A Buyer' Quick Guide to Short Sales - Part 3

Make Sure that your Buyer Agent is on board with the short sale process.

- Some agents don’t have the patience for short sales given the 4 week to 4 month time frame.

-It is reasonable to expect your agent be willing to do the following items to qualify the short sale property(s) that you are interested in:

*Check on the listing agent – how many short sales they have done in the last year or so and what their close ratio is – in other words how many does the listing agent close out of those that they take on as short sales. This can be a pretty good bearing on the odds of the success of the short sale.

*Check on how many loans there are on the property, what type of loans are on the property, who is the Servicer (short sale lender)

*Check on how the Seller will be dealing with multiple offers – will one be sent to the bank and others be held as backup offers, will all offers be sent to the bank?

All of these items will help you as a buyer qualify a prospective short sale property and decide what property is worth your time.