Listening to Rob make showing appointments for tomorrow, I found it interesting to hear the additional questions he asked the listing agents:

Is there a potential of this being a short sale?

(If so)

  • is the listing price approved by the lender or just a figure you're hoping will be approved by the lender?
  • how far along in the process are you with the lender? is the seller approved? has the seller submitted all the required paperwork? has the property been appraised?
  • are there any other offers on the table or other offers that have been submitted/approved/rejected?

Has the seller been notified of any foreclosure proceedings? If so, has a date been set for an auction? 

I asked Rob if he only asked these questions if a short sale was mentioned in the agent remarks. He replied that he did ask if there was a mention, but that before calling for an appointment he checked the county records not only for liens, but to see if the total of the mortgages was more than the listed amount. It's all about being proactive.

In today's market we have so many short sales among the listed properties, that we need to know these things before spending our time or our clients' time on properties that may not be available within the client's time frame for closing. 

           (I wonder if the various services that set appointments have this type of information available?)
 

 

 

23 Comments on Setting showing appointments

20 Most Recent Comments Displayed Show All

MAY
01
2008
564,633 Points 75 Featured Posts Outside Blog Called Shot Master
Sharon--We don't have as many undisclosed short sales in our market...YET. It is usually listed in the agent remarks but as clients don't see these comments, they will want to explore the possibility of the short sale home because they look like such a great opportunity. Of course when I call the listing agent the answer is well the buyer will need to be patient as a reply on a PA will take about 8 weeks. I did inquire if full priced offers are being countered at higher amounts...and yes that is part of the negotiation process. So I fully understand where Rob is coming from in his questioning...Now if I could convince all of my buyer clients of the pitfalls... :)
1:51pm • #4
Localism Sponsor
Great information Sharon.  I never considered asking these questions before but it is definitely something to keep in mind.  Thanks for sharing
2:06pm • #5
873,941 Points 154 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master
Frank just posted similiar questions and I had just told one of my buyer agents to ask this yesterday. It is critical before we show short sales. 
2:27pm • #6
878,477 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Sharon those are certainly great questions to ask! Short sales are such a pain in the behind.
4:16pm • #7
558,678 Points 91 Featured Posts Outside Blog Attended Rain Camp

Sharon,

Thats the worst part of short sales........the unknown...by the way...I saw your interview in the Realtor Mag ....congrats!
5:34pm • #8
531,916 Points 15 Featured Posts Localism Sponsor Outside Blog

Hi Sharon,

Good info to know when you're showing homes to buyers. I left a whole stack of listings for another to line up for me for Sat. showings. It seems like it takes days just to set these things up with so many variables. At this point we only have a few questions, your are more in detail, good for you.

In our market if it's a short-sale, we usually pass on them, foreclosures are fine to show. What I find odd is how many say things like the worn-out "motivated seller" yet no lock box, appt. only, 24 hour notice type of thing. We have just one word for those...NEXT.

6:51pm • #9
823,169 Points 155 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master
This is good information to know, but researching the records for every property BEFORE making an appointment - that's an overwhelming prospect. 
7:13pm • #10
1,582,982 Points 429 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Sharon:

These are certainly valuable things for us, and our buyers, to know. Short sales are just so difficult to begin with, and having no information puts us at even more of a disadvantage. Sometimes no one seems to know what's going on. And more buyers are staying away from these "deals" because of the problems. REOs are much more straightforward.

Jeff 
9:41pm • #11
124,485 Points 18 Featured Posts
Sharon~ I have clients that use a showing desk service, and I'm quite sure the one we use does not have that information. However we do try to include short sale info in the description of the property. Good points.
10:13pm • #12
180,787 Points 5 Featured Posts Called Shot Master

Great questions! Thanks for sharing these with us.

Are you able to check your county records online?

10:13pm • #13
MAY
02
2008
600,280 Points 45 Featured Posts Outside Blog

Christopher - thanks for commenting. In today's market, we have to streamline everything, our time included.

Dalia - appreciate your comments. I hadn't thought of the questions either, but will be using them.

Steve - so true. So many of the agents listing short sales don't have a clue about them.

Teri - you might want to put together a booklet (Rob gives them 8 pages) on what short sales are all about.

Carrie - as short sales become a larger part of the market, the questions become more critical.

Missy - great minds think alike.

Bill - they certainly are!

Neal - thanks for noticing the article. My son showed it to me today - I haven't had time to read it yet. Yes, the long wait on a short sale is ridiculous - and then to have another buyer come in two months later and get it!

Lynda - NEXT is a word we like to use for short sales, too. Who would have thought that we'd look at foreclosure sales as a plus?

Margaret - yes, but it depends how far you have to go to show the property.

Jeff - hooray for REOs!

Laura - I wonder if your showing desk service would provide that information if your clients provided it - as that became known, it might give your clients' listings an edge.

Debbie - yes, we can check the county records online. 
5:09pm • #14
1,907,599 Points 383 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
Sharon, the last time I tried to have that conversation with a DC agent (a real experienced one, too) he was totally clueless.  
8:28pm • #15
132,501 Points 13 Featured Posts Outside Blog
Sharon - this  a great set of quesions to ask and lets you know exactly the state of the listing. Sadly, many agents dealing with short sales do not even know the answers.
10:09pm • #16
124,485 Points 18 Featured Posts
Sharon~ That is definitely is worth looking into, thanks for the tip.
10:17pm • #17
MAY
03
2008
136,910 Points Outside Blog
Sharon, that was a question that I never thought of whlie setting showing appointments.  This is just an example of how we have to stay with the times.  I remember when I first got into real estate I had never heard of a short sale but now it is becoming a part of the business.
1:18pm • #18
600,280 Points 45 Featured Posts Outside Blog

Patricia - it's the blind leading, even if the followers have eyes.

Jennifer - Hi! this is why a good short sales listing agent can do wonders. Wonder if that agent could put in the Realtor comments: "I know how to do short sales"

Laura - it's all about being efficient, as you know.

Kimberly - the questions come from experience - too much time lost on short sales that aren't being knowledgeably directed. 
4:33pm • #19
MAY
06
2008
1,342,633 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
time management is indeed vital! thanks for the information!
7:09pm • #20
MAY
07
2008
600,280 Points 45 Featured Posts Outside Blog
Barbara-Jo - I think you have both business-personal balance and team management down pat!
8:37pm • #21
MAY
09
2008
4 Featured Posts

Sharon, Terrific proactive approach, knowledge is power. Great questions, too -- I may have to borrow them (if you don't think Rob would mind.)
4:29pm • #22
MAY
13
2008
1,342,633 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Sharon - excellent points!
12:05pm • #23

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Sharon Simms St Pete FL - CRS CIPS CLHMS RSPS

Saint Petersburg, FL

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