15 Questions to Ask When Buying a Short Sale in San Mateo County

<h1>15 Questions to Ask When Buying a Short Sale in San Mateo County</h1>Author: <a title="Raymond Stoklosa" href="http://www.articlesbase.com/authors/raymond-stoklosa/53742.htm">Raymond Stoklosa</a> San Mateo County has its share of so-called short sales. To be clear, we don’t have the glut of short sales or bank owned homes as we see in places like Sacramento, Modesto and Stockton. San Mateo County’s inventory of distressed properties is indeed very modest. Just How Many Alleged Short Sales are For Sale in San Mateo County? As of this publication, there are 152 single family homes and 55 condominiums listed in the Multiple Listing Service as “alleged” short sales. I say alleged because a short sale is not a short sale until the seller’s lender approves and agrees in writing to accept less than the amount the seller owes them. So, we tend to see many homes called short sales in spite of the fact that the seller’s lender has not yet approved the sale…and may not ever approve the short sale. Ask These Questions Before Writing an Offer Rather than waste our time and the time of our clients, we recommend that you as we do and ask the following questions of the listing agent: <ol> <li>Who initiated the short sale – the seller or the listing agent?</li> <li>Has the homeowner stopped making payments on the loan?</li> <li>Has the bank received the seller’s short sale application package with the hardship letter and all the supporting documentation?</li> <li>If so, have they approved the homeowner for a short sale in writing?</li> <li>Has the seller agreed to accept all of the bank’s conditions to the short sale?</li> <li>How was the listing price established – broker price opinion or comparative market analysis – and has the bank approved the price?</li> <li>Are there any junior or subordinate lien holders?</li> <li>Have all lien holders agreed to the short sale?</li> <li>Is there Primary Mortgage Insurance (PMI) on the first mortgage?</li> <li>Have you received any other offers?</li> <li>Has a loss mitigator been assigned to the case?</li> <li>How long do you estimate the loss mitigator will take to respond to our offer?</li> <li>Has the loss mitigator ordered another broker price opinion yet? If not, when will they?</li> <li>When is the scheduled trustee’s sale?</li> <li>Has the bank postponed the trustee’s sale in writing?</li> </ol> Why Ask The Questions? The answers to these questions will help us determine whether we wish to propose an offer or pass because there is a high likelihood of failure. We have no desire to put our clients through the stress and emotional turmoil associated with a short sale transaction, and we have no interest in wasting your time and energy chasing a fantasy. Most short sales are unattainable. Nationally fewer than 20% of the alleged short sales fail so a statistically a positive outcome is remote at best. How Can I Get a Complete List of San Mateo County Distressed Properties? To get a list of distressed San Mateo County properties, please visit <a href="http://sanmateohomesinfo.com" target="_blank" title="San Mateo Homes Info">SanMateoHomesInfo.com</a> and click on the “Best Deals List” tab. Our list is complete and updated 8 times a day!About the Author: Raymond Stoklosa has been in real estate on the San Francisco Peninsula since 1978. With over thirty years of experience, he currently coaches his clients through their transactions as the Managing Broker and co-owner of <a href="http://raychelrealtygroup.com">The RayChel Realty Group in San Mateo, CA</a>. Raymond is also the co-author of the blog <a href="http://livingwellinsanmateo.com">LivingWellinSanMateo.com</A>Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/real-estate-articles/15-questions-to-ask-when-buying-a-short-sale-in-san-mateo-county-1077321.html" title="15 Questions to Ask When Buying a Short Sale in San Mateo County">15 Questions to Ask When Buying a Short Sale in San Mateo County</a>

San Mateo County has its share of so-called short sales. To be clear, we don’t have the glut of short sales or bank owned homes as we see in places like Sacramento, Modesto and Stockton. San Mateo County’s inventory of distressed properties is indeed very modest.

Just How Many Alleged Short Sales are For Sale in San Mateo County?

As of this publication, there are 152 single family homes and 55 condominiums listed in the Multiple Listing Service as “alleged” short sales. I say alleged because a short sale is not a short sale until the seller’s lender approves and agrees in writing to accept less than the amount the seller owes them. So, we tend to see many homes called short sales in spite of the fact that the seller’s lender has not yet approved the sale…and may not ever approve the short sale.

Ask These Questions Before Writing an Offer

Rather than waste our time and the time of our clients, we recommend that you as we do and ask the following questions of the listing agent:

Who initiated the short sale – the seller or the listing agent?
Has the homeowner stopped making payments on the loan?
Has the bank received the seller’s short sale application package with the hardship letter and all the supporting documentation?
If so, have they approved the homeowner for a short sale in writing?
Has the seller agreed to accept all of the bank’s conditions to the short sale?
How was the listing price established – broker price opinion or comparative market analysis – and has the bank approved the price?
Are there any junior or subordinate lien holders?
Have all lien holders agreed to the short sale?
Is there Primary Mortgage Insurance (PMI) on the first mortgage?
Have you received any other offers?
Has a loss mitigator been assigned to the case?
How long do you estimate the loss mitigator will take to respond to our offer?
Has the loss mitigator ordered another broker price opinion yet? If not, when will they?
When is the scheduled trustee’s sale?
Has the bank postponed the trustee’s sale in writing?

Why Ask The Questions?

The answers to these questions will help us determine whether we wish to propose an offer or pass because there is a high likelihood of failure. We have no desire to put our clients through the stress and emotional turmoil associated with a short sale transaction, and we have no interest in wasting your time and energy chasing a fantasy. Most short sales are unattainable. Nationally fewer than 20% of the alleged short sales fail so a statistically a positive outcome is remote at best.

How Can I Get a Complete List of San Mateo County Distressed Properties?

To get a list of distressed San Mateo County properties, please visit SanMateoHomesInfo.com and click on the “Best Deals List” tab. Our list is complete and updated 8 times a day!

Raymond Stoklosa has been in real estate on the San Francisco Peninsula since 1978. With over thirty years of experience, he currently coaches his clients through their transactions as the Managing Broker and co-owner of The RayChel Realty Group in San Mateo, CA. Raymond is also the co-author of the blog LivingWellinSanMateo.com

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Article Tags: San Mateo Real Estate, San Mateo Homes, Short Sale San Mateo, How To Buy A Short Sale, Steps To Buying A Short Sale, Foreclosures In San Mateo County, How To Buy A Home In San Mateo, Steps To Buying A San Mateo County Home, San Mateo County Real Estate

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