How to Purchase a Short Sale Property in Less Than 6 Months -- in South Barrington or other areas of Chicago's Northwest Suburbs
Most short sale properties can take 2 to 6 months just to get an answer back from the bank (or more.) My buyer clients joke - "they should be called long sale properties."
So how can you ensure that buying a "short sale" property won't take so long?
We look for properties for our clients that have previously had their price approved by the bank. With such properties - there is a chance that you might be looking at a 30-45 day period. At any rate - it should be shorter than the typical. Especially if the seller had already submitted all the paperwork to the bank (though sometimes - they are required to re-submit, depending on how much time has gone by or other factors)
For a traditional short sale property - we ask a lot of questions of the listing agent, about which bank (and how many) are involved, is there a negotiator that has been set up, and many other questions - including asking about the listing agent's experience in handling short sale properties.
If our client opts for one of those (knowing full well that the process could take 6 months or more), we communicate with the listing agent to ensure that they get all the paperwork that is needed - into the bank - ASAP. We talk to the negotiator (if possible) because sometimes, listing agents don't have the full story.
We educate our clients about short sales versus foreclosures, so they understand that they are looking at shorter time frame for foreclosure properties, and so they know all the things that can go wrong when trying to obtain a short sale property.
We cover most of the Chicago Metro area - from our home base in Chicago's Northwest suburbs (Arlington Heights, Schaumburg, Palatine, Barrington, South Barrington Vernon Hills, Libertyville, Hawthorn Woods, Long Grove, Kildeer, Deer Park etc.)
Buyers:
- Do you have excellent credit?
- Are you looking to purchase a $300,000-$5.000,000 home within 90 days?
- Are you making a substantial down payment or are you paying cash for your next home?
If so, don't buy a home without an agent on YOUR side of the transaction!
Make sure you hire an Exclusive Buyer's Agent!
Make sure you hire an E.B.A.
Call us at (847) 566-7558 for more information.
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if you are serious about buying a home in the Chicago area within the next 90 days - feel free to contact me. As an Exclusive Buyer Broker (always on the buyer's side - never on the seller's side) I work with a select number of clients - so that I can provide the highest possible level of service. (My clients receive a lot of personalized research and attention - which by it's very nature, takes time - but has high payoff.)
Feel free to visit the Buyer Broker Chicagoland web site for more information.
Download our high-tech GPS-enabled Chicago area home search application onto your cell phone (works with any type of phone - as long as you have web browsing capability) by texting BBC to 87778.
Call 847-566-7558 or e-mail to schedule a complimentary initial consultation – so that I can determine if you are qualified to be a client. Thanks and have a great day!
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