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Make sure your agent is experienced with short sales and then pay close attention to his or her advice.
San Diego, 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.
Les & Sarah Oswald
Write your highest and best offer. Then be prepared to wait for a good long time!!
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.
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.
Tell your buyer to be patient
Before you even think about it...make sure the lsiting agent is experienced or don't...no guarantee it will close.
Tell your clients not to get their hopes up and prepare them for lots of waiting.
Find something else!
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.
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.
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.
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.