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7 Issues To Be Sure To Ask A Phoenix Realty Short Sale Listing Agent
Listing agents who handle short sales have their work cut out for them in terms of these precarious transactions. It's a difficult job riddled with constant changes and it's an exceptional feat to maintain everything going smooth.
Many agents managing Phoenix real estate short sale transactions do an awesome job handling these particular files, but many just fumble along on the edge of a cliff between success and destruction of the deal. It requires constant updating to be on top of this process and people who have singular irregular short sales tent to be beyond the loop rather quickly.
You can gauge how experiences and able and agent is by putting to them some questions. Some of which are below.
Who are the lenders/banks? Each bank has got their own procedure. If you do any short sales at all then you definitely get to know precisely how each of these banks process short sales.
Are any of the loans a line of credit? A mortgage is handled in a different way from a line of credit.
Do you have any offers? How does the agent handle offers. Some submit one offer while others, wrongfully, submit all of the offers to the bank, resulting in confusion an unneeded bureaucratic dam.
Have you had any previous offers? Is this the very first offer or have there been other offers on this home that have failed to close.
Have you received an acceptance letter? Most Phoenix short sales that fell through have been approved and only require a new purchaser to replace the one which was just lost. This is usually a shorter process than a start to finish short sale.
Has the broker's price opinion (BPO) already been ordered and when? The lender will want to assess the value of the property by ordering an independent evaluation of its value.
Has a negotiator been assigned? The negotiator administers the short sale at the bank. It's still a people business. When one is designated then the activity goes forward instead of the file just sitting on the table.
What has motivated the sellers to do a short sale? Ah, you need to know if the seller even qualifies to do a short sale. Not everybody gets to do it.
Some Phoenix real estate listing agents fiddle with the number of short sales they close. Obtain real numbers, not whatever they just tell you. Get proof or deal with an agent you know for sure is active. Short sales are really serious business with significant long term outcomes. Don't choose casually.
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