1. Are you sure you don’t want to pursue a loan modification? Have you already pursued a loan modification? Is a loan modification something you might be interested in a few months?
Many sellers have already tried this route and have decided that for some reason this avenue won’t work (either the loan mod is taking too long, or the reduction in monthly payment is not substantial, or they do not want to stay in the property.)
2. Are you planning on filing for bankruptcy before, during or after the short sale is listed/closed?
Some bankruptcy trustees will appoint a new realtor to liquidate the property- so as a realtor you should seek to find this out before you start the process only to be replaced midstream.
3. Are you planning on paying the utilities for the duration of the listing? (Related to this is a question on paying HOAs, property tax, hazard insurance, and performing lawn maintenance.)
With the seller likely not making a mortgage payment- there will be cash to “keep the lights on” so to speak. It goes without saying that influencing sellers to continue to take care of the property will remove hurdles towards a successful sale.
4. If the property has a tenant- what is the relationship with the tenant? How does the tenant feel about the short sale. How much rent is the tenant paying now that they know that the seller is probably not paying the mortgage? How co-operative will the tenant be to showing the property?
It is usually preferable to have the tenant vacate for a successful sale as the interests are typically not aligned for a successful sale and the tenant’s desire for quiet enjoyment of the property.
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