Pre-qualify your Short Sales Clients

By
Managing Real Estate Broker with CORE Realty (The Watz Team)

Pre-qualify your short sales clients over the phone before you make the trip to insure they are indeed a good short sale candidate.  Here's what I ask...

 

1.  Do you understand what a Short Sale is?

       Explain the process

2.  Are you late or will soon be late on your mortgage payment?

3.  What has caused the Hardship?

  • Divorce
  • Illness
  • Job Loss
  • Relocation
  • Medical Bills
  • Adjustable Rate Mortgage payments increased and you're unable to refinance
  • Death.

 4.  Are you insolvent?  (Meaning do your debts outweigh your assets?)

  

5.   Do you have money in a 401K , retirement fumd, bonds, etc?

  

6.   Do you own any other Real Estate (talk about equity)

 

These answers will save you a trip if you find they indeed are NOT insolvent.

Posted bt Vicki Watzlawick, Broker Owner, CERTIFIED Illinois Foreclosure Expert, Exit Platinum Realty, LITH,IL

Comments (3)

Andrew Monaghan
The Monaghan Group - Glendale, AZ
CRS, GRI, EPro Associate Broker

I just turned down a short sale as when i probed the response was "I'm just looking to buy time"

This listing would never have sold and all it would have done is cause me heartache.

I wish to work with buyers that want to buy and sellers that want to sell, any body else needs to be catagorized

Jan 01, 2009 03:59 AM
Kathy Torline
ERA Herman Group Real Estate - Colorado Springs, CO
Colorado Springs Real Estate Blog 719-287-1049

Great post, I agree that it is very important to pre-qualify short sale listings.  There are several that I have decided not to take as there wasn't a hardship situation.

Jan 01, 2009 11:37 PM
Vicki Watzlawick
CORE Realty (The Watz Team) - Algonquin, IL
Illinois Foreclosure Expert, The Watz Team

I agree Andrew.  There are a LOT of people just trying to cheat the system.

Thanks Kathy. 

Happy New Year to all!

 

 

Jan 04, 2009 11:21 AM