Chicago Short Sales: Why do some buyer’s offers get accepted while others are declined?

Chicago Short Sales: Why do some buyer’s offers get accepted while others are declined?

Posted on July 26th, 2011 in All Articles, Short Selling/Buying.

Chicago IL – The Stop Foreclosure Institute recently received a question from Jonathan. Here was his question.

“I am looking to buy a short sale. The seller wouldn’t accept my offer. My agent told me it was because the short sale lender has told them they wouldn’t accept the offer.

I am a cash buyer and can’t understand why they wouldn’t take my offer. Why do some buyer’s offers get accepted while others are declined? Jonathan.”

Here is the answer to his question. Usually the offer that is accepted is the one that is offering the highest sales price.

Sure banks and short sale lenders like cash offers. But, that is only everything else is the same. They won’t accept a cash offer when it is lower than other offers on the table.

Here is an example. A normal homeowner is selling their house. It is worth $400,000 and he is asking $400,000 for the home.

A buyer offers $350,000 cash. “You should accept my offer because it is cash”, the buyer says. Meanwhile another buyer offers $400,000 and they have already been approved for a loan.

If you were that seller, what would you do? Would you take a little risk to make an extra $50,000? Most people would. In fact, there isn’t much risk because the buyer has already been approved for a loan.

Yes, cash does matter. But, these banks want to reduce their losses as much as possible. They are already losing tens and hundreds of thousands on a short sale.

They own these homes cash. They don’t have to get their money out right away. They like cash offers, but they like to reduce their losses even more.

Thinking about a short sale? Visit www.ShortSaleSuperMan.com for information on Chicago Short Sales. 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 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. 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. Chicago IL Short Sales. Chicago Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

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 Sales: Why do some buyer’s offers get accepted while others are declined? is provided as a courtesy to our viewers to help them make informed decisions.