Keller Williams Realty Atlanta – Peachtree Road
Questions To Ask A Listing Agent When Buying A Short Sale Property
Short sales are going to be around for a while and for those agents that are willing to master the knowledge required to properly execute a short sale, there is much opportunity out there. Even if you are not going to list short sale property, there is important info you must learn about the property so as not to waste you and your buyers time. The following questions should be asked of the listing agent before contracting and possibly even before showing a property advertised as being a short sale.
1. Has the seller turned in the complete hardship letter to their mortgage company?
2. Where is the seller in the foreclosure process?
3. Has the seller missed a payment?
4. How many loans are on the property?
5. How is the seller going to handle the offers? (sign one and send it to their mortgage company or are they going to send all offers)
6. What type of loan is on the property… conventional, FHA? There will soon be restrictions on FHA.
7. What type of liens are on the property? Back taxes, association fees.
8. Call the homeowners association directly to get a properties standing with dues.
9. Who prepared the HUD statement?
And after you go under contract ask the listing agent for a copy of the HUD being submitted to the seller’s mortgage company.
Asking these questions will help you avoid contracting on properties that are advertised as short sales but have no chance of ever closing.
Brad Feiman
Team Leader
Keller Williams Peachtree Road
3925 Peachtree Road suite 200
Atlanta, GA 30319
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