I have a lead on a potential short sale property with equity, and I was planning to talk to the owner to see if they would be interested in selling to me.
My question is: What do I say to them if they ARE interested? What questions do I ask? What information do I give? I'm a realtor, so I can put the deal together, but I mainly deal with retail for my clients. What kinds of questions are short-sellers likely to ask me?
Sellers just want to bail out. No issues there. Now the 800 pound gorilla here is the bank (if they haven't approved the transaction). How to convince them to do the short sale at your desire price is a better question. Once an offer gets presented it will trigger assessments on the property. Once they smell equity they will go after it. Take the property back and resale it as REO or wait for a short sale offer that sounds reasonable to them. If you have time to play with the bank go for it. If not, move on. All the best!
@Brian Gutierrez I hadn't thought about that angle. Thank you for the advice.
Please clarify what you mean by potential short sale with equity. Does this mean that it is an investment opportunity or is there actually equity in the property currently? Depending how much equity is in the property and the banks value will determine if this could be put into a short position.
Individuals short selling want relocation funds and often more time in their property, so it's important to know about the short sale programs that may offer relocation assistance. They also like to ask about credit implications, tax liabilities, and deficiency judgments.
Sounds like I'm kind of in the same boat as Jennifer. I have a homeowner that wants to get rid of their house. Now what? Call the bank? Who do I ask for? For other short sales, can you bypass the homeowner and go straight to the bank and make an offer?