I have Short Sale listing in Chicago that I have been receiving many calls about. Calls from either buyers or buyer's agents unsure of the whole short sale process. Many ask, is it a foreclosure? I explain that a Short Sale is when the lien holder(s) accepts a payoff that is less than what is owed.
With the increase of short sales in our market, it is important that both Buyers and Buyer's Agents are educated on the short sale process. Knowing up front what to expect takes away the fear of the unknown.
First and foremost know going in that a short sale is going to take time. I'm not saying that to scare anyone off but preparation makes all the difference....example, if you are working with a buyer or are a buyer who's lease is up in the next 3-4 months, start your search now and you will not feel rushed when the lease expiration gets closer. This makes for a less stressful time.
Know how much experience the listing agent has in doing short sales. This to me makes all the difference, from my personal experience I have found that when working with a listing agent that is experienced in the Short Sale process the transaction goes a lot smoother.
Communication is key, being in constant communication with all parties is very important. All parties need to be informed at every step, this eliminates all the wonder and worry. When all parties work together it creates a "win-win" for everyone.
Lastly buyers, I do not recommend making a short sale purchase without representation, by a qualified, knowledgeable licensed agent.
If you would like more information regarding Short Sales in the Naperville or surrounding areas, please contact me by phone/text at (630) 248-6077or eMail at mmastrolonardo@remax.net
******************************************************************************
Thanks for reading my Naperville Illinois Real Estate Blog!
Maria Mastrolonardo, Realtor(R)
RE/MAX of Naperville
Cell: (630) 248-6077
Web: Naperville Area Home Search
eMail: mmastrolonardo@remax.net
I can help you purchase a home or sell your home in the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.
Maria Mastrolonardo is a full time Illinois Realtor specializing in Short Sales, has been helping home-buyers and home-sellers since 1997. Can help you with any questions or information regarding Short Sales for the Western Suburbs of Chicago which includes but not limited to; Naperville, Aurora, Downers Grove, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton and Woodridge.
To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com
You can also find me here!
The most important part of your article is communication being key. If every agent acted accordingly short sales would be more approachable. Unfortunately that is not always the case. Thanks for informing from the buyers end as well. Our buyers need to hear from more than their agents sometimes, as human nature dictates second guessing.
Not scared off....just conscious of time and other possibilities....
When I see a short sale, the first question I ask is at what stage the listing agent is in terms of getting a short sale approved since most short sale lenders won't even look at the file unless there is or was an offer on the table.
If there had been an offer on the table that triggered the short sale approval, but that buyer backed out, the chances of my buyer getting the offer accepted increases.
Otherwise, we don't hesitate writing an offer on short sale listings, but we continue to look for other comparable properties, even bank-owned, because we want to keep our options open.
On the other hand, on my last two short sale listings ----- the previous buyers backed out. But by that time, I was already in contact with the loss mitigator who agreed to a more aggressive price to move the properties. The next buyers' agents' were thrilled that we could close in less than 30 days after they submitted their offers which were subsequently approved.
until the process for short sales is standardiized, my experience has been that the process has been a WASTE OF TIME for the buyers. I realize that this is always the case --- because sometimes deals are getting done, just not that often.
Lori - Thanks for you comment!
Pacita - Yes, it helps to know where the short sale process is. When buyers lose their patience it's good for the next buyer.
I have been fortunate, my deals get done :)
Hi Maria - you have posted a very informative, but simplistic post here. From what you've written, it sounds like you have this down to a science! When this post is found by those facing a short sale in your area, they should contact you immediately, for you've taken the FEAR out of for them.
Diane Rice
Hi Diane - It was a pleasure talking to you today, let me know if you need anymore help.
Hi Marie; Sounds like you are one of the ones who knows what they are doing! Good post explaining short sales. I have avoided them in the past. But noticed that more of them are closing in my area now. And of course there are more properties that are in short sale status. So I know I can't just put my head in the sand and continue to ignore them!
Eileen - Thanks for your comment!