Real Estate Information Archive

Blog

Displaying blog entries 1-2 of 2

Short Sale Buyer; Get All The Facts

by Susan Borrelli, Certified Short Sale Expert, CDPE

Before you submit an offer on a short sale, make sure you have as much information as possible about the circumstances of the short sale and how it is being handled. 

First, ask your agent to ascertain, to the best of their ability, the listing agents ability to successfully negotiate the short sale.  If the listing agent isn't doing the negotiating, ask your agent to talk directly to the attorney or negotiator that is working the case. You want to know for a fact that the short sale is being aggressively pursued so make sure the person negotiating the deal can answer questions about the case on the spot. If they can't recall without going back to their file, their case load may be too great which could slow the process. Worse yet, there is a greater chance of error, which could cause the deal to fail. 

Though I can't include every possible question, here are some examples of questions that will help you learn the circumstances of the short sale and how it is being handled:

*Outside the presence of the mortgage lien holder(s), are there any other liens on the property (tax, HOA, other)?

*Has the bank approved the hardship?

*Has a BPO been ordered or completed- if so, when? How long is the BPO good for? Has the bank asked for a new BPO?

*Are the bank assigned asset managers/negotiators responsive?

*Has the second lien holder told you how much they will accept to approve the short sale?

*Do you foresee having to escalate to a senior asset manager/negotiator?

It is better to understand as much as you can about a short sale prior to writing an offer. The process takes months and though short sales are often successful, if the water is too murky, steer clear.

 

Short Sale Success Requires Expert Knowledge

by Susan Borrelli, Certified Short Sale Expert, CDPE

     There is only one way to become a short sale expert- EXPERIENCE. There are only a handful of short sale experts and most people who claim to be an expert simply are not. True short sale experts have successfully stalled scheduled foreclosure dates. They've navigated the most difficult banks and client circumstances and they've helped the most anxious, overwhelmed of clients through the short sale process. Consequently, a short sale expert can reassure an anxious buyer and keep them from walking away from a deal. 

     How can you know whether a Realtor or Negotiator has the experience and knowledge needed in order to give you the best chance of getting a short sale approval? There are specific questions you can ask that pertain to 1) escalating a case 2) negotiation strategies and 3) their ability to overcome difficult obstacles, that could help you to decide. If you would like more information so that you can make an informed decision, call today.

 

Displaying blog entries 1-2 of 2