What are the 5 critical questions to ask your realtor before short selling your home?

Asked by Trulia Las Vegas, Las Vegas, NV Thu Nov 15, 2012

Help the community by answering this question:

+ web reference
Web reference:


Myra Gouger, Agent, Las Vegas, NV
Fri Nov 16, 2012
Try starting with"have you done any short sales and if so, then how many? You might also ask if the person can give you some information as to how long the short sale will take. If they reply that they can get it done for you in 1 month, they are not your candidate. You want an honest answer.

A short sale will usually take anywhere from 3 months to +++ depending on whether you have one mortgage or two. Lastly, if your realtor says that you have to make a payment up front, run as fast as you can. Here are some things you need to know about short sales: (1) you will have to pay your HOA dues while you are going through the short sale and (2) you will have to pay for the utilities of the home while going through the short sale.

The HOA payment needs to be made because if it isn't the HOA can put a lien on the home and then also charge all sorts of exorbitant fees which have to be paid at closing. If the utilities aren't on, sometimes all sorts of weird things happen in the heat that we get in the summer. I always like to prepare all my short sale sellers for the worse and tell them the nightmares of negotiating with the banks. Here are some nightmares: (1) sometimes one section of the bank pulls the home for foreclosure while you are negotiating with the shortsale department (2) the bank may say you do not qualify for a shortsale. (3) the bank asks for more money and the buyer says no and the whole deal falls apart and (4) the 2nd refuses to agree to the terms fo the 1st.

Barring the worst, most short sales close and your horrible nighmare is over with the nasty phone calls, the demanding letters and whatever other strongarm tactics banks employ to collect. I have done a great many short sales on both the seller side and the buyer side. I know what I am doing when it comes to negotiating with the banks. it would be a pleasure to help you. Myra Gouger / REALTOR / Realty ONE Group / 702-858-9311 / myra_gouger@yahoo.com / www. nevadahomesdirect.com
3 votes
Valerie Edwa…, Agent, Las Vegas, NV
Thu Nov 15, 2012
1. What are my other options other than a short sale?
2. Changes in one of the following: Divorce, Moving, Employment, or a death in the family can play a factor in your financial hardship. What documentation do i need to have to verify them for the lien holder?
3. (if applicable) If you make good money can you still have a successful short sale? There are a lot of professionals who make good money that are still successful in their short sales because of their debt.
4. What do you think are the leading causes of short sale failures?
5. How will a BK affect my short sale (if applicable).
6. What is happening in your local market right now?
7. What is the likelyhood that you the home owner will need to bring in cash to close the deal?
8. How soon can i purchase a home after a short sale or foreclosure and how much will it cost me?
9. (if applicable) can investors successfully complete a short sale?

Your particular situation can warrant a wide variety of other questions but you have an excellent start with all the suggestions below.

Valerie Edwards
Premier Real Estate
(702) 371-5533
2 votes
Thank you! Very useful.
Flag Mon Nov 19, 2012
Ashley Robbi…, Agent, WIndham, NH
Thu Nov 15, 2012
These are all great answers. I just want to add one thing that I cannot stress enough. Before considering short sale consider meeting with an attorney. Realtors are not allowed to give legal advice and many do not know all of the options that the seller has. Licensed attorneys are the only people allowed to advise at all and many attorneys do not charge for consultations so it's worth the time considering a short sale is not a decision to be made lightly.

Ashley Robbins, Realtor®
Cell: 978-918-3310
Email: arobbins@themlsonline.com
1 vote
Janet Nation,…, Agent, Baldwin, NY
Thu Nov 15, 2012
1. Who will be negotiating the short sale on my behalf?
2. How long can the process take?
3. How will this impact my credit?
4. Will I have any out of pocket expense?
5. What is your success rate?
1 vote
De Vonte Wil…, Agent, East Point, GA
Thu Nov 15, 2012
1. What exactly is a Short Sale, and how long will it take?
2. Will I end up still owing money in the end?
3. How will this effect my credit?
4. Can I buy a home right after selling this one?
5. How many of your Short Sales, have you gotten to the Closing table?

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
1 vote
Aneta Ivanova, Agent, Las Vegas, NV
Thu Nov 15, 2012
What designation the realtor has about short sales?
For all you questions for short sale you can visit http://lasvegashomeownershelp.com
0 votes
Designations regarding short sales look nice, but they are no match for experience.
Flag Sun Nov 18, 2012
Jane Snow, Agent, Las Vegas, NV
Thu Nov 15, 2012
I would add to the answer below, what training does the agent have in short sales? How many have they listed in the last year and how many have they actually closed.

Ask for references!

Jane Snow
Wardley Real Estate
0 votes
Dan Rivera, Agent, Henderson, NV
Thu Nov 15, 2012
0 votes
Christopher…, Agent, Las Vegas, NV
Thu Nov 15, 2012
How long will it take?
What are the repercussions with regard to money owed and credit rating?
What are your fees?
How many Negotiations have you been through?
How successful have your Negotiations been with regard to percentage closed?
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more