Questions Your Buyer’s Agent Should Ask Before Writing An Offer On A Short Sale
Posted by: Guest Author / Category: Real EstateUnfortunately, Arizona short sales are not going away any time soon. At first, we as real estate professionals and buyers tried to ignore them and pass them by, but there are so many Arizona short sale homes on the market today, that our buyers are left with very few homes to choose from if short sales aren’t considered in the selection process.
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.
Our clients rely on our expertise, knowledge and experience. The process of purchasing a short sale is much more involved than a normal transaction. It is imperative that we educate our buyers as to this process and have the knowledge to make this a smooth transaction.
Below are 5 simple but powerful questions for the Buyer’s agent to ask the listing agent prior to writing an offer: These questions will save everyone time and energy.
What lender(s) carry the mortgage? Knowing which banks hold the notes is important. Some banks are responding to offers in as little as a week while others are taking several weeks or months.
What is your submission process with multiple offers? The local MLS board has very specific rules about multiple offers. As the buyer’s agent it is imperative you know these rules.
Have you received any other offers? The MLS Rules and Regulations have set rules to follow that address multiple offers. Be sure you and the listing agent are well versed with the rules.
The listing agent should assist the seller in submitting the short sale package to the lender before or at time of listing the property. Banks will not even consider offers until the seller package is complete. The buyer should consider other options if the bank hasn’t received the seller package.
How familiar are you with the bank’s process? This will give you an idea if the listing agent has done any short sale transactions in the past. This process is essential to all parties. Short sales will be around for at a few more years. Asking these questions will better position you and your buyer to a smoother transaction and close of escrow. This time line will ease some of your buyer’s concerns and frustrations.
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