The Waiting Game: Schaumburg Short Sales Approvals

If you are in the market for purchasing a home, you may have looked into distressed properties as a way to get a bargain. It is important to keep in mind that timeline in purchasing these types of properties can be lengthy. Short sale buyers need to realize that the particulars of every case are different. That being said, below are a couple of factors that a potential buyer should think about and possibly do to ensure a smoother process.

Things to Consider

Whether buying or selling a short sale, the process can be complicated. Consider these tips before making any final decisions.

·           Qualify first, and then make an offer – at the minimum, a pre-qualification letter should accompany all offers; having financing in place makes you a better candidate, especially when multiple offers are involved.

·           Use an Agent Experienced with Short Sales – whether you are the buyer or the seller of a short sale property, experience is key. There are numerous issues that can delay – or derail – the process.

·           Your Agent Should Conduct Due Diligence – matters for consideration for a buyer include comparable sales, the number of offers received, and whether the seller’s short sale package is complete.

·           Patience is a virtue – how quickly (or slowly) a short sale will close will depend on the lender involved. That being said, the process can take as much as 120 days.

·           Part of the Process is Out of Your Control – factors that may delay the process include the involvement of a third-party negotiator, infrastructure issues of the bank, or a significant discrepancy between the appraisal and your offer.

Legal advice should be sought when considering purchasing or selling a short sale property. Aside from the complicated proceeding involved, tax implications – as well as other legal matters – should be discussed with an attorney prior to making any decisions.

Contact a Schaumburg Attorney for Guidance

If you or someone you know is facing foreclosure, contact an experienced Chicago foreclosure attorney for advice on the best way in which to proceed. A home is the biggest investment during one’s lifetime; don’t navigate the complex avenues of foreclosure alone. The attorneys at the Law Offices of Gilbert C. Schumm have decades of experience in real estate law and can guide you every step of the way. We serve clients in Palatine. Call (847) 559-9109 today to schedule your initial consultation.