If you are thinking of trying to rid yourself of the burden of debt through a short sale you should read this article; trying to do it alone is not a good idea. You should reach out to a short sales specialist, like Premier Real Estate NYC, or a professional real estate agent, preferably one that specializes in short sales in New York City. Here are three important questions you should ask to ensure they know what they are doing and are right for you.

Questions #1: What is your short sales experience?

Make sure to ask this question non-inquisitive, as you don’t want to offend the short sale agent. A short sale in NYC can be very complicated and delicate, and many fail. The two main reasons are because the home never qualified for a short sale, or someone failed to keep the paperwork in check. A seasoned short sales agent should be able to go in depth as to:

• How many sales they have closed
• How successful their bank offers have been
• A realistic timeline of closing
• Will stress to you the importance of getting paperwork in, completed, and on time

Questions #2: What type of information would you need from me?

This is often a good test question if you are not comfortable with the answer they gave you regarding their short sales experience. The bottom line is that they will need everything from you. A financial package should be requested from the lender. Each lender has a different package, so there is not a generic one. This package will include basic information such as bank statements, tax paperwork, paycheck stubs, hardship letters, amongst other things.

Questions #3: How long will this short sale take?

This is another good test. Many new real estate agents are trying to get any deal to close. They will say whatever it takes to land a client. So, if an agent tells you they can strike a deal with your lending institution in under a month, turn away. Short sales take time and there is a lot of paperwork involved. A month is highly unlikely.

For more information and to receive a free consultation, contact Premier Real Estate NYC.