Agents, when you call on a listing agent to ask. .How many loans on this short sale? The answer really does not reveal anything to help your buyer(s) make a decision. . There are hundreds if not thousands of (one loan) short sales that where not approved. .and there are thousands of (two loan) short sales that were approved. .
Better questions you may want to ask?
- Have you already send a complete package to the lender PRIOR to putting the property in the market?
- HAFA Short Sale? . .then asking price is the already approved price? My client wants to write an offer, can you share with me the bank's approval on the price so my buyer can be more collaborative?
- Is there mortgage insurance in this loan?
- The bank is Bank of America? That does not tell me anything. .they just happen to be the biggest servicer for mortgages in the world. . "who dat is the investor?. . it's a better question, really!
- What is your procedure when submitting offers to the lender? one at a time, two at a time, 3? . .the answer should be one. .and all others are back up. .the seller can only ratify one contract!
- Is there a foreclosure date? . ."yes! is this Friday" is not a good thing!
- Are there any liens besides the lender on the property?
- Are all sellers in approval of the short sale? Divorcing spouses sometime act a little "irrational?"
- How many short sales have you already go approved by this lender? Experience counts. .if they become defensive there. . it's a clear indication of that agent's inexperience.
- Has the seller filled in the short sale package from the lender?. . this indicates the seller's understanding on the process and accepting the fact that they are going all the way with the sale. among other things.
- How often do you update buyers agents during the shortsale?
- Do you need for me to send you a CMA and obtaing bids for major repairs on the house to help you validate our short sale offer? My personal favorite!
Entering in a short sale transaction with another
agent is like starting a relationship with the opposite sex. . There are no one night stands. . There are sad moments, happy moments, commission shrinkage factor, silent treatments and sometimes cheating in between. .(The shrinkage factor could be an sticky "short" situation) The final outcome is consummating the relationship in one passionate act or going to the closing table.. .you choose
In some cases, it never gets there and the courtship unfortunately ends abruptly by a cheating buyer looking for more houses. or a seller's remorse.
. .and this is when they give you the "is not you. . it's me!" routine In many cases. .. .it was the lender!
"Short" in patience for short sales?
We appreciate your referrals. .
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