Stabbing Kelly in the Foot on accident of course- Episode 3

by Charlie Allred on August 12, 2012

Questions to ask your prospective Short Sale Sellers:

  1. When did you purchase this home? Is the loan in place a purchase money loan? Who is your Lender?
  2. Do you have a 2nd loan? If so, was it a HELOC (home equity line of credit- used for purchases other than the home)? Remember to know our state’s laws on legal consequences if the home forecloses.
  3. Is this home your primary residence?
  4. Have you lived in this primary residence either the entire time you’ve owned it? Or, at least, 2 of the last 5 years?
  5. If you are an investor- can you handle the tax liability? Or are all your assets under water, meaning you could claim technical insolvency?
  6. Have you been paying your home owner’s insurance? Or is your home owner’s insurance paid within your mortgage?
  7. Have you been paying your HOA dues? Do you owe any back HOA dues?

 

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