Chicago Short Sale Realtor Advice: Some Agents Hate Short Sales

Posted on October 15th, 2010 in All Articles, Short Selling/Buying.

Chicago IL – I recently met a realtor in a another town. “I hate short sales”, she told me. “They are so frustrating. They take forever. Most of mine have dragged out for 9-12 months. The short sale lenders are so tough to work with.”

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The closest comparison I can think of is learning to ride a bike. Remember the first time you tried to ride a bike and you crashed and fell off? You felt like you would never be able to ride a bike. Maybe you told your mother, “I’m just not as smart as Timmy. He knows how to ride a bike.”

Apparently this agent does not specialize in short sales. Neither do a lot of the other agents that complain about them.

These agents openly admit they hate short sales. They say stuff like, “Maybe lenders worry about what would happen if they approved too many short sales.” This is a huge misconception.

Most loans are not owned by the lenders or banks who hold them. As an example, Bank of America does not own 80% of the loans they process.

I heard a story about a large national lender that processes short sales. They have more and more short sale files coming in every month. Do they hire on more people to handle the files?

No. Instead they hire on more people to answer the phone and forbid the people who negotiate the files (called Loss Mitigators) from returning calls. Here is the real reason short sales are so frustrating. The lenders don’t want to hire on more staff to process them.

Loss Mitigation is a specialized job. It isn’t simple. The decisions to approve or deny a short sale offer are not cut and dry. They are legally required to follow the rules laid out by the owner of the loan.

An experienced loss mitigator probably gets paid 2-3 times more than a person that answers the phone. Just like a loss mitigator needs to know what they are doing; the person negotiating a short sale with a lender needs to as well.

The agents that hate short sales haven’t taken the time to learn how they work. They don’t know who owns the loan, or their short sale requirements.

(This is all readily available information for anyone who has an internet connection.) Maybe these agents have chosen to specialize in other area of the real estate business, such as new construction or first time buyers.

Or they specialize in commercial property. All of a sudden they want to short sale your house. Where does that put your odds of a successful short sale?

I agree that short sales can be frustrating. But, most short sales do not take 9-12 months when you follow the proper procedures. Since I know how to find the owner of the loan, I am ahead of ninety percent of all the other agents out there.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at phil@teambrealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then 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.

Remember to visit my Chicago short sale blog frequently for great tips and news on Chicago short sales www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. 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..

Phone: (312) 953-6725. phil@teambrealty.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do. We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sale Realtor Advice: I’ve heard banks won’t do short sales. Is that true is provided as a courtesy to our viewers to help them make informed decisions.