Another Chicago Short Sale Myth: Lenders Are Dragging Their Feet On Short Sales And Waiting On A BailoutPosted on July 25th, 2011 in All Articles, Short Selling/Buying.
“I heard that a short sale reduces a lender’s losses by 20% compared to a foreclosure. You would think that would make them excited to work on my short sale. But, they are dragging their feet.
My lender isn’t that excited to work on my short sale. I think they are waiting for another bailout. Do you think that is true? Josh.”
Here is the answer to his question and some insight into what is really happening at the lenders. I think at the beginning of the recession the lenders were waiting for a bailout.
But, after that the real slowdown was that they are simply understaffed. In 2007 very few people were short selling their house.
The lenders didn’t need a lot of people to process the few short sales. Fast forward 2 years. Short sale volume probably multiplied by ten times or more.
But, it takes time to hire and train more staff. Short sales aren’t simple. There are lots of guidelines and laws regulating them. A new staff person can’t just show up and start processing files tomorrow.
More than anything else this has slowed down the short sale process. So, do the lenders like short sales? The CEO does because it cuts the lender’s losses.
But, the employee who has watched his file law quadruple probably doesn’t like short sales. He is having a hard time coping with the extra workload.
Thinking about a short sale? Visit www.ShortSaleSuperMan.com to learn about Chicago short sales. 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..
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