Chicago Short Sales: What to do after the lender rejects the short sale offer

Posted on November 12th, 2010 in All Articles, Short Selling/Buying.

Chicago IL – What do you do when the house won’t sell for any more money, but the bank keeps on rejecting the offers? You can give up, but the seller may lose their home to foreclosure.

Ouch! Why not escalate the file and get it approved. Here’s an example of how it worked for the Stop Foreclosure Institute.

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

We had a house on the market for 4 months. We started the price at 200k and slowly brought it down to $169,900. We finally got an offer for $159,000. Since I knew the bank’s appraiser’s valuation, I knew the offer wouldn’t work.

The bank’s appraiser said the house was worth $195,000. Yes, after we had had the house on the market for 4 months. Because I knew the loan owner’s guidelines, I knew that that current offer at $159,000 didn’t have a shot at getting accepted.

In order to get this file thru, I had two things to do.

1. Convince the bank that their valuation was inaccurate and that they should order a new value.

2. Escalate the file.

To handle Part 1, I send my own opinion of value, also called a Comparable Market Analysis, along with comparable homes for sale. I explained that the valuation they were using was inaccurate and that they needed to order another one.

Here is what I did for Part 2. Then, I asked for their supervisor’s contact info. Remember, most of our communications are e-mail. Two-thirds of the time they will e-mail me back the supervisor’s info. The other one-third of the time they will just start doing a better job on the file.

If the new bank appraiser’s valuation comes back within range, they will approve the file and we can close. On the subject house, the new appraiser’s valuation came back within range. We received an approval on the short sale and it closed a little while later.

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 myrealtorphil@gmail.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.

For more info on Chicago short sales remember to visit my blog www.Chicago-ShortSaleBlog.com frequently for great tips and news on short selling in Chicago.

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. myrealtorphil@gmail.com.

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. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
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 Sales: What to do after the lender rejects the short sale offer is provided as a courtesy to our viewers to help them make informed decisions.