This is part 2 of the series: 40 Questions You Need to Ask When Considering a Short Sale
Questions for Your Agent: Veteran or Newbie?
If you are considering a short sale, your agent needs to be educated and experienced with short sales in order for it to be a smooth transaction. They should be able to easily explain how the short sale process works on a high level and they should have some war stories to share. A bad agent will leave you sitting in the dark for 3 months, which only builds more anxiety and frustration.
8 Questions to Ask Your Agent
- How many short sales have you worked on?
- Have you taken extensive educational classes about short sales?
- How do you plan on following up with the listing agent while we wait for a response?
- How often can I expect an update from you?
- Do you interview the listing agent before writing an offer on the short sale?
- Did you pull the listing agent’s deal history and confirm their experience?
- What can you tell me about the short sale?
- Share a war story with me about a deal that did or didn’t succeed.
Reality Check Points
- It doesn’t matter how many short sales your agent has closed, you want to know your agent has spent time in the trenches.
- Short Sales are complicated beasts, your agent should have spent at least 2 days if not more in class learning all about short sales.
- Getting updates about the transaction is the hardest part, they need to have a plan.
- Buyer’s would like daily updates or bi-weekly updates. Be happy if you get an update once a week. Once every other week is normal during the first 2 months of the process. Its not about laziness, the listing agent just isn’t privileged to the kind of updates/information you want.
- Interviewing the listing agent is critical and will give you an idea of how likely the transaction is to succeed.
- Once your agent has spoken with the listing agent, they should be able to give you a pretty good idea of what the seller is going through and what to expect.
- War stories are common place with short sales, everyone has one and it will be good to hear how your agent handled the situation.
Its up to your agent to do the research up front, educate you on the process and set your expectations correctly from the start. If you’re agent isn’t up for the work, ask for a referral.
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