Short Sale Series Part 5 - Pitfalls
Posted by REALTORS® NMWelcomeHome.com on Monday, February 1st, 2010 at 10:52am.Buyer's interested in a short sale require an agent who is experienced in the process. This means the buyer agent and the listing agent need to have intimate knowledge and systems to see the short sale process through.
When hiring an agent to work for you on a short sale, you should ask the following questions.
- How many short sales have you done in the past 12 months?
- How many have failed/been successful?
- What lenders have you worked with?
- What is your typical timeframe from contract to close?
- Do you have any education in the short sale process ie. certification?
- What is your lender follow up like?
There are many more questions you should ask regarding a short sale but these questions will help you to gauge their knowledge of the process. Click here for a full list of questions to ask a short sale agent prior to writing an offer.
Here are some common errors in processing a short sale:
- Incorrect, incomplete or dated seller documents. ie Financial documents, hardship letter etc.
- Lack of lender follow up.
- Lack of experience meaning they do not foresee potential problems and resolve prior to those problems arising.
- and many more.
Contact me and I will help you through the short sale process. Search Short Sale Homes Here.
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