When speaking to the listing agent, here are some MUST ask questions:
Is this an approved price?
How far along are the sellers in the process?
Is this the only lien that requires approval?
Is there a foreclosure date?
If the listing agent doesn't know the answer to these basic questions, you and your client are most likely wasting your time. Remember, in a short sale the listing agent is the one communicating and facilitating the sale. If they have never done a short sale before, chances are your clients will wait 6 months or more, if it gets approved at all. Since every short sale is different, there are so many different ways a short sale can fail. Knowing how to navigate those road blocks are so important and vital to the success of the transaction.
2. Adjust your clients expectations:
Make sure you communicate to your clients that in a short sale it is not a done deal until it is approved , even when the seller has accepted an offer. It is always possible for a lender to come back and counter the terms of the contract, it happens more often than not.
You also need to make sure your client understands the property is being sold AS IS. Regardless of the property condition, the seller nor the seller’s lender will make repairs. It is so important that you relay this to your clients and set the right expectations to avoid any issues.
Deadlines are everything in a short sale. Regardless of how long it takes for a lender to respond, if you do not adhere to their deadlines your offer could get declined. Even worse, the file could get shut down. If they ask for something, send it, and send it quickly!
Author:Nicole Espinosa Phone: 972-832-2755 Dated: February 29th 2016 Views: 2,077 About Nicole: Nicole is a leading Short sale expert in the Dallas Fort Worth market. Before Nicole did short sale...
View our latest blog posts in your RSS reader. Click here to access.
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
Our mission is to provide extraordinary services and exceed our clients’ expectations by always committing to the highest levels of professionalism, ethics and standards in the real estate industry.
JP and Associates REALTORS is a real estate company with a solid structure and foundation built around service and productivity. We believe in providing a fun and rewarding environment for all our REALTORS® and therefore always ready to support our REALTORs® Associates in any market and in any condition. All our REALTORs® will always strive to close more transactions in a given year than the average REALTOR®. Our goal is to recruit and retain the most professional, better trained REALTORs Associates in the local market.
If you are interested in a new career in real estate or already have a real estate license but wish to learn more about our company please contact us directly to set up an interview. We offer our agents a 100% commission plan, company leads, training and mentoring and coaching from TOP Producers with no office, desk fees or monthly marketing fees ever. We are a full service brokerage at a transaction fee cost.
At JP And Associates REALTORS we strive to exceed our Clients AND our Associates expectations.
If you’ve ever wondered how and why things happen in the City of
""Andrea Pena.. a great person always there for me and always helping me in all she could to get my dream of getting that special house for me and my son!! I do recommend her and all her team of work 100%. I'm so thankful for her help. " "