It illustrates how the current short sale guidelines hurt the housing market and homeowners short selling their house.
The following e-mail shows you why it is important that you have an experienced short sale agent help you. Here is the email:
“I have a short sale listing with a large national lender. I have been waiting for an answer since September. I finally received an answer last week in the form of a counter offer to the price.
The contract price was $315,000. The lender countered $345,000. I told the buyer to and see if he is willing to pay more. After doing so, he said he will stay at the original price of $315,000.
I said I will try my best to negotiate at that price. Before I could send the comps to the lender, they order an appraisal.
I feel that the property is worth more than $315k, but less than $345k. In the meanwhile, I put the house back on the market just to prove to the lender that at 345k there may be no bites. I was mistaken.
I received an offer at $341,550. We told the first buyer if he goes up to what the lender wants, we will close the deal with him. He didn’t budge so we accepted the higher offer.
In the meantime, I got an email this morning from the professional negotiator I use to negotiate with the lenders. She said that the lender will accept the $315k price.
She suggested not to submit the $26k higher offer so as not to rock the boat. I have a dilemma. The first buyer’s offer technically was accepted by the lender.
I think he deserves the house because he waited throughout the short sale process. But do I have an obligation to the lender to present the higher offer?
But now that the lender agreed to the first buyer’s price, do we need to sell it to him? Or sell it to the second lender?” A concerned Agent.
Here was the Stop Foreclosure Institute’s Response. We don’t personally think that you are morally required to submit the higher offer. That lender is so tough.
They will probably require 90 days to negotiate the new, higher offer after the close out the file. So you would need to make sure the higher buyer is willing to wait 90 days. 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 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, Phillip Buoscio.
Phillip 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.net.
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 Another Sad Example Of Lender Incompetence On Chicago Short Sales is provided as a courtesy to our viewers to help them make informed decisions.