Is It Better To Buy A Chicago Short Sale Or Wait Until After The Bank Has Foreclosed?

Is It Better To Buy A Chicago Short Sale Or Wait Until After The Bank Has Foreclosed?

Posted on September 28th, 2011 in All Articles, Short Selling/Buying.

Chicago IL – Some people think they can go around a homeowner and buy a home directly from the bank. “The seller has to submit our offer to the bank because the bank owns the house”, they tell us.

They assume that they can sidestep the seller and buy the house directly from the bank. The truth is that until the bank forecloses on the house, the seller owns it and they are in the driver’s seat.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

If the seller works with another buyer on a short sale and the bank approves the short sale, then that buyer will get the house. If you really want the house, then it is best to work with the homeowner during a short sale.

However, if you want to try your luck, then you can wait until the foreclosure is completed and buy the house from the bank.

However the bank won’t just sell the house to you. They have a standard way that they sell bank owned properties. They put them on the open market and wait for a good offer.

In most cases, they will not sell the house to you without putting it on the open market. This policy ensures that they don’t sell any homes for less than the fair market value.

Every buyer in the market has a fair shot at the house. Their reasoning is that will get them the best price for the home. Thinking about a short sale? Visit for more information on Chicago short sales.

I can help you short sale your property and get back on your feet. 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.

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.

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. 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 Is It Better To Buy A Chicago Short Sale Or Wait Until After The Bank Has Foreclosed? is provided as a courtesy to our viewers to help them make informed decisions.