That means that someone else is going to lose money if your bank rejects the short sale.
Here is another little known fact. Banks usually lose money whenever they reject a short sale and foreclose on a home. I am sure you are wondering why. Let me explain.
Most short sales are still owner occupied. As you probably know all bank foreclosure properties are vacant. An occupied property is much easier to sell than a vacant one.
An owner occupied home looks like a home. The furniture and appliances are setup in their proper places. The house is clean and kept up on.
Here is something else that people do not understand about short sales. All banks and servicers have a fiduciary duty to the investor of the loan.
If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible.
So, a lender should accept an offer if it will net the most money. Your only job is to prove that to the lender. Here is how we can assure the negotiator that the offer will net them the most money.
Do that by showing them that the property has been on the open market for 60-90 days. It is best to be able to show that the house was easy for buyers to see and other agents to show.
Ask them the following, “The agent selling the home is an experienced agent. The house has been on the market for X number of days. I have lived here the entire time and kept up on the house.
It looks good. We have had 43 showings since it’s been on the market. Out of that, only 3 buyers expressed interest. Out of those 3 buyers, the current buyer is the one willing to pay the most money.
The agent is doing their job marketing the property. With the current foreclosure case status, the home won’t be foreclosed until June or July. When you foreclose on the house, I will move out.
I won’t be keeping the house up anymore. The new listing agent will be working on 20 other homes and won’t be able to do as good of a job as myself.
Do you honestly think the home is going to sell for more money at that time?” When you ask them that, they won’t be able to argue with you. Thinking about a short sale? Visit the Chicago short sale expert at www.ShortSaleSuperMan.com
I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.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. firstname.lastname@example.org.
View My homes for sale at www.BetterLivingRealty.com. Or visit the Chicago short sale expert at www.ShortSaleSuperMan.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 2012 SFI Marketing Institute, LLC. All Rights Reserved.
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 When A Bank Should Approve A Chicago Short Sale Offer is provided as a courtesy to our viewers to help them make informed decisions.