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Gina Lollo's Blog

By Gina Lollo | Agent in East Setauket, NY

The skinny on short sales...


It is very possible to have a successful short sale  but not all short sales are created equally, Here are a few things you should ask/and or look at before you take the listing:

1. How much do they owe on the mortgage?

2. Are there multiple mortgages on the home?

3. Have they declared bankruptcy?

4. What do the comparables (CMA)(BPO) say the home is worth?

5.  When was the last time they paid the mortgage?

6. Who are the banks that are holding the note?

Knowing this information will give you a good idea of wheather or not you will "weather the storm" and have a successful short sale and CLOSE on the listing. 

 

Comments

By Timothy M. Garrity,  Fri Dec 2 2011, 11:19
Good stuff, Gina.

TG
By Jim Simms,  Fri Dec 2 2011, 11:28
Don’t forget the lender’s profile(s). some are easier to work with than others. Probably why you asked #6.
By Scott Hulen,  Sun Dec 4 2011, 04:17
Good information, thanks for sharing. I have not done a short sale this year mainly because I can't get the "right" answers from agents who are activley advertising possible short sale for.30 on the dollor subject to bank approval. Hits our MLS system and consumers blowup the phones because they now think they can buy a 200k home for 60k in a great area, AAA schools and great shopping. When he truth of the "deal" might be 160k.
By Annette Lawrence,  Mon Dec 5 2011, 06:14
You are so right, not all short sales are created equal. The right mix too often is like grandma's secret recipe...you can almost get it...but not quite.

#7 might read, "Is owner about to go into ninja mode and become unreachable?"
By Gina Lollo,  Mon Dec 5 2011, 06:26
Love it. That is soo true....
By Shawn Rosa,  Fri Dec 9 2011, 11:56
short-sales involving multiple mortgages are the worst!

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