Here are the three keys to getting a short sale approved.
#1: Follow up. Many agents don’t take short sales seriously. They have heard the horror stories from other agents and therefore don’t think their odds of success are very high.
Because of that, they don’t put much effort into the short sale. They’ll submit the short sale file, but won’t spend much time following up on it.
If it gets approved, then great. If not, then oh well. A denied or drawn out short sale just confirm their perception that short sales are difficult.
“I knew short sales were hard and this just confirms this”, they say to themselves. But, they never gave themselves a chance in the beginning and set themselves up for failure.
The key to getting our short sales approved is follow up. The bank’s negotiator is like a government bureaucrat. They don’t care if the short sale is approved or denied. They just process the file.
So you have to supply them with whatever they request. If you give them what they want, then with a little luck the short sale will be approved.
#2: Luck. Not every single short sale is going to be approved the first time. The bank won’t approve the short sale if they think it is selling below fair market value.
But, the bank’s valuation process is flawed. Sometimes the property will be valued fairly and sometimes it won’t. Sometimes luck is with you and the valuation is good.
Other times, it isn’t and the short sale is denies. Which brings us to Key #3: Time. If the short sale is denied, then you simply put the home back on the market and try again.
The odds are better than 50% of the time the valuation will be correct so the short sale can be approved. This gives you another fair shot at getting the short sale approved.
If luck is on your side, then the short sale is approved. If not, then you have to try again a third time. Again, the odds are in your favor.
If you have time on your side, then the odds will usually prevail and the short sale will be approved. That is why the vast majority of short sales are approved by the second time around. Thinking about a short sale? Visit www.ShortSaleSuperMan.com for more information and articles on Chicago short sales.
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, Phil Buoscio.
Phil 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.
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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 Chicago Short Sale Myth: It Is Very Difficult To Get A Bank To Approve A Short Sale is provided as a courtesy to our viewers to help them make informed decisions.