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
www.AllElkGroveHomes.com
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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.