Top 10 Questions to ask before making an offer on a short sale

If you are looking to buy a home, considering short sales? If you have been looking for home buying tips you will want to read this before you buy. Short sales have a lot of people involved in the home buying process, which means a lot of moving parts. Residential real estate short sales are an Edina Realty/Tom Sommers specialty. Buying a short sale can be easy and some short sales are a true nightmares. I know the ins and out of helping home buyers not only get great deals when buying a short sale or foreclosure, I can minimize the hassles as well. To avoid putting yourself in a nightmare of your own you can really cut down the odds by having your buyer’s agent ask these 10 questions before you write your offer. They are designed to minimize the chance that you get involved in one that will not close or take a year to get done.


Top 10 Questions to ask before making an offer on a short sale

The questions are not full proof but they are effective.  If the listing agent can’t answer all of these questions in detail consider it a red flag.  At the very lease keep digging to get more information before you move forward.

1) How Many banks are involved?

2) Has there been a Sheriff’s sale?

3) What documentation has been provided to the bank so far?

4) Is the current loan on the home FHA or conventional?

5) Will the seller if asked be able to pay some money to the bank?

6) Is this an investment home or a primary residence?

7) How did the listing agent determine the value?

8 ) Has the bank started all of the paperwork and is it in the correct department?

9) What is the agents personal experience with short sales?

10) Who is negotiating the short sale?

Look for my detailed blogs and videos that will cover each one of these questions in depth.

Tom Sommers/Edina Realty

 

Comments

  1. Thanks for sharing such a nice advice, it’s really helpful.

    • Tom Sommers says:

      Thanks David for taking the time to read it, I am glad it helped. I should have the detailed blogs up in the next week or so.

  2. These are great questions and I like how you’ve incorporated video into your blog.

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