A Must Know – Short Sale Questions Before Writing An Offer
We need to look at short sales as a positive transaction instead of a negative one. There are so many Arizona short sales, foreclosures, REO’s and bank-owned properties on the market today. Short sales are by far leading the pack. We can no longer ignore these homes as it drastically limits our buyer’s choices.
If we take a positive approach, short sale transactions can be less painful and frustrating. Knowing the right questions to ask before writing an offer can give you and your buyer more leverage. To limit the amount of aggravation, disappointment and time for all parties, can be accomplished if we take the right approach from the beginning.
The difference between a “normal” sale and a “short sale is like the difference between night and day. Our buyers and sellers trust and depend on us as real estate professionals. Be sure your agent is well qualified and an expert in the short sale process.
Which bank are you dealing with? The more information we have about the bank, the better time line the agent can give the buyer. Banks, Mortgage companies and lenders are getting reputations as to how fast or slow they process offers they receive from a buyer.
What bank(s) hold the liens? Banks, lenders and mortgage companies have a reputation in the community as to their “approval” process and time involved in accepting offers. Know the steps banks take in processing offers.
Is there more than one lien holder? If two or more lien holders are involved approval of the short sale may never come to fruition. All lien holders have to approve the short sale.
How do you handle multiple offers? This is a great question. Be sure your offer is presented to the lender ASAP and not put in a file folder and submitted if other offers are waiting for acceptance. The Arizona local boards have standard rules addressing multiple offers. Be sure all parties know these rules. Has all initial documentation been submitted to the lender?
Is the short sale documentation complete? This should be done by the seller with assistance from the listing agent before the home is placed on the market. Offers have no substance and will not be entertained until this short sale package is complete and approved by the lender. A response from the lender on your offer will be a mute point if this paperwork has not been completed.
Arizona’s short sale homes will continue to saturate the market in Arizona for awhile. As a real estate professional, you want to become familiar with these types of questions so they are second nature. By doing so, will eliminate a lot of the frustrations and help determine the time line for you and your buyer when trying to find that perfect home.
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