Short Sale Red Flag #1: Knowing if the Seller still owns the property

Short Sale Red Flag #1: Knowing if the Seller still owns the property

As a Realtor working with Wellington Florida home buyers showing Short Sales is commonplace. Unlike most Traditional and Bank Owned Sales there are several questions I will ask the listing agent prior to showing their listing. By doing this I save my client a lot of time and possible future aggravation along with myself.

The other day I contacted 6 Short Sale listing agents.

Agent #1 Responded within an hour and could answer all of my questions

Agent #2 Responded within an hour, couldn’t answer all my questions, but took a guess.

Agent #3 Responded the next morning and was able to answer all of my questions.

Agent #4 Also responded the next afternoon and was able to answer all of my questions.

Agent #5 Never responded to any of my e-mails or phone calls.

Agent #6…..The first question I ask a Short Sale listing agent is; How many lenders are involved in the Short Sale transaction along with who are they?

Short Sale Agent #6 knew there was 1 lender, but wasn’t sure who it was since the seller hasn’t told them or provided them with any type of documentation, which the house has been listed for over a month now.

Agent #6 then proceeds to tell me the seller thinks the bank may have already “taken the house back” aka been foreclosed on.

Now I never tell my clients which short sales to avoid, but I do educate them with the information I find out and provide them with advice based on my previous short sale experiences.

If you are thinking about purchasing a Wellington FL short sale you need to make sure not only your Realtor knows what questions to ask, but also make sure the short sale listing agent has all the answers too.

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Short Sale Red Flag #1: Knowing if the Seller still owns the property
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As a Realtor working with Wellington Florida home buyers showing Short Sales is commonplace and I encounter many "Red Flags."
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Michelle Gibson Wellington Florida REALTORMichelle Gibson of the Hansen Real Estate Group Inc is a full-time REALTOR who has been specializing in Wellington Florida real estate since 2001. This veteran to the real estate industry has expertise in technology, marketing and social media.

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