Questions to ask the Listing Agent before submitting an offer on a short sale

1. How many liens are on the property and who are they with?

2. Why do you feel the seller will meet the lenders qualifications for a short sale?

3. How far behind are the payments?

4. What is the total amount of all of the liens combined?

5. Has the Borrower’s Assistance Form been submitted to the lender?

6. Is the seller committed to sell or are they trying to get a loan modification?

7. Has the lender done an appraisal or BPO and if so will they accept the price you have the property listed for?

8. If we submit a full price offer will you agree to submit only our contract to the lender for approval?

9. Will you place the MLS listing in “contingent?”

Prior to calling you should research the property and see what liens are there and if the Notice of Default has been filed.