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Short Sales - questions to ask the listing agent

By
Real Estate Agent with The Mode Real Estate Group DRE # 00935148

It seems as though I am hearing over and over again recently that buyers are not sure what is going on with their offer on a short sale listing.  I had an email from a buyer today asking if there was a way to find out from the bank if there offer has been received and is being negotiated.  After emails back and forth, it appears that this particular buyer chose to write their offer through the listing agent and the listing agent is not communicating with them.  How many times do we hear this?

Although there really is not a way for the buyer to find out from the bank if their offer is the one being negotiated, there are some ways to help insure that the listing agent has the ability to successfully negotiate and close a short sale.  Asking questions of the listing agent prior to writing an offer on a short sale is an important practice.  Agents should interview the listing agent before getting their clients involved in this process and buyers should ask these questions if they are contemplating writing an offer through the listing agent.  If the listing agent will not answer your questions, that is the first red flag that this short sale may never be successful

Here are the questions -

  • What is the seller's hardship?
  • Have you reviewed the seller's financials?
  • Who is (are) the lender(s)?
  • In what stage of foreclosure is the property?
  • Has a Notice of Default been filed?  A Notice of Trustee's Sale?
  • Have you verified the parties on the mortgage and the deed?
  • How many offers will you be submitting to the lender(s)?
  • Have you already submitted any offers to the lender(s)?
  • Have you successfully closed short sales in the past?

We list and sell a lot of short sales in the Elk Grove/South Sacramento area and if an agent or a buyer asked me these questions, I would have no problem answering them.  

What can a short sale do for you?

  • Help preserve your credit standing
  • Allow you to sell your home with no out of pocket expenses
  • May help reduce tax liability
  • Help to releive your financial and emotional stress
  • Avoid potential foreclosure

If you are facing difficulties with your mortgage, you need to KNOW YOUR OPTIONS! Call The Mode & DurhaM Team today for a private no-obligation consultation at (916) 230-0371 or visit our website at www.SaveMySacramentoHome.com

Check out our short video on how we can help you.

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Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA

 

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Lori Mode

Lori Mode, Keller Williams Realty - Elk Grove

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Lori Mode and Bruce Durham, Elk Grove agents

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About the author: The above Real Estate information was provided by Lori Mode.  Lori can be reached via email at Lori@ModeREGroup.com or by phone at 916-405-5737. Lori has helped people move in and out of Elk Grove and surrounding Sacramento areas for the last 37 years.

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!

Comments (2)

Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

I like the thinking.  Some listing agents take shorts because they have run out of regular listings, but it would be great if they had some guidance or learned from another experienced short sale agent.  These are very difficult at best, and they need to be handled correctly so that the client(s) are well-represented. 

Oct 25, 2009 03:49 AM
Lynn Pineda
eXp Realty - Boca Raton, FL
Real Estate Promises delivered in SE Florida

Lori and Bruce,  I see too many listings that are taken by Agents who are clueless in the Short Sale process and really don't care as is evident in the listing history and non responsiveness on the part of the Agent. You're absolutely correct in the importance of finding out about the qualifications of the Short Sale Listing Agent before putting your Buyer through the arduous process

Oct 25, 2009 02:30 PM