When A Bank Should Approve A Chicago Short Sale

When A Bank Should Approve A Chicago Short Sale

Posted on November 9th, 2011 in All Articles, Short Selling/Buying.

Chicago IL – The Stop Foreclosure Institute recently received a question from James. Here was his question.

A bank should accept your short sale when the following rules apply. 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.

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

Your only job is to prove that to the negotiator. Do that by showing them that the property has been on the open market for 60-90 days. We need to be able to show that the house was easy for buyers to see and other agents to show.

Tell the lender the following, “I have an experienced agent selling my home. It has been on the market for X days. I have lived there the entire time and kept up on the house. It looks good.

43 buyers have looked at the home since then. 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. My agent is doing a great job marketing my home.

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. The house won’t be kept up anymore.

The new agent will be working on 20 other homes and won’t promote the home as well as my current agent. This means there will be less buyers looking for a home.

Do you honestly think the home is going to sell for more money then? Thinking about a short sale? Visit my Chicago short sale expert website at www.ShortSaleSuperMan.com

I can help you short sale your property and get back on your feet. Send me an e-mail at myrealtorphil@gmail.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. myrealtorphil@gmail.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.

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 When A Bank Should Approve A Chicago Short Sale is provided as a courtesy to our viewers to help them make informed decisions.