Joe Kendall Realtor with Sandals Realty writes, Cape Coral Bank Short Sale's home Cape Coral Florida Bank Short Sales. Here is some suggestions on just a few questions your Realtor should ask the listing agent? Before you go making an offer on a Bank Short Sale listed property.
How behind are the sellers on the mortgage? Most banks on an average will not be to serious in offers unless the seller is minimum 4 months behind in their mortgage. You would be surprised the amount of listed property out there is listed as a short sale and the seller is staying current on their mortgage. What motivation would the bank have, if the seller is keeping up with the payments?
Has the bank agreed to do a short sale, based the required documents required from the seller? Has the seller meet all the requirements from the bank? What kind of discussions have you had with the lender on this property? Have you presented any offers to the bank? What kind of feedback are you getting from the bank? Has there been a current valuation done by the bank? Most banks have a appraisal done and a 3rd party Broker opinion completed. How long has it been listed? The bank wants to insure the property has been completely marketed to the public before accepting an offer. The odds are they normally will not take the first offer.
Is there more then one mortgage on the property? This makes it a lot harder to close, but it can be done! What timing are you getting for a response from the bank? Bank short sales can be a great deal and a huge savings to the home buyer! But you must do some home work before making an offer and you must be willing to set on the sideline and wait as some banks take up to 90 days for a reply!
I can tell you sometimes, you might as a home buyer look toward bank owned property where you get a quick response normally, and you can move onto another home before the better ones in your price range are gone!
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