Everyone knows what HUGE pain short salescan be, however; most real estate agents will agree that they are an unavoidable part of the Central Ohio landscape. The more the process is understood the greater likelyhood there is for a smoother transaction. As a buyer's agent it is important have a clear picture, with as much information as possible. This will allow agents to better understand how to effectively work through short sales process minimizing buyer frustration.
Buyers' agents play a large role in the successful competition of short sales. Going into the transaction with the right expectations is a key element to successfully completing a short sale.
I suggest you Don't Make a Short Sale Offer on any Central Ohio home, until you get answers to following 10 questions from the listing agent:
•1. Has the seller completed all the paperwork for the short sale?
•2. Are there currently any offers on the property?
•3. Have there been any offers on this property?
•4. Has the BPO/Appraisal been completed
•5. Do you know if the lender will pay any seller concessions?
•6. How will multiple offers be handled?
•7. How many mortgages are on the property?
•8. Has a negotiator been assigned?
•9. Have you worked with the lender before? If yes are they responsive?
•10. Is there anything else you can share with me that will better insure my client successfully getting this home?
Once armed with the answers to these questions agent and buyer will better be able to determine how to set correct expectations for short sale success... It does no one any good to lose a potential buyer due to frustration or not having an understanding the process.
If you need help with short sales or any other type residential real estate in Central Ohio, please give me a call at 614-273-6406 or email me at Vanessa.email@example.com