Buyer Tip - Short Sale Questions
Thanks to blog.franklyreality.com for the following comprehensive list of questions that should be asked prior to looking at any short sale listing. If the listing realtor can't answer these questions, then it is highly unlikely that the short sale will ever be approved by the bank.
- Have you closed a Short Sale before?
- Have you requested and received the short sale package from the bank, including the hardship letter?
- Have you sent the package and have you confirmed receipt?
- What communications, if any, have you had with the bank?
- Has the bank approved the list price?
- Have you received any other offers that you are waiting to hear back from the bank on?
- Does the loan have private mortgage insurance (PMI) on it?
- Is there one or two trusts? Any other liens?
- What are the names of the banks? Are these FHA or VA loans?
- How long do you estimate that the lender will take to provide an answer to an offer?
- Has a broker price opinion (BPO) been performed? if so what was the result?
- Do you have a written short sale approval?