Home Selling in 75013>Question Details

Dotty Honnen, Home Buyer in Dorsey, IL

How do short sells work in Illinois?

Asked by Dotty Honnen, Dorsey, IL Wed Aug 20, 2014

Should the realtor negotiate with the bank from the get go? This is an investment property gone bad.

Help the community by answering this question:


From a time perspective Short Sale is a misnomer... these transactions typically take a long time to close but can save the property from going to foreclosure.

I would suggest you find an agent in your area that is experienced in Short Sales... If you don't already have an agent that you are working with I suggest you call Karen Prinster @ 314-267-8080. She is based out of St. Louis but is licensed in both states and can explain the process to you.

If you have any other questions, feel free to contact me at any of the links below,

Scott Johnson
FireBoss Realty

http://www.NortheastDFWHomes.com - Property Search Site
http://www.FireBossRealtyAroundTown.com - Blog
http://www.northeastdfwhomes.com/cp/mobile-app/ - FREE Mobile App
Web Reference: http://FireBossRealty.com
0 votes Thank Flag Link Sun Aug 24, 2014
You may want to post your question in Illinois so local realtors can answer that. This question was posted in Allen, TX.

Susie Kay
United Real Estate
0 votes Thank Flag Link Fri Aug 22, 2014
Dotty, what works best is completely dependent on the lender and their servicing company.

In most cases, it is best if the buyer and seller have competently separate representation.
In most cases, it is best if the negotiator is NOT the REALTOR or agent of any stripe..
Not because of efficiency, but because of other administrative issues and rightful bank and investor paranoia.

How do short sales work in Illinois?
Just like they do evey place else. With great pain and suffering.
0 votes Thank Flag Link Wed Aug 20, 2014
Not all agents should be negotiating with the bank. Some are not experienced enough and others really need a lawyer if your state considers it practicing law. In most cases a listing agent well experienced with short sales will work with a lawyer who will negotiate with the bank, Some states allow agents to negotiate direct if they are experienced in negotiations. YES negotiation should start before placing it on the market to see if you are even qualified for a short sale. You should then have the whole short sale package completed. See if your bank will approve a short sale price before finding a buyer.
0 votes Thank Flag Link Wed Aug 20, 2014
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