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10 Things to Check Before Getting into a Short Sale
I do a large volume of short sales, representing both buyers and sellers. In my experience, when a short sale fails it is usually not due to a failure to obtain bank approval. In fact, we are able to get bank approval on the majority of our Short Sales.
The reasons for a short sale to fall apart can usually be seen at the beginning of a transaction and a little due diligence at the front end can save you from investing your time and energy in a deal that has very litte chance of closing.
Below is my Top 10 list of things to check before getting into a Short Sale, either as the listing agent or the selling agent. There are actually just 9 items listed, and I'm hoping you can fill in number 10 for me. Tell me what I missed!
How many mortgages are there against the home? Ask the seller how many mortgages they have taken out. Be sure to ask specifically about home equity loans and lines of credit. You’d be surprised home many homeowners don’t understand that their line of credit is a mortgage. Also, the more mortgages there are against the home, the ... more
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