Buying or Selling a home Can be Stressful! 😵
The Experienced Greetings DMV Sales Network Agents Will Help You Find YOUR Home Or Sell Your House,
So You Have More Money, Comfort, And Achieve Your Goals Throughout The Process.
What Should a Real Estate Agent Ask for a Short Sale
Key questions real estate agents ask during a short sale process
Being in a foreclosure situation is already stressful, and completing a short sale in a strict time frame can put more pressure on you.
Finding a real estate agent with the experience and negotiation skills to complete a short sale and get your bank to forgive your loan deficiency is crucial in easing the process and turning your difficult situation around.
In this post, I enumerated five questions a real estate agent should ask you when interviewing them for a short sale.
What You Should Tell Your Real Estate Agent
One of the best ways to identify if an agent has experience completing a short sale is through the questions they ask you.
They will ask general questions about your situation and the house and dig into your finances.
How far are you on your payments?
They need to know how much you owe on your entire mortgage, how many payments you have defaulted on, and the difference between the remaining mortgage loan and the possible short sale amount.
How many loans are there?
They need to know how many lenders there are, especially if there’s more than one.
What is causing you to have to sell this house?
You’ll have to tell them why you can’t keep up with your payments so they can assess the situation and see if other options are available.
What is the timeframe regarding when you have to sell?
A short sale runs on a short timeframe. This question is essential because they will be racing against time to complete a sale transaction before your home gets foreclosed.
What is the cause of your financial hardship?
Some people may think they don’t have a hardship, and only until a real estate agent asks this question that they realize they have a difficulty. The bank will ultimately decide if you have a problem and if they will allow you to either temporarily stop collecting loan payments or give you options to catch up on your loan payment that will ease your financial situation.
This information may be things you want to withhold. You might find the questions personal, but as an agent, they need to understand your situation to help you better.
Let's talk if you’re living in Northern Virginia, DC, or Maryland and need to make a short sale! I’ve been selling short sales since 2009 and helped hundreds of homeowners successfully negotiate with the bank to get the deficiency in their mortgage forgiven.
You can reach me at (703) 346-2776 or Dan@greetingsvirginia.com.
