Book Smarts or Street Smarts-Which Agent Do you Hire?

There are a plethora of courses and designations that a Realtor can earn.  For most buyers looking to find an agent to represent them the designations don’t mean anything.  In fact if you asked most buyers what was the difference between an e-Pro, CRS, ABR or SRES and they haven’t a clue.   Most of them don’t realize that not all designations are created equal and that some designations can be redundant to others.

Yet agents argue all the time about the value of the designations without giving a thought to what they might really mean to the buyer they are representing.  If you are thinking about buying a foreclosure do you want an agent working for you who has sold a foreclosure in the last year or one who took a few classes on how to be a better buyer’s agent? 

If buying a foreclosure is something that you are considering than ask the agent you are interviewing if in the last twelve months they have:

Successfully negotiated a foreclosure contract
Negotiated a foreclosure home inspection contingency
Gotten loan approval for VA, FHA or Conventional Financing on a foreclosure
Negotiated a cash deal
Negotiated repairs
Closed a foreclosure transaction

If they haven’t then you might want to find out why not.  In a market such as what we have experienced in Prince William County most active agents have been involved in multiple foreclosure transactions.  Though a foreclosure transaction starts out with the same contract as a normal resale the similarities end there.  Each lender has their own addendums, each lender moves at their own pace and each lender has a set of requirements that you can negotiate even if they say no.  If you have an agent working for you that hasn’t been out on the street working the deals they may not have the street smarts to get the deal done.

If buying a foreclosure is in your future look for an agent with experience that goes beyond the classroom.  Look for an agent who has successful negotiated the gambit of foreclosures in Prince William County and has clients living in their new homes today!

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