We are on our final myth from what I saw in an article about short sales on a popular personal finance website. The writer claimed that in order for your home to qualify for a short sale it must be priced “reasonably.”
It is obvious that the writer knows very little about short sales. I can tell you from personal experience that the banks don’t care about whether or not the price is “reasonable.”
They order a version of an appraisal before approving a short sale. If the home is selling for the appraised value, then they will approve the short sale. If it is selling for substantially less, then they won’t approve it.
No bank has ever asked me if the price was “reasonable.” They just want to make sure it is selling for fairly close to the appraised value.
I think the point the article write is trying to make is that the home can’t be priced substantially under the fair market value. Some short sales do sell for less than the fair market value.
In fact, some real estate investors have setup entire businesses dedicated to buying short sales under the market value and then reselling them for profit. I don’t condone or condemn such practices.
I condemn the banks that allow it to happen. The banks are the ones with incompetent systems that allow that to happen. I don’t recommend that you short sell your home to a real estate investor.
The short sale is much more likely to fail. The real estate investor is not trying to help you. They only want to buy your home for as low of a price as possible in order to ensure a big profit. Thinking about a short sale? Visit www.ShortSaleSuperMan.com to learn more about Chicago short sales.
I can help you short sale your property and get back on your feet. 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. Or visit Chicago’s short sale expert at www.ShortSaleSuperMan.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 Seventh Common Chicago Short Sale Myth: The Property Cannot Already Be In Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.