Completing a successful Chicago short sale transaction requires communication and proper expectation setting across all parties. An article crossed my desk this morning that I thought would make the perfect outline to set short sale expectations for both the seller and buyer side.
To entice you to read the entire article, the top 10 points (typos and all) are highlighted below.
1) Price is usually set by the agent & seller, not bank
2) Loans owned by 1 bank usually better than 2
3) Lowball offers get slow or no response
4) Agent must check comparables before submitting offer
5) Don’t hang your hat on the property
6) Sellers with other properties or too strong of financials may not qualify for short sale and/or may be asked to pay the difference
7) ”Approved” prices are quickest
8) Some banks want strongest buyers, some want strongest offers
9) Repairs are seldom done, credit is more frequent
10) When you get approval, must close on time
Having completed a number of short sale transctions on both the buy and sell sides, I can attest that all points are on target. The full article can be found here.
{ 2 comments… read them below or add one }
Great article about short sales. It really highlights the importance of hiring an experienced agent, like you and your team members, to represent a buyer or seller in these types of complex transactions. Thanks for providing this informative article about a current “hot topic!”
Good thing you have done here, Thanks! This is a pretty up beat post about real estate that I am quoted in.