If you are planning to buy a home in the San Diego area in the next couple months, there's a good chance that you will come across short sale and foreclosure (bank-owned) listings. While it's important that you are educated about how these types of listings differ from traditional listings, it's also crucial that you hire a buyer agent who is up-to-date and knowledgeable about these listings. Just as I wouldn't recommend you learn to speak German from someone who doesn't speak the language, I wouldn't recommend that you hire a buyer agent who doesn't fully understand how you may be affected by short sale and foreclosure listings during your San Diego home search.
The National Association of REALTORS® has created a new specialty certification (called the SFR designation - "SFR" stands for Short Sale and Foreclosure Resource). To earn the certification, a real estate agent must (1) be a member in good standing of the National Association of REALTORS®, (2) attend a one-day (all day) short sale and foreclosure seminar, (3) complete three one-hour short sale and foreclosure webinars online, and (4) submit an application to REBAC (a division of the National Association of REALTORS® - REBAC stands for Real Estate Buyer's Agent Council).
I decided to apply for this certification in December 2009, and so the first thing I did was pay the $79 for an all-day seminar in Phoenix, AZ. This worked out well for me, because I grew up in Phoenix. Most of my immediate family still lives in Phoenix, and my wife and I were planning to be there for a few days before the Christmas holiday. I was able to take the all-day course in Gilbert, AZ the Friday before Christmas. The class was taught by the Hogan School of Real Estate.
During the all-day class (entitled, "Short Sales and Foreclosures: What Real Estate Professionals Need to Know"), we went through a 73-page manual that covered just about everything you would ever want to know about short sales and foreclosures. Many of the topics we discussed were review for me (because I have represented many San Diego buyers over the last few years on short sale and foreclosure purchases, and one learns a lot just by going through that process multiple times). However, there were many great topics that came up, and I definitely learned a substantial amount. I wouldn't want to bore you with everything we discussed in the all-day class (or every topic covered in the three hours of webinars I listened to), but I will let you know that if there is something to be known about short sales and foreclosures, I should probably know it by now! I always take time to review short sales and foreclosures with each new client I begin working with (I prefer to discuss this topic with my clients before we even begin to look at properties. See my other post regarding the Globella Buyer Strategy Session.).
If you are planning to purchase a home in San Diego this year, you need to decide if you are going to be open to looking at short sales and/or foreclosures. An SFR-certified agent can help walk you through the positives and negatives of each scenario, which will save a you a lot of time and frustration.
Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home. If you would like an agent who will work exclusively for you. Make sure you hire an E B A...
If you have excellent credit and plan to buy a home within 90 days in San Diego County, contact Globella to hire an agent on your side of the transaction.