USING PRELIMINARY TITLE SEARCHES TO DECIDE WHEN TO TAKE LISTINGS OR MAKE OFFERS ON SHORT-SALE PROPERTIES
With so many sellers owing more on their mortgage loans than their properties are worth, and with buyers looking for good deals on distressed properties, most Realtors® find themselves facing short-sale situations—either from short-sale sellers looking to sign a listing agreement with them, or from buyers looking to make an offer on a short-sale property. But, as Realtors® who have handled them know, short sales require a great deal more time and effort than regular listings, and they ultimately depend on the sellers’ lender(s) approving the deal – a decision lenders generally make only after weeks or months of work by Realtors®.
So, in a market full of potential short sales, being able to identify – up front – those short sales that have the greatest chance of gaining lender approval can be crucial. Below, we describe how you can use preliminary, up-front title searches as a sorting tool to identify the most promising short-sale properties, while avoiding those with little chance of success.