It is so important when going to a potential short sale listing appointment that you are prepared to ask the right questions to make sure that you do have a hardship. This will save you and your client a lot of time, money, and frustration.
In my experience, I have found that when going to one of these listing appointments having a list of questions so as to "interview" the potential client before you take the listing is really important. I was told back when I first started taking on short sales was that the best business you do in this field sometimes was the business you DIDN'T take.
I received a referral from a business colleague who told me of a woman who had a son that had a parole officer and was needing to go to military school (or to jail which I immediately understood her plight) which was going to cost her over $2000.00 per month. When we met at the listing appointment she told me that she was a very successful nurse at a local hospital and could make whatever she wanted since nurses are in high demand in our area. She did have some debt, purchased her house about 18 months previously and the house was definitely valued below what her mortgage amount was, but as I pieced this together I quickly realized a potential "insolvency" in the future, but definitely not now.
Its always hard to turn down business, but she didn't actually have a hardship yet. Key word is "yet". I am finding the banks are getting a bit better at these short sales (with the exception of Chase and B of A) but the key to a successful short sale is having a genuine hardship and very willing and helpful clients.
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