Tips when buying a Chicago Short Sale

Posted on September 23rd, 2010 in All Articles, Short Selling/Buying.

Chicago IL – Many people avoid buying a Chicago Short Sale. This is because they have heard a horror story about short sale purchases.

An experienced agent will tell you if your offer is realistic. They will guide you away from listings that have a low chance of being approved.

They know the good short sale agents who can get you offer approved by the lender and the extra contract clauses that have to be added.

Tip #2: Ask for updates every week or two. Regular updates will let you know that everything is progressing on schedule.

It will take between 30 and 60 days for the short sale lender to give an answer to the offer. So be prepared to wait it out for that long.

Tip #3: Always do a visual inspection before you start the 30-60 day wait. Some short sale properties are not in good condition. Before you start the waiting process walk around the house and do your own visual inspection.

You can spot a lot of potential issues before you waste 30-60 days waiting for an answer on the short sale. Look for water leaks, foundation cracks, and aged roofs, etc.

Tip #4: Always reserve the right to an inspection. Don’t give up the right to get the home inspected when you make the offer. You don’t want to be locked in with no inspection clause after the short sale is approved.

Tip #5: If you are buying a short sale or bank owned property, then pay the extra money for a top notch inspector. Some (not all) of these properties have problems that don’t stand out.

You don’t want to be stuck with a lemon after you purchase. The best, most qualified home inspectors usually have a waiting list. They charge top dollar for their services.

They might charge 20-50% more than other inspectors. But, it is worth it. They might save you on a $5,000 or $20,000 repair that another inspector would miss.

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 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 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.

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.

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