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
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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-Associate with RE/MAX of Naperville specializing in Short Sales. She has been helping home-buyers and home-sellers since 1997. She 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 her call/text at (630) 248-6077 or mmastrolonardo@gmail.com
You can also find me here!
RE/MAX of Naperville is not associated with the government and our services have not been approved by the government or your Lender. Your Lender may not agree to the change of your loan and/or a Short Sale.
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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.