Qualify Your Short Sale Before Writing the Offer
Before you decide to buy a short sale property, ask your agent to do a little groundwork first.
- Examine the Comparable Sales
Many banks will discount the price a little bit from market value, but to get an acceptance, offers should be reasonable and close to the comparable sales.
- Check Out the Short Sale Listing Agent's Track Record
If the short sale listing agent has very few short sale listings and has little experience actually closing a short sale, your chances of offer acceptance may be slim.
- Ask How Many Short Sale Offers Have Been Submitted
While the listing agent may refuse to disclose the offer prices, the agent should let your agent know how many offers have been received. If there are multiple short sale offers, you may need to offer more than list price.
- Find Out if the Sellers' Short Sale Package is Complete
Bank negotiators will not process a file if the sellers' short sale package is incomplete. That file will go to the bottom of the pile if it's missing paperwork that the bank requires.
- Get the Name and Number of Lenders
More than one lender might mean the file will take longer to close. Some junior lenders are demanding unsecured prom notes from the seller or more money than usual from the first lender. Also, some lenders will consider only the first offer. If you are not the first offer, your offer may fall by the wayside.
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