Arizona short sales are here to stay, at least for a while. We’ve done everything possible to try and avoid short sales. Buyers would have very few homes to preview if we eliminated the “short sale” homes for sale.
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.
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.
Have you worked with this bank previously? This will give the Buyer’s agent an idea of the experience of the listing agent. To understand the process involved by banks is crucial.
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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