We serve the entire Chicago Metro Area

Serving: Cook, DuPage, Lake, DeKalb, Kane,
Kankakee, Kendall & Wll  Counties

Shudnow Short Sale Group - (866) 402-0659

 The following questions MUST be asked before you put an offer down on a short sale:

(If you don't, your chances of a successful short sale will go way down.)

1. Who will be handling the negotiations?  Check them out.  Do they have a dedicated website?

2. How experienced is the Short Sale Listing Agent?  Check them out.  If the agent hasn't closed at least 15 short sales, you better make sure that your agent is VERY experienced.

3. Has a BPO been run?   The BPO (broker price opinion) is like an appraisal (but not legally).  If it has been run, does the listing agent know the price the bank will accept?

4. Who is the closing title company?  This is important, I would stick to the majors like Chicago Title.  They will stand behind their work if something is found to be wrong later.

5. Has all the paperwork been filled out and turned over to the negotiator?  This is very important.  If it hasn't, this could delay the process quite a while.

6. Does the negotiator do their own in house underwriting?  If they don't, why not?  Why wouldn't the negotiator at least review the documents and determine the chances of success.

7. How many mortgages are on the property?  This is crucial.  If its 2 mortgages, but with 1 bank, thats fine.  Either way, a deal can be done with 2 mortgages with 2 different banks, just know that you will be closing in 90 days, not 60.

8. Are there any other liens on the property?  This is could make or break the deal.  The short sale lenders may refuse to pay the other liens, and your deal could go south quick (after months of waiting).

9. Are the Real Estate Taxes paid up to date?  The banks will normally pay them, but it could hit the net the banks wants.  Be aware that it could derail the process.

10. Can your Realtor call the negotiator directly?  Make sure that the negotiator is easy to reach.