Chicago IL – Many people mistakenly think that a short sale is adversarial. “I will fight that banker and convince them to let me short sale and walk away from the upside down debt”, they think to themselves.
That is not how short sales actually work. Most negotiations are not adversarial. In fact, most short sale negotiators are just normal people.
They go to work each day and go thru their files. There is a lot of paperwork and reports that have to be filed. Most of them don’t get out of bed looking forward to a tough negotiation.
They simply have to process their file in accordance with the guidelines. The banks have budgeted money to write down mortgages on short sales.
The CEO (or someone similar) at the bank sits down and talks about the loans in default. We have X number of loans in default and we can expect to lose X percentage on each loan.
That means that I have to set aside 10 Million Dollars to cover the projected losses on those loans. He will then give the person managing the short sales guidelines.
Those guidelines will be used to keep the losses at 10 Million Dollars or less. This is why short sale negotiations are no adversarial. They banks already know they are losing money.
They have resigned themselves to losing it. Now they just have to go thru the process and minimize the losses as much as possible.
They know that a short sale reduces losses by an average of 20% compared to a foreclosure. That makes them eager to negotiate a short sale with you.
Thinking about a short sale? Visit Chicago Short Sale Super Man at www.ShortSaleSuperMan.com for info and tips on short selling. I can help you short sale your property and never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Chicago loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Phil Buoscio.
Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:
Phone: (312) 953-6725. email@example.com.
View My homes for sale at www.BetterLivingRealty.com.
Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
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Phil Buoscio, Better Living Realty – Buoscio Brokerage, Inc., and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Phil’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..
This information on A Common Chicago Short Sale Myth: Short Sales Are Adversarial is provided as a courtesy to our viewers to help them make informed decisions.