What Realtors need to know when prospecting short sale candidates

Many listing prospects are in a short sale position on their home. Scott Bohlen, CEO and Realtor of Preview Properties.com, recently attended the REOMAC Fall Conference held in Hollywood, Florida and suggested agents get answers to the following questions when prospecting for short sale candidates for listings:

• Ask the homeowner if the property is their primary residence or second home (1099 implications).
• Are the mortgage payments delinquent?
• Does homeowner qualify as a hardship case? Can they substantiate? See list of hardship conditions here: http://previewpropertiescom.blogspot.com/2009/10/short-sales.html
• Does homeowner have other assets?
• Are you talking to the only person on the loan?
• Are there other liens on the property (mechanics, IRS, etc.)?
• How many loans are on the property (1 = great, 2 = OK, 3 = warning)

Also, remember:

• No offers without pre-approval or proof of funds.
• Both property and borrower must qualify.
• Price reductions every 14 days.