Short Sale Home » Short Sale Buyers » Questions to Ask a Short Sale Listing Agent

In today’s market, short sales are becoming more viable over multiple offer foreclosure situations.  Here are some questions to ask short sale listing agents:

1. Have you ever closed a short sale before?
2. How do you handle offers?  Do you submit them all to the bank, not having your sellers sign?  (which, in effect, means that there is no valid offer and acceptance) and let the bank figure it out?  OR do you use multiple offer protocol, notify all agents to submit their highest and best offers, review them with the seller, have the seller accept or counter the best offer and then submit to the bank(s) for acceptance?
3. Have you requested and received the short sale package from the bank or lender, including the hardship letter?
4. Has the seller completed the hardship package?  Have you confirmed receipt of the package from the bank?
5. What communication have you had with the bank?
6. Has the bank approved the list price?
7. Have you received any other offers that are waiting to hear back on from the bank?  Has the property been approved for a short sale prior and not closed?
8. Does the loan have PMI (mortgage insurance) which may require another level of approval or pre-payment penalty.
9. Is there 1 or 2 deeds of trust or any other liens?
10. What is the name of the banks(s)? Is the loan FHA or VA?  Which will require additional levels of approval?
11. How long do you estimate the lender will take to provide an answer?
12. How far away from foreclosure is the seller.  Has a Notice of Default or Notice of Sale been filed?

These answers will helps with your key questions in completing a short sale.

Tags: deeds of trust, foreclosure situations, offer and acceptance