Unfortunately, Arizona short sales are not going away any time soon. At first, we as real estate professionals and buyers tried to ignore them and pass them by, but there are so many Arizona short sale homes on the market today, that our buyers are left with very few homes to choose from if short sales aren’t considered in the selection process.
There are ways to help ease the pain and frustration for your buyers when a short sale is involved. Before writing an offer on a short sale home, it is critical for the Buyer’s agent to ask the listing agent direct and specific questions. These questions will save the agent and buyer a tremendous amount of time and disappointment as well as keeping the buyer, YOUR BUYER.
Buyer’s and Seller’s depend on an agents knowledge, expertise and experience. It is of the utmost importance that the agents involved in short sale transactions are experts in the field. The following are a list of questions that should be asked by the Buyer’s agent to the Seller’s agent prior to writing an offer on a short sale home: Memorize these questions as it will place you and your clients in a better bargaining position and lessen your wait time.
Below are 5 simple but powerful questions for the Buyer’s agent to ask the listing agent prior to writing an offer: These questions will save everyone time and energy.
What lender(s) carry the mortgage? Knowing which banks hold the notes is important. Some banks are responding to offers in as little as a week while others are taking several weeks or months.
What is your submission process with multiple offers? The local MLS board has very specific rules about multiple offers. As the buyer’s agent it is imperative you know these rules.
Have you received any other offers? The MLS Rules and Regulations have set rules to follow that address multiple offers. Be sure you and the listing agent are well versed with the rules.
The listing agent should assist the seller in submitting the short sale package to the lender before or at time of listing the property. Banks will not even consider offers until the seller package is complete. The buyer should consider other options if the bank hasn’t received the seller package.
Are you knowledgeable of how the lender processes offers? Experience is the key to the agents involved in the transaction and all parties to the transaction. This question will really help pinpoint the time frame when submitting an offer. Gain the knowledge you need for short sales and distressed properties and you will be successful. At the same time your buyer’s will be impressed with your expertise and you’ll have a client for life.
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