The Skokie Short Sales rate is at an all time high unfortunately.. Over the last 2.5 years, the Skokie Short Sales and foreclosure rate has been climbing just about every month. Over the last year, the Skokie Short Sales rate has ranged any where from 34%-40%.. So basically, almost 4 out of every 10 Skokie Homes For Sale is a distressed property!
With the increasing Short Sales rates throughout Skokie, Chicago and basically the entire United States, people are going to have questions about short sales (what they are, how they work etc...) This is one of the reasons why I started this blog. To inform the public about short sales and to help people avoid foreclosure by short selling their properties. Whether we are talking Skokie Short Sales or Chicago short sales, the process is basically the same.
The following is basically how The Short Sales Process Works
The Steps Of A Short Sale
*These are the usual steps of a short sale. however please note that there are always exceptions as every deal is not the same
1) Bank authorization forms signed
The authorization form gives the realtor or whoever is handling your short sales access to your private loan information and allows you to speak to the bank on your behalf. Without this being signed no one will be able to negotiate on your behalf
2) Send bank authorization to the bank(s)
3) Prepare the Short Sales Package
The short sales package are all the documents and financial forms that the lender requires for a short sale.. It is important to have the SHORT SALES PACKAGE in place so when you get an offer on the property, you can send the completed short sales package with the sales contract immediately instead of wasting time looking for the documents after you receive an offer.. The short sales process begins when and ONLY WHEN the bank receives the completed short sales package
4) Market the home
5) Find a buyer
6) Negotiate purchase price/terms with buyer
7) Negotiate any/all issues with the buyers contract, including inspection issues
8) Send Completed Short Sales Package To Bank
Now the Short Sales Process Begins!!
9) Follow up with the banks assigned negotiator
10) Insure that the buyer is pursuing a mortgage.
11) Continued follow up with banks assigned negotiator
12) Finalize short sale with the bank(s)
13) Order payoff letter from bank(s)
14) Get adjusted payoff letter from bank(s) for title company.
15) Close the property
16) Check that the bank(s) recorded the payoff.
17) Make sure that the client knows if he/she is required to pay tax on the loss..(This Isnt Always The Case).. I strongly recommend speaking to a licensed accountant about the tax implications of a short sale!
Whether we are talking about Skokie Short Sales or Chicago Short Sales, the 17 steps that I just outlined is the typical short sale process.. There are always exceptions, as every deal is not the same.. This is just one reason why working with a experience short sales realtor such as myself is very important to getting your short sales approved!
Don't lose your Skokie home to foreclosure! If you or someone you know is dealing with financial hardship and is on the verge of losing their home, please contact me immediately! Let my experienced Chicago Short Sales Team help you avoid foreclosure.. Our help is only a phone call or email away! Call or Email Us to schedule a FREE and CONFIDENTIAL consultation to see if a Short Sales will work for you!
Jim Kontos
President--Broker--Skokie Short Sales Expert--Chicago Short Sales Expert
RE/MAX 1st Class
RE/MAX SKokie
3947 Dempster, Skokie IL
Cell 630 327 9136
Office 847 674 9797
Office #2 312 643 2087
jkontos@remax.net
www.mychicagoshortsalesite.com
There are several Skokie Realtors out there to chose from, but only a handful of these Skokie Realtors have the experience and knowledge that I give my clients!
