I am currently working on getting a Chicago short sale contract ready to submit to my client's lender for approval. What most Sellers and buyers do not understand is that the banks want a complete package. A complete package means that the disclosures are initialed and signed.
Right now, on this Chicago Short Sale, I have a buyer's agent who has her buyer's stating that they have received reports for lead base paint and yet, my client (the seller) is stating that she has no reports. That causes a problem with the file and is one of the reasons why a Chicago Short Sale can be put to the bottom of the stack of 600 files real fast.
I have mentioned this not once but three times to this buyer's agent with marks where the buyer(s) need to clarify or pull off the initials stating that they received something when they didn't.
The biggest one is that in Chicago Short Sale the Tax Pro-Rata is 100% and yet this agent wants to push 110% even though my seller has changed the contract to 100%, the buyer's agent wants us to submit their original contract. Now, who am I representing? The Seller. Not the Bank and not the Buyer. However, I do know that the bank will put a stall on the file with 110% on the tax pro-rata.
Can this tax pro-rata wait until the attorney approval is over? This buyer is asking for the attorney approval to be done after the bank sees the entire contract and that pretty much locks the buyer in for the final say as to what is going to or not going to happen in the file.
Your safest bet is to be working with a Realtor who has handled Chicago Short Sale successfully and knows how to submit your offer the the listing agent or if you are the Seller, to have an agent who cross their "t's" and dots their "i's" because at the end of the day, just because you like an agent, doesn't mean that they can accomplish a successfuly Chicago Short Sale.
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