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?
- Job Loss
- Medical Bills
- Adjustable Rate Mortgage payments increased and you're unable to refinance
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