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short sale questions

Short Sale Questions

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Common Short Sale Questions

short sale questionsThere are several short sale questions that I get asked by both homeowners and investors. Here are some of the most common short sale questions. The answers to these questions are based on what typically happens. Please understand that every case is different so there are always exceptions to the rules.

Question: Can a homeowner do a short sale if they’re not delinquent?

Answer: No. For a short sale to be successful, the homeowner needs to prove financial hardship and show they cannot make payments anymore. So without being delinquent, there is no way for the bank to know the homeowner has a hardship. As long as the homeowner is making payments, the banks are content where they are at. [Read more…] about Short Sale Questions

What questions should I ask before making an offer on a short sale?

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Question: What questions should I ask before making an offer on a short sale?

Answer: – I hope I understand your question… You want to ask as many questions as you can to help you identify what the property is worth and their motivation. I like to start out with some basic questions to get a feel for the property, then ask additional questions when I show up to the property. Here are some you can start with.

  1. Are you the owner?
  2. What’s the house worth?
  3. How did you get to that price?
  4. What do you owe on the home?
  5. How many payments are you behind?
  6. Have you received a NOD?
  7. Has the lender set an auction date?
  8. What do you want from your home?
  9. What’s the address of the property?

Now go verify the information they gave you and see what it’s worth to you.