Questions to ask a listing agent in a short sale


Qualifying a Listing agent for a short sale


Lets face it. Time is money. When working as a buyers agent in a short sale, it is extremely important to
qualify the listing agent for competency. After all, the last thing any
agent wants is a wait of several months in a short sale that is going
nowhere fast due to inexperience of the listing agent, only to have the
buyer back out of the transaction.


Prior to showing ANY short sale listing, its a good idea to screen the listing agent to see if it is worth spending your time and your buyers time on it. When working as a buyers agent in a short
sale transaction, you will want to quiz the listing agent to see what
their knowledge and experience is with short sale transactions, you
will want to use caution if the agent is inexperienced or not
confident.


Here are some helpful questions to ask a listing agent:

  • Have you closed any Short Sales before?
  • Has the lien holder been notified of the intent to short sale?
  • Have you received any offers on the property?
  • Has the complete short sale package been sent to the lien holder AND have you confirmed receipt?
  • What communications, if any, have you had with the bank?
  • Have you the seller been assigned a Loss Mitigator?
  • Has there been a BPO? Did you meet the BPO agent? Did you get the results back?
  • Is there one or two loans? Any other liens?
  • What are the names of the banks? Are these FHA or VA loans?
  • Is there Mortgage Insurance?
  • How long do you estimate that the lender will take to provide an answer to an offer?

A good rule of thumb is that the listing agent should be "hands on" when it comes to the process, have
knowledge of the process, and be able to give updates when needed.
Taking the time in advance to ask some questions like the ones above
will ultimately save you and your buyers many headaches in the long
run. Doing so can lead to a much smoother transaction, and ultimately a
much happier buyer!


Hope somebody found these useful! For preferred partners or anybody purchasing the training program, we have a form with these questions that will be up on the put on the preferred partners site next week for your use.

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Tags: Tips, agents, buyers, sale, short

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Comment by Mike Linkenauger on February 20, 2011 at 10:22pm
Hi there Ilene!  Glad I saw your post on here.  Yes, we are a licensed real estate brokerage company and we only teach practices that are within all state laws.  Most of the course is generic in nature, and is not intended to take the place of legal council.  It is geared towards Realtors and teaches real estate agents how to best represent home owners in short sale transactions, and equips them with the needed training and resources to do so.  That being said, there is never substitute for experience.
Comment by Ilene Gallino on February 20, 2011 at 9:07pm

IS YOUR CSSR TRAINING LEGAL, ACCEPTABLE IN CALIFORNIA AND OUR TITLE COMPANIES?

 

THANK YOU.

 

ILENE

 

ILENE

Comment by Andrew Thurber on April 21, 2010 at 2:00pm
Great questions to seperate the real deals from the pretenders.
Comment by HENRY TRAN on April 1, 2010 at 11:02am
Very useful questions.
But if you are listing agent, you need to qualify selling agent and his buyers. Here are questions i normally ask selling agent to response:
AGENTS

1. Have you listed any shortsales ? Yes. No. #........... Transactions
2. Have you sold any shortsales ? Yes. No. #........... Transactions

BUYERS
1. Are buyers Investors or for Primary residence? Investor…… Primary Resident …..........
2. How high can buyers go if the Lien holder counters? $………………
3. What type of financing are buyers doing?
Conventional with …..% down. FHA with ……….% down. …….CASH………… VA
4. Are buyers preapproved? Yes No
5. Who is buyers’ lender? …………………………… Address: ……………………………..
6. Buyers’ Loan Officer’s name: ……………………………. ………………………………..
Tel: (O) ………………(C)………………. Fax:…………… Email: ………………………
7. Are buyers willing to be cross-qualified by our lender? ……. YES ……..NO
8. Are buyers willing to use our lender? ……. YES ……..NO
9. Buyers can wait until ………/……. … / 2010.
10. When do buyers want to close? ………………………..
11. Do buyers have cash reserves for repairs, HOA or satisfying 2nd loan if needed?
……….Yes Amount $………………. . NO

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