We have a gorgeous Short Sale listing ...barely lived in...finished lower level...outstanding kitchen...3 car attached garage and an out building any man would kill for to call his "own cave" complete with power, heat and water...it is just the best....and at price point that will make you want to calculate your mini-mortgage payment immediately. We have had one agent who has taken the same buyers through three times....and another twice.
We stay in touch with both agents especially when yet another agent expresses serious interest. The conversation with the "two time" agent with many, many years experience went like this....
Agent: Is there more than one mortgage on this short sale ?
US: The number of mortgages shouldn't matter to your buyers...do they like the house ?
Agent: Well, you know if there is more than mortgage, you will never close the deal and my buyers will have wasted all that time waiting for something that will never happen.
US: Short sales are a specialty part of our practice....with the exception of one...ALL of them have had
at LEAST 2 liens.....And we closed a commercial short sale with SEVEN liens....and a flock of both
attorneys and investors.....it is about experience and education...the number of liens doesn't
matter to us as long as we have done our homework and know what they are when we take the
listing.
Agent: Oh....in that case, we will go ahead and have our buyers get estimates on the things they want to do to make the house "their own."
US: GREAT ! We are happy to help with local contractors and some ideas that the sellers had explored as
well as pricing for those ideas....!
Can You Say...Short Sale Closing....You bet WE can !
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Sally, I learn so much from reading your posts! You are one special lady! Tom Braatz sure was right! The kitties enjoyed their treat from you too!!
We have treats for our 2 legged friends too ! Come on over...sit a spell...take your sandals off...have a sip...a crunch...a munch...
Sally, isn't it amazing some of the questions that Buyer's Agents will ask. I think that many of them look at a checklist entitled "Questions to ask the Sellers Agent of a Short Sale" The problem is that whoever created the checklist is clueless!
It appears to be a national epidemic of DUH.....Thank you for your comment !
As a buyer's agent, I ask this question for 3 reasons:
1. To see what the loan balance is of the first so I can determine if the 1st lender will need to be short sale as well or not. I also ask if they did a prelim report to see if any existing liens exists (such as IRS tax liens). You have to admit, doing a short sale with one lien holder is easier than two or more.
2. To see how the short sale listing agent will handle the issue where the 1st will only offer 3k to the second and the second wants 10k.
3. To see how the short sale listing agent will handle the situation where the 1st will only ALLOW 3k to the second and the second wants 10k.
That way you can gauge the difficulty level of the short sale and the listing agent's ability of doing a short sale. To people like you and I, these are easy issues to deal with. However, to other short sale people, they are deal killers. So if they fail my test and are unwilling to get help from me, I just say "thank you" and don't waste my time on submitting an offer.
Most agents here...becausethere have not been as many or been around as long...have little experience with short sales...all those questions would not be necessary...it would be obius...and in many cases, as the listing agent...how much from who would not be something that would be shared. Blog on..
I think a successful business is 80% attitude and 20% technical know how. I think The Hansons have both. In other words:
Thank you Russell..the rabbit's foot...four leaf clover....fingers and legs crossed don't hurt either !