Questions Your Buyer’s Agent Should Ask Before Writing An Offer On A Short Sale
Sep 8, 2009 Real Estate
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Unfortunately, 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.
When a short sale is considered we want to be able to ease some of the aggravation when making an offer. A Buyer’s agent has a responsibility to know what questions to ask the listing agent prior to submitting an offer. Asking the correct questions will no doubt help expedite your buyers decision making and will keep your buyers spirits high.
Buyer’s and Seller’s depend on an agents knowledge, expertise and experience. It is of the utmost importance that the agents involved in short sale transactions are experts in the field. The following are a list of questions that should be asked by the Buyer’s agent to the Seller’s agent prior to writing an offer on a short sale home: Memorize these questions as it will place you and your clients in a better bargaining position and lessen your wait time.
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.
How many mortgage liens are on the property? If you are dealing with more than one lender, such as a 1st Mortgage and a 2nd Home Equity, the short sale may never work. On a short sale, ALL lenders have to be in agreement and approve the short sale.
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.
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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