Barrington Illinois Short Sales - Tips for Sellers - Accepting Offers or Not!
In my first short sale blog I talked about Pricing Your Short Sale Listing in Barrington IL.
Then I discussed Advertising Short Sales and how they deserve more effort than some may care to give.
You can read why Dual Agency is not suggested for Short Sales in Barrington or anywhere in Illinois.
Now we are going to move on to what to do with offers and whther you should accept them.
Who Owns the House? You or the Bank? The answer to this is very simple, YOU. It is your name on the title and therefore it is you that makes the decisions.
If you receive an offer for your home, you are under no obligation to accept it if it is an unrealistic amount, and you are under no obligation to send it to the lender for their consideration.
This is an important step in the short sale process and one where the support and guidance of your Realtor is critical.
There are many agents that do not have the knowledge or education about short sales and may think that any and all offers will just get sent to the bank, and in the meantime they'll go shopping for other short sales, submit multiple offers and see which deal comes together the fastest. This is a collosal waste of everyones time, yours and mine included. So when considering any offers here are some pointers.
- Short sales are not foreclosures. The lender is still looking to get as close to market value as possible, especially as they are bearing the majority of the sale closts.
- Low ball offers will be considered in conjunction with the above statement and with the advice of your Realtor. They rarely make it past first base.
- Is the buyer serious about buying your home - are they prepared to sign an addendum stating they will stick to the contract for 3 to 4 months while we work with the lender on getting approval.
- What are comparable short sale listings closing for.
- How much time do you have before the foreclosure proceedings end.
- What contingencies does the offer have attached - home sales - is this in your best interests? etc.
Every short sale case is different and must be judged by you and your Realtor as a team. There is an accepted amount that the lender or lenders will likely accept but that information is available to my clients when we discuss any offers, together with the reasons. This article is here to explain that it is still you that owns the property and you have the legal right to choose whether you accept, counter or refuse any offers. Do not let anyone persuade you otherwise.
Realtor are your best source of Short Sale information, please do not be drawn in by those predators on the phone or by mail, they are not working in your best interests, nor do they have any legal obligation to do so, Realtors do both ethically and legally.
I help sellers with short sales in other areas in addition to Barrington. Lake Zurich, Hawthorn Woods, Kildeer, Long Grove, Deerfield, Inverness, Deer Park, Cary, Algonquin, Lake In The Hills, Fox River Grove, Schaumburg, Palatine, Hoffman EStates, Arlington Heights, Rolling Meadows, Buffalo Grove, Wauconda, Island Lake are just some of the suburbs I will help clients with short sales. Whether you have a condo or a luxury home, if a short sale is what you need, call me for a free consultation.
The next short sale tip will talk about offers that have been submitted.
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Contact Corinne Guest ABR, e-PRO, GRI, Broker, Royal Advocate Realty Licensed Realtor® in Illinois, 847-381-6328 to list your property for sale or to buy a property in Barrington, Lake Barrington, North Barrington, South Barrington, Barrington Hills, Inverness and Deer Park, as well as Lake Zurich, Hawthorn Woods, Kildeer and Long Grove in Lake County Illinois.
Call me today at 847-363-3686.
Copyright © 2009 By Corinne Guest, All Rights Reserved. Barrington Illinois Short Sales - Tips for Sellers - Accepting Offers or Not!
