How to Purchase a Short Sale Property in Less Than 6 Months -- in South Barrington or other areas of Chicago's Northwest Suburbs

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Real Estate Agent with Buyer Broker Chicagoland - CHICAGO IL AND SUBURBS

How to Purchase a Short Sale Property in Less Than 6 Months -- in South Barrington or other areas of Chicago's Northwest Suburbs

Short Sale Property South Barrington ILMost 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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Follow me on Twitter, Facebook or Linked in.

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!


Certified Negotiation Expert – Buyer Broker Chicago / ChicagolandAccredited Buyer Representative – Buyer Broker Chicago / ChicagolandGraduate Realtor Institute – Buyer Broker Chicago / ChicagolandNAEBA Member – Buyer Broker Chicago / Chicagoland

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Rainmaker
512,159
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic

You are so right about "long Sales". I had one fall apart from the bank after 7 months.

Sep 29, 2011 02:23 PM #1
Rainmaker
1,317,757
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Short sales are anything but short.  I find many of the listing agents don't have a clue.  If there is more than 1 lender... then it is even more of a problem.  I have a list of questions and this is helpful in the buyer deciding whether or not to go forward.

Sep 29, 2011 03:05 PM #2
Ambassador
1,242,229
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®
I am so thankful not to have had to do a short sale! They sound like nightmares! Bless you for helping these families!
Sep 29, 2011 03:39 PM #3
Rainer
206,634
Marge Piwowarski
Phoenix AZ Horse Property - Phoenix, AZ
Phoenix AZ Horse Property, LLC

I hate short sales.,  I try to avoid showing short sales.  I get stuck with 'em anyway.  At present I do have competent negotiators on the listing agent side.  It makes all the difference. 

Sep 29, 2011 05:21 PM #4
Ambassador
442,917
Susan Goulding
Crown Key Realty, Tracy & Mountain House Real Estate - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

Sometimes that works, sometimes it does not.  depends on the bank.

I've had 2 in the past month   -- 1 approved needed new buyer took 4 months to get new buyer approved, and price was HIGHER

2nd we had full approval, took 3 months then BANK DENIED the short sale.  FULL APPROVAL by CHASE - THEN THEY DECLINED THE SHORT SALE THE 2ND TIME AROUND.  REALLY.

WITH SHORT SALES NOTHING IS CERTAIN

Sep 29, 2011 05:22 PM #5
Rainmaker
316,351
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

This is good helpful information about the short sale process for those just starting out in this area.

Sep 29, 2011 06:22 PM #6
Rainmaker
1,402,327
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Rick, good information for shortening the short sale process in your market.

Sep 30, 2011 03:01 AM #7
Rainer
22,740
Robin Moffitt
Gold Star Realty, Inc. - Nampa, ID
"Gold Star Service....Gold Star Results !"

As an investment Realtor and personal investor...I LOVE SHORT SALES...YES, I LOVE THEM!  If you figure most Realtor's don't want to mess with them...and, buyer's who want to live in the properties will often times 'bail' out before the transaction is through the lingering process.... I'm in the wings....I'll stick it out....fill my pipeline with as many short sale prospects as my client's and myself can handle...with the forms and ability to maneuver in the transactions, I've been able to acquire many superior properties over the past 2 years as short sales.  I sort of have to make the offer and just let it sit like a squash in the garden...I figured squash was a good term....and I just let them blossom and produce or...die on the vine....no emotion til we get an acceptance!  I do realize how frustrating these transactions are BUT, they are what we have to deal with and...I'm having profitable fun with them!

 

All is good as always...thanks for the insight!

 

Robin  Gold Star Realty....Equity Wealth Builders

Sep 30, 2011 07:05 PM #8
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Rainmaker
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Rick Hauser

ABR, CNC, CNE, GRI, SFR, Exclusive Buyer Agent-Cov
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