Pre-Qualify the seller and the property before you get to a successful closing.

1. The Short Sale – ‘Six Steps To Success’
Step One - Pre-Qualify the Seller & the Property
The first step is the most overlooked step in a successful short sale
closing; too often the listing agent fails to follow the most important step
in the process of a successful negotiation with the lender in approving the
seller and the property.
Pre-qualifying the seller is very similar to qualifying a buyer in determining
that he is creditworthy. You need to make sure the seller has a ‘verifiable’
hardship and a ‘justifiable’ cause for selling his home short in a down
market.
The property now needs to be pre-qualified; order and review the
preliminary title report, confirming the total number of liens against the
property and that all of the liens can be reasonably reconveyed; and,
what is the status of the foreclosure date; if the sale date is set for
tomorrow, it is unlikely a short sale listing will result in a successful
closing.
You gotta get past Step One before you get to a successful closing…!!!
By: Phillip D. Allen
Vice President / Senior Negotiator
TEAMNATION HOLDINGS
909.376.8750 DIRECT
mailto:pallen@teamnationholdings.com