A while back I wrote a blog asking how good are the questions you are asking. While I think most of us as agents know here are a few off the top of my head I think its good for all of us to review:
- How long has the property been listed? Many times a bank owned listing has to be on the market for X amount of days before the bank will even consider an offer. Keep the days on market in mind when writing a low ball offer too. Someone else may come in and snag that property with a better, more realistic offer.
- Have you received any other offers? Yes? Were they rejected? Were they countered? No? Is there a reason I am overlooking that there has not been any other offer? Is it priced well? Are there hidden taxes I am not aware of? Is there something about the location I do not know? Is special insurance required for the area? Is there a lawsuit I do not know about?
- How quickly will the seller be able to close escrow? When will their ideal close time be? Quickly? or do they need more time to get the deed together and/or bank approval? Does this fit with the needs of my client?
- Is my buyer in a position to be patient for this short sale to close? Are they approved above the contract price in case the bank comes back and asks for a higher price? Is their loan together so that they can close quickly when the bank comes back with an approval?
Many times we as agents can get so wrapped up in writing the contract and getting it approved that we often overlook some of these simple questions that really are very important. Its good to learn these questions before you have to learn them the hard way!
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