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Rainmaker
6,975,278
Roy Kelley
Retired - Gaithersburg, MD

Make sure your agent is experienced with short sales and then pay close attention to his or her advice.

Oct 03, 2015 05:02 AM
Rainmaker
397,256
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

If there is an HOA, make sure the dues are still being paid.  If delinquent, the buyer is expected to pay and the amount cannot be financed.  It's just something to be figured into the equation.  Also, back HOA dues, late fees, etc. can often be negotiated to a lower amount.

Ask if there are liens on the property, such as tax liens. You want to know any additional costs you may be expected to cover.

Do not bother trying to impose timelines on the bank's response.  They don't care about you.

Write a clean offer so the seller doesn't have to counter out a bunch of stuff.  I wouldn't ask for termite clearance, home warranty or repair items, though I'd definitely get inspections so you know what you're in for. 

Oct 03, 2015 06:02 AM
Rainmaker
420,893
Cindy Davis
SD Home Source Realty - San Diego, CA

Write your highest and best offer. Then be prepared to wait for a good long time!!

Oct 03, 2015 05:00 AM
Rainmaker
4,799,701
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It depends on the property and how well it's priced and the status of the seller and their lender.  Hopefully you or your agent know enough about short sales to be able to decide on the proper course of action.

Oct 03, 2015 04:51 AM
Rainmaker
778,856
The Woodland Team of Texas
The Woodland Companies - Austin, TX
Land Specialists

I wouldnt.

Apr 08, 2019 10:44 PM
Ambassador
5,706,291
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Dont let the pressure you into paying too much, you will be earning every penny of property from this.

and as an agent, I would not touch these.

Oct 05, 2018 10:27 PM
Rainmaker
4,306,884
Richard Weeks
Dallas, TX
REALTOR®, Broker

Tell your buyer to be patient

Oct 03, 2015 11:42 PM
Rainmaker
3,335,183
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Before you even think about it...make sure the lsiting agent is experienced or don't...no guarantee it will close.

Oct 03, 2015 05:59 PM
Rainer
145,253
Andrzej Niemyjski
Realty One Group - Sun City West, AZ

Tell your clients not to get their hopes up and prepare them for lots of waiting. 

Oct 03, 2015 03:46 PM
Rainmaker
1,683,406
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Find something else!

Oct 03, 2015 02:49 PM
Rainmaker
1,549,805
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Too many to mention. Find out if your agent actually had experience with short sales ( B or S side?).

Write your best and highest ( check the comps, the listing price is NOT the final price, it is often much lower to attract multiple offers, if you plan to low ball a SS, do not waste your time), do not expect that bank will pay repairs or allow any credits for that, will pay termite damage, NHD, or even retrofit. If approved, make sure that you can close on time. There is usually no extensions. Good luck.

Oct 03, 2015 10:44 AM
Ambassador
1,877,807
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

In addition to what Jill Murty, Realtor - Orange County, CA  said regarding HOAs, check into the HOAs financial stability... so you know whether it will be likely special assessments will be incurred in the near future.  When you read the financials, check specifically to see how much they are spending on attorney fees.  This can tell you a lot about how well the HOA is functioning.   This is good advice for any sale, not just short sales.  

Oct 03, 2015 09:51 AM
Rainmaker
864,358
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

I would try to find out if the shortsale has been approved by the lender. If not...how long has the shortsale been in process. Then, I would try to figure out the liens on the property and how far apart it is from the appraised value. Most importantly, what is the buyer's time frame to purchase.

Oct 03, 2015 08:38 AM
Rainmaker
688,531
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Make an offer that takes into account that the home is being sold in as-is condition.  Offer close to market value if it is a home that is perfect.  Don't make an offer if you don't plan on sticking around for approval or rejection as the seller could be harmed.

Oct 03, 2015 07:55 AM