclosure. The lender who holds your second trust is worst off if the property goes into foreclosure. We will submit and negotiate your short sale with both lenders.

 

Will the bank allow me to short sale my property if it is in rough shape?
Yes you can. If the buyer is willing to purchase the property as is then the lender will have no problem approving the short sale. It is in the best interest of the bank to approve a short sale in this scenario because it avoids them having to foreclose on a property that requires thousands of dollars of work.

 

How will a short sale affect my credit?
A short sale will show up on your credit report but it does not affect it as much as a foreclosure will. A foreclosure is one of the most damaging things that can happen to your credit report. By avoiding foreclosure, you will likely be able to resume normal borrowing (car loans, credit cards, consumer goods and such) relatively quickly.

Do I get my own Realtor?
Yes, you work directly with a experienced Realtor throughout the entire transaction. There is no middle man and no field agent. You will have all of your Realtors contact info and be in touch with them directly.

How experienced are your Realtors?
Our Realtor's close anywhere from 4-8 transactions per month. Our Realtors are full service Realtors first and often have full service clients as well as I-Agent Clients. They actively engaged in their market place and are held to high professional and ethical standards.

How do I see homes?
Visit the "Tour Homes" section of the site to learn the different options to see homes. We by no means expect you to purchase a home that you have not seen.

How does the contract process work?
Once you are ready to submit an offer on a property you will work directly with your agent (via email, phone, or in person) to craft a competitive offer. Here's how it works:

  1. Your Realtor will speak with the listing agent and gather as much information as possible regarding the seller and their current situation. This is where you often learn valuable information that will help you develop a more competitive offer.

  2. Your Realtor will then create a Competitive Market Analysis that gives you a breakdown of the market situation in that particular area. This will help you determine a starting offer.

  3. You then go over contract details with your Realtor including price, all appropriate contingencies, and settlement date.

  4. Your Realtor will prepare the contract and E-mail it to your inbox for review and Electronic Signature.

  5. You will be able to electronically sign your contract using DocuSign. You will get an instructional email on how to sign, don't worry, it's super easy!

  6. You will need to provide a copy of your Pre-Approval letter and a copy of your Earnest Money Deposit to your Realtor

  7. We take it from here! Negotiating is our passion and is what makes us better than the competition.

What if the commission offered to the buyer agent is less than 3%?
The 2% rebate is based on a 3% Commission paid to the buyer's agent. If the commission is less than 3% the purchaser will be rebated all commission after 1%. EX; if there is a 2.5% total commission, the commission rebate would be 1.5%. I-Agent Realty Inc has a minimum commission of $4,000.

When do I get my Rebate?
Most clients get their rebate in the form of a check from their Realtor within 7-10 business days after settlement via mail.