1) They take time. On average, short sales take three months. But it depends on the lender. I have had some properties close in one month.
2) The seller will need to prove a financial hardship in order for the bank to consider the short sale. If you have a lot of money sitting in your checking account and are just looking for the lender to take the loss on the property, a short sale is not for you. Through our office and your real estate agent, we will provide the necessary paperwork for the lender to consider your financial hardship. In my experience, lenders have been very responsive to the financial hardships of sellers and will likely agree that a short sale is the best option.
3) The seller typically receives no proceeds from the sale; however, my office can sometimes get "relocation assistance" funds for the homeowner. The bank pays all customary closing costs such as agent commissions, taxes, title fees and attorney's fees.
4) All real estate sales contracts should use the appropriate short sale rider.
5) The seller must still accept an offer; however, it will be subject to lender acceptance. In other words, the lender must approve the terms of the offer as well as sign off on the seller's financial hardship circumstances.
6) There is no guarantee the bank will approve the sale; however, my office has a high success rate.
7) When an offer is presented, the bank will do its own research on the property by ordering a brokers price opinion ("BPO"). This is similar to an appraisal. Therefore, if the offers are lower than what other homes have been selling for, the lender may reject the short sale or counter at a higher price.
8) It is very important that the seller, listing agent and our office work together. This will ensure that the process goes as smoothly as possible.
9) Sellers should use a real estate agent and attorney who are experienced with short sales.
10) Sellers should get our office involved immediately. If you have stopped making your mortgage payments, call us right away to get started on a short sale. Bradford Miller Law, P.C., has extensive experience with short sales and can help ensure the process goes as quickly and smoothly as possible.
If you are a homeowner contemplating a short sale, call our office, at 312-238-9298, for a free 15-minute consultation. Bradford Miller Law has been representing both buyers and sellers of short sale properties for several years. We offer free legal representation to homeowners seeking a short sale.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
http://www.bradfordmillerlaw.com
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