First off congratulations! Buying a short sale is a great decision. Most short sales usually sell for 3-5% less than other comparable homes.
So you get the advantage of getting a good deal. Now, I am sure you are asking, “Why are short sales a bargain?”
The reason is that a short sale takes longer than a normal real estate sale. You have to wait 30-60 days for the seller’s bank to approve your offer.
In addition, some agents do not understand short sales. They talk bad about them even though they have not educated themselves on how they work.
Here are a few things you should educate yourself on before making an offer on a short sale.
How experienced at short sales is the seller’s agent? If the seller’s agent has little short sale experience, then you should probably look at another house.
How many liens does the seller have? If the seller has three or more mortgages and/or liens, then you should pass. It’s hard to make a short sale work in these situations.
Remember the Aesop’s Fable about the monkeys with their hands in the jar? Well, all three lienholder’s hands are in the cookie jar. But, none will put down any cookies so they can pull their hand out.
The bottom line: One or two mortgages and/or liens is ok. Three or more is not.
Thinking about a short sale? Visit one of Chicago’s short sale experts at www.ShortSaleSuperMan.com See how a Chicago short sale can get you out of debt. 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 What You Should Know Before Buying A Chicago Short Sale is provided as a courtesy to our viewers to help them make informed decisions.