Short Sales

By
Real Estate Agent with Vangie Berry Signature Realty

I just listed my first short sale. Any tips would greatly be appreciated.

Comments (2)

Colorado Short Sale
Key Concepts, LLC - Denver, CO

www.activerain.com/kjhome12 has been great.  She walked me through my first short sales.  She is a wealth of knowledge when it comes to short sales.

 

Good luck

Jan 10, 2009 02:02 AM
Jim Shaw
Premiere Plus Realty Co. - Naples, FL
Real Estate Sales Associate, Naples Luxury Real Estate

Dan,

When I have a client that is interested in a short sales property, I call the listing agent and ask if the "Hardship Package" has been submitted to the lender.  Who is going to negotiate with the lender, the seller, the listing agent, or a short sale business firm?

If nothing has been submitted I pass on showing the property.

If the package has been submitted what is the status. 

For example, has the lender given the seller a net proceeds dollar amount?

What is the name of the property management company if it is a condo.  They should be called to learn how many owners are delinquent in their association dues?  If there are many, the remaining owners will be special assessed.  If they have loads of them I don't think the association can purchase common areas insurance and if that is the case I advise my cleint to run for the hills (I cleaned that up for this blog!)

Best of luck!

 

Jan 10, 2009 04:29 AM