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.
There are ways to help ease the pain and frustration for your buyers when a short sale is involved. Before writing an offer on a short sale home, it is critical for the Buyer’s agent to ask the listing agent direct and specific questions. These questions will save the agent and buyer a tremendous amount of time and disappointment as well as keeping the buyer, YOUR BUYER.
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 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.
Does only one bank hold the note? A short sale usually means there is not enough money to pay off the first mortgage. If there is a 2nd lien holder there is no money to pay them either, however they have to approve the short sale as does the first lien holder.
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.
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.
|
|