Chicago Short Sales: How Does A Short Sale Work For the Seller?

Posted on September 22nd, 2010 in Short Selling/Buying.

Chicago IL – People often ask me, “How does a short sale work for the seller?” A short sale is usually very beneficial for the seller. Here is how the process goes.

First, the seller will put the home up for sale with an agent. It will usually take 1-3 months for the house to sell. During that time buyers will come with their agents to look at the house.

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

Once a buyer makes an offer and you decide to accept it, then we will begin negotiations with your lender. The good news is that you won’t have people looking at the home anymore.

We will gather all of your financial paperwork. That will be submitted to the lender along with a copy of the sales contract and an estimated closing statement. The closing statement lays out all the sales cost and what the lender should expect to net from the sale.

The lender will review everything and give us an answer. They will either approve the short sale offer, or give a counter. If they accept it, then you will have between thirty and forty-five days to move out.

If they don’t like the offer or terms, they will issue a counter offer. Here are some commons counter offers that we have seen. “We want the buyer to pay $123,000.” Or, they might ask, “Before we can review the file, we need copies of the seller’s bank statements for the last 2 months.”

After we provide them with the necessary documentation they will usually issue an approval. Sometimes they gather all the stuff they think they need and then turn around and submit that to the actual owner of the loan.

In an estimated 80% of cases the loan is not owned by the bank or lender we negotiate with. So the short sale will be approved or denied based on their criteria.

After the final approval, the buyer will do their standard stuff. They will often order a home inspection, survey, and appraisal. After that is complete the closing will be scheduled.

The closing will be handled by either a title company or a real estate attorney. You will move out before the closing and bring your keys to the closing. Depending upon your situation it might be a sad day, or a happy day.

A short sale means many different things to people. Some people are unhappy that they are moving out of what was their dream home. If that is the case, we will be there to help. You can cry on our shoulder. Because we have worked with other people in your situation, then we will understand how you feel

Others are happy that they were able to get rid of an unwanted house without owing any money. If that is the case, then great. We will be happy because we helped you get rid of the burden of debt.

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 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.

Remember to visit my Chicago short sale blog frequently for news and information on Chicago short sales

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.

View My homes for sale at

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. 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 How does a short sale work for the seller is provided as a courtesy to our viewers to help them make informed decisions.