Home : Blogs : FRANK LL0SA- Northern Virginia Broker .:. FranklyRealty.com : FRANKLY Real Estate Blog

Questions to ask Short Sale Listing Agent BEFORE showing

I wrote extensively before about Short Sales and how only 5% close in my area.

Well, I think it might be a little too harsh to completely ban them, especially if a client is looking further south where the stats might not be AS bad.

So I have come up with a questionnaire to ask the listing agent BEFORE showing a short sale.

What are your thoughts?

*************

Hello I have a possible buyer looking for a home in your area.

Our company policy is to ask for more information from the listing agent, before showing any Short Sales.

Can you please answer the following questions:

Have you closed a Short Sale before?
Have you requested and received the short sale package yet from the bank, including the hardship letter?
Have you sent the package and have you confirmed receipt?
What communications, if any, have you had with the bank?
Has the bank approved the list price?
Have you received any other offers that you are waiting to hear back from the bank on?
Does the loan have PMI on it? (Mortgage insurance)
Is there 1 or 2 trusts? Any other liens?
What is the name of the banks? Are the FHA or VA loans?
How long do you estimate that the lender will take to provide an answer to an offer?

************

Am I missing anything?

Frank

(3 were added by Cindy and 1 by John)

Posted by FRANK LL0SA- Northern Virginia Broker .:. FranklyRealty.com on 05/01/2008 01:37 PM

Comments (10)

short sales

This post has been included in Virginia Information Prince William County, VA Information Dumfries, VA Information
Post is included in group: Realtors®
Post is included in group: REO
Post is included in group: Virginia Foreclosures Short Sales and REO (and Pre-Foreclosures)

10 Comments on Questions to ask Short Sale Listing Agent BEFORE showing

MAY

2008

Frank--Funny that you posted this...I just saw another post on the exact same topic. I have clients that really want to look at a few of these but have strict timing issues so I asked some of these very questions. Of course the answers are very vague in most cases but every once in a while a savvy agent has done his/her homework prior to listing. Unfortunately this is not the norm so no I have not had any luck in closing a short sale and will continue to counsel my clients about the pitfalls.

Frank, I just told my buyer agent these same questions to ask the other day on a short sale. I have now forwarded it to my team. Thanks, excellent advice and so important to know up front.

Frank, don't forget to ask how they got their price and if there are comps to back it up?!!! Some agents pull a price out of thin air!!

Good questions Frank,

You may want to ask if there are one or two trusts. If there are two are they with the same mortgage company?

John (above), the one of the 6 agents that I wrote to today. He is the only one that replied. Here was his answer

1) Have you started talking with the bank? Yes

2) Has the bank approved the amount? Yes

3) Have you received any other offers that you are waiting to hear back from

the bank on? Yes, however we are only a few days into the process with the new offer. All other previous offers dropped off

4) Has the bank refused any offers. No, just not enough patience

5) Does the home have PMI on it? (Mortgage insurance) No MI

6) And most importantly, have you closed a short sale before? Yes several. I also have a dedicated team of 5 people that work the banks to get these through. I can give you feedback along the way so that you can keep your buyers informed.

************

Why can't every agent be like that!

MAY

2008

Here is my list from my post An Optimists View of Short Sales.

MAY

2008

That is a nice list..I will have my team use this as well.

MAY

2008

That's a great list. We have recently had many client who insist on looking at short sales thinking that they are a great deal, but not understanding the whole process. We have made numerous calls to the listing agents, and most of them do not seem to know what they are doing or what is going on. That being said we have been working on a short sale since January and just last week got approval (yeah!) and still had many interested buyers! Looks like we can close by end the month (about time - sorry when a little off rambling...) ~Rita

MAY

2008

I updated the top 10 questions for Short Sales on my main blog.

AUG

Thanks, keep up the good work. I am from Arabia and too bad know English, tell me right I wrote the following sentence: "Payroll cash advance loans instant credit secured against your paychecksubmitted by andrew dawson word count views contact the author send to a friend article publisher make pdf print." Thanks for the help 8-), Clemens.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?