You would think if a listing shows active on the multiple listing service it’s a go for showing. However, that is far from being a true statement.
When we are checking out properties for sale for our real estate buyers, there are several things that we need to know before embarking on the viewing journey.
Are there any special or extra assessments or mello Roos?
What type of sale is the property? Short sale, standard, foreclosure, or investor?
Why has the showing activity been like? What are the showing instructions? Appointment only listings can be a red flag to a seasoned real estate agent.
How long has the property been on the market or sale? Has it been listed before and what was that outcome?
What about financing? What types of financing will the real estate for sale allow? Does FHA lend on this specific property or has it been removed from their list? What about VA?
With regard to short sales, there are other questions we need to ask that will benefit our home buyers.
How many loans are needing to be negotiated? Who is the bank or banks involved? Has the agent made contact with the bank as of yet? Is the specific short sale approved? Where has the agent placed the price? Is it priced so low as to only be listed for lead generation purposes?
Paris and I will not allow our clients to jump onto an investment or transaction such as real estate without protection. Experience has shown that getting answers to the above questions are the difference between browsing and expertly hunting real estate.