A bank will approve a short sale only if they think they will net more money taking the short sale offer. To make sure they aren’t selling the house for too little, they order an appraisal.
The problem is that most homes are selling for less than appraisal. In one example, a non short sale listing sold for 225k. However, the property could have appraised for 300k.
That means the short sale lender would never have approved it. This is why your agent needs to make sure the appraisal is accurate. There is nothing unethical or illegal about doing this. Let me explain why.
80% of the loans handled by big mortgage companies are actually owned by an investor. These front companies (such as Wells Fargo, Bank of America, SunTrust, or Chase) are acting as a “servicer.”
The servicers save money by taking 60-90 days to consider a short sale offer, turning down files over one missing doc, and cutting staff. This is why short sale offers get turned down for no reason.
However, if they can see that the house is valued at 145k and you’re selling it for 140k, they’ll accept the offer. Again, which is why your agent needs to make sure the appraisal is accurate.
Thinking about a short sale? Visit Short Sale Super Man at www.ShortSaleSuperMan.com Learn all about Chicago short sales and how we can help you move on with you life.
I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org. 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. email@example.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.
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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 The Biggest Threat To A Successful Chicago Short Sale is provided as a courtesy to our viewers to help them make informed decisions.