Chicago Short Sale Question: Accept Only One Offer At A Time Or Multiple Offers?

Chicago Short Sale Question: Accept Only One Offer At A Time Or Multiple Offers?

Posted on September 6th, 2012 in All Articles.

Chicago IL – There is a debate among short sale realtors on how to handle offers on short sales. Some realtors think you should accept only one offer on a short sale and then push that offer thru with the lender.

Another group thinks an agent should keep soliciting offers until the lender approves one.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

There are pros and cons for each group’s idea. I personally think that a middle ground is best. If you submit multiple offers, then the short sale negotiator may get confused.

Most short sale negotiators have 50-100 files on their desk. You try keeping track of all that data! This is why I only present one offer to the lender at a time.

However, I always like to solicit backup offers. Once the BPO is completed, I know what the lender is looking for. At that point, I can adjust the asking price to that number.

I can also tell buyers that their offers will be processed much faster. This causes more buyers to make an offer. If the lender turns down the initial offer, then I have much better information to work with.

I can tell buyers what price the need to make an offer, the terms, and how long it will take for them to get an answer. The next offer will have a much better chance of success.

This causes you, the short sale seller, to increase your odds of a successful short sale. After all, you are much more likely to get the debt completely forgiven on a short sale, versus a foreclosure.

It also helps you salvage your credit. That is why I get so frustrated when I see short sale lenders reject offers only to sell the property for much less as a foreclosure.

In that case, the homeowner is liable for a bigger deficiency judgment. In addition, the sellers suffer more damage to their credit. 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 myrealtorphil@gmail.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. myrealtorphil@gmail.com.

View My homes for sale at www.betterlivingrealty.com. Chicago Short Sale Super Man

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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Important Notice

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 Chicago Short Sale Question: Accept Only One Offer At A Time Or Multiple Offers? is provided as a courtesy to our viewers to help them make informed decisions.