21 Questions to Ask the Short Sale Seller

Reblogger Bryant Tutas
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

 

If you are thinking about doing a short sale here are some good questions you want to be prepared to answer. The more info we have the better prepared we'll be to assist you.

Thanks to my www.ShortSaleSuperstar.com partner Wendy Rulnick for sharing this article.

 

Original content by Wendy Rulnick

 Listing Short Sale 

 

 

Quick!  A potential short sale seller calls you to list his propertyWhat questions do you ask?  Here are a few to start the conversation....

1.       Who are the mortgage holders on your property?

2.       Approximate balances?

3.       Is your loan VA or FHA/HUD? 

4.       Do you have a hardship?  If so, what caused it?

5.       Would you prefer to keep the property?

6.       Have you tried a loan modification or other type of work-out?  If so, what was the outcome?

7.       If FHA/HUD - have you started any pre-foreclosure sale paperwork with your lender?

8.       Have you applied for the HAFA program?

9.       Have you consulted an attorney?

10.    Why do you want to short sale?

11.    Do you or have you ever occupied the property?

12.    Are your payments current?  If not, how many months have you missed?

13.    Do you have enough income to pay your all your monthly debt?

14.    If you are current on your payments, where are the funds coming from - savings or some other source?

15.    Are you current on association fees?

16.    Do you have other liens or judgments?

17.    Have you had a foreclosure notice yet?

18.    Who else is named on the mortgage or deed? 

19.    Do you have funds to contribute if asked by your lender to approve the short sale?

20.    Would you agree to pay a promissory note if asked?

21.     What questions do you have for me? Short Sale Superstars

For other tips on short sales, check out www.ShortSaleSuperstars.com.  There are almost 5000 members sharing information to help each other succeed with short sales.  Find out how to list them, how to sell them, how to save your sales and how to speed up your approval times.

Join www.ShortSaleSuperstars.com today- it's FREE!

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

REGrow, LLC

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

 

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Ambassador
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Thanks for the reblog on 21 excellent questions to ask on that first phone call.

Happy Thanksgiving to you and TLW!

Margaret

Nov 23, 2010 08:17 AM #1
Rainmaker
592,907
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Bryant,

Wendy did a great job as usual.

But, she missed one!

22. What are you going to do when the house sells or the bank forecloses?

Without such a question your sellers could back out at the closing table just to get a few more days free living.

Bill

 

Nov 23, 2010 09:20 AM #2
Rainmaker
1,048,784
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

I thought it was a great list too:)

Nov 23, 2010 09:21 AM #3
Rainmaker
524,452
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Bryant - Thanks for the re-blog!  Everyone can find short sale ANSWERS on www.ShortSaleSuperstars.com :)

Nov 23, 2010 09:43 AM #4
Rainmaker
32,143
Sylvie Dolley
My Home Group Real Estate LLC - Litchfield Park, AZ
CHMS, ePRO, SFR Phoenix Arizona Real Estate 602-32

All great questions!  Now to prospect more!  :  )

Have a great day and a wonderful Thanksgiving!  Enjoy it with Friends and Family!

Nov 23, 2010 11:53 AM #5
Rainmaker
354,843
Damon Gettier
Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert - Roanoke, VA
Broker/Owner ABRM, GRI, CDPE

Bryant, I thought Wendy did an incredible job on this blog also.

Nov 23, 2010 12:59 PM #6
Ambassador
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Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

I saw this blog post and am so glad that it got featured. It's a great cheat sheet!

Nov 23, 2010 03:31 PM #7
Ambassador
1,041,745
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

BB, I missed this so thanks for doing a reblog. Great questions!

Nov 23, 2010 10:04 PM #8
Rainmaker
228,991
Coldwell Banker Camelot Realty
Coldwell Banker Camelot Realty - Mount Dora, FL
Homes for Sale Mount Dora Realtor

BB,

 

Item number 10 is a great place to start.

 

Why do you want to do a short sale?

Nov 24, 2010 03:50 AM #9
Ambassador
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Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Bryant - this was a great choice for a reblog! Hope you and your entire family have a wonderful Thanksgiving!

Nov 24, 2010 09:57 AM #10
Rainer
29,262
Lucille Botos
Lighthouse Properties - Temecula, CA

I don't have a clue now how I ran across your blog this morning, but wanted to send a big THANK YOU.  I checked out the ShortSaleSuperstars site and think its great.  Thank you for a informative blog and site info. 

Dec 26, 2010 05:20 AM #11
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Rainmaker
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Bryant Tutas

Selling Florida one home at a time
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