OneChicagoan, Home Buyer in Chicago, IL

Anything that I can do to get an update on a short sale? There's a property that I am VERY interested in paying cash for but it's in short

Asked by OneChicagoan, Chicago, IL Wed Jun 5, 2013

sale limbo

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17
Have your Realtor call the listing agent. While they won't give you details on the transaction, they might give you a good idea of whether it looks like the deal is going to close or whether it is falling apart. If it's falling apart, the listing agent may very well want to keep you on their radar if you are an interested buyer.
1 vote Thank Flag Link Fri Jun 14, 2013
Feel free to contact me to get more details. Thanks ryanrahim25@hotmail.com
0 votes Thank Flag Link Thu Jun 20, 2013
What I tell my clients who are looking to buy a property on short sale is that they need to allow enough time for the process to complete.

It usually takes anywhere between 3 to 9 months for banks to process and accept a short sale. Further there is no guarantee the bank will accept the short sale offer after such time even if it is full list price offer.

In addition there maybe multiple banks involved in the short sale which could potentially delay and complicate the transaction. Therefore in general the buyers need to be very patient with a short sale transaction and would be best if they worked with an agent familiar and experienced with short sales.
0 votes Thank Flag Link Sat Jun 15, 2013
email me at jmichaels@remax.net with the address
0 votes Thank Flag Link Fri Jun 7, 2013
630 N Franklin #613

THANKS JAMES!

Laura
OneChicagoan@aol.com
Flag Mon Jun 10, 2013
Hello,

If you are not an active participant in a transaction none of the details will be made available to you.

You can check to see if it closed only after it closes or if it still shows contingent (under contract). If the deal falls through it will be reactivated in the MLS, which at that time if you are working with a buyers agent they will advise you by way of your auto search.

Does this help? If not feel free to contact me directly.

Good luck!
0 votes Thank Flag Link Fri Jun 7, 2013
I posed the original ?\question and have not put an offer in as there was one put in many MONTHS ago by an unknown person.
0 votes Thank Flag Link Thu Jun 6, 2013
Hello,

The only difference in the beginning in short sale than a regular sale is that as a buyer you must wait while the sellers work thru the process with the bank and they have final say if offer will be accepted.

To start its the same process . Submit your offer and get the house under contract right away. The sooner the process starts , the faster you will have an answer. The sooner you are to owning it.

In most cases , short sale negotiations don't begin unless there is an offer on the property .

Thanks

Airel Hermosillo
0 votes Thank Flag Link Thu Jun 6, 2013
I recommend having your agent keep an eye on this property and check in with the listing agent here and there for status updates in case it falls through.


Sohail A. Salahuddin | Founder and Team Leader

Innovative Property Consultants Group | Sales and Leasing

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0 votes Thank Flag Link Thu Jun 6, 2013
If you are currently under contract the best you can do is check in with your real estate agent so that they can check in with the listing agent/attorney. Unfortunately, when you are in a shortsale transaction there are many delays primarily caused by the listing side's lender, which usually will NOT provide direct status updates to the buyer's side due to seller's privacy reasons.

Also, the fact that you are a cash buyer is irrelevant. A good majority of people buying distressed properties are cash buyers and that is the attitude the banks have if you are not patient and play by their clock, they will just move on to the next offer. It is unfortunate but the above is the reality for many MAJOR banks, whether professionals want to disclose this reality or not. Though the shortsale process is improving there is still MUCH ROOM for improvement on the seller's lender's side.

Good luck!
0 votes Thank Flag Link Thu Jun 6, 2013
Not really. Short sales stink. I hate them. They take forever, and the odds downtown are about 10%. Reason being, is most people WANT to move, they arent financially strapped to move.
0 votes Thank Flag Link Wed Jun 5, 2013
Ask the agent or find an agent to help you. They can take 2-5 months to complete.
0 votes Thank Flag Link Wed Jun 5, 2013
Bill gave you a great answer.
0 votes Thank Flag Link Wed Jun 5, 2013
What's the address ? Did you send an offer ?
What's the bank lien holder ?
0 votes Thank Flag Link Wed Jun 5, 2013
Put your team together: Realtor, Lender & Attorney and SUBMIT an Offer.

This is how you will find out more info about this property.
0 votes Thank Flag Link Wed Jun 5, 2013
Paying cash. Don't need a lender. The broker that 'introduced' me to this property doesn't seem to be very responsive. I've stressed my interest level.
Flag Wed Jun 5, 2013
make an offer on the property. The listing agent will present it, that is all you can do once it is under contract and being looked at by the lender. the offer is to the current owner.
0 votes Thank Flag Link Wed Jun 5, 2013
It depends what you mean by short sale limbo - if you'd like to email me the address I'd be happy to check it out for you.

Thanks,

Terry Farnsworth

Licensed Broker, Prospect Equities Premier

http://www.SelectiveBuyer.com

terryfarnsworth@prospectequities.com

Direct: (630) 747-3426
0 votes Thank Flag Link Wed Jun 5, 2013
630 N Franklin #613

THANKS! I've been looking for over a year and this unit is perfect for me!
Flag Wed Jun 5, 2013
If what you mean by "short sale limbo" is that it is under contract and the buyers are waiting for the bank to move on it, there's nothing more for you to do than make your interest known to the selling agent and wait it out. You can always go the "back up offer" route but since it's under contract, the seller won't be able to do anything with your offer until the initial offer falls apart.

So it's a waiting game to see if the offer goes to closing or it becomes available again to the public.

Good luck,

Bill
0 votes Thank Flag Link Wed Jun 5, 2013
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