Everyone has to go through the appeals process. It drags on for years and years. After a while it simply becomes a game. I don’t want to see short sale escalation turn into a “game.”
Treat the Short Sale Escalation Process like a sales process. Don’t treat it like just another technical process that you do for no reason.
Don’t just escalate the file “because you felt like it.” The reason you escalate a file is because the lender is making a bad decision turning down the offer.
You feel, based on your superior knowledge of the property and the local housing market, that they will lose more money thru foreclosure.
And you are moving the file up the chain to make sure they don’t lose even more money. When you escalate a file, make sure you tell everyone that they are going to lose money if they don’t accept the offer.
Tell them, “Based on my projections, you will net 180k with this offer and 163k after foreclosure.” Give them documentation to back that up.
Here are a few examples of documentation we send to them.
1. Comparable Sales.
2. Other similar homes for sale that are competing for the same buyers.
3. Active, competing bank owned comps.
4. Other bank owned sales that were rejected as short sales and the lenders lost money as a result.
5. MLS History.
6. Bank owned comps that may not have been allowed in the Property Valuation or appraisal.
This documentation is designed to help your case. It will help convince them that you are escalating a file for a legitimate reason. It’s not just a game to you. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.com. 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, Phillip Buoscio.
Phillip is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:
Phone: (312) 953-6725. firstname.lastname@example.org.
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.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Phillip 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 Phillip’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..
This information on A Common Myth About Escalating A Chicago Short Sale File is provided as a courtesy to our viewers to help them make informed decisions.