John Ziemba

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Are you considering purchasing a home that maybe a short sale in Schaumburg?  Are you wondering if I put an offer on a Schaumburg Short Sale how long will I have to wait?     

I have been asked this question many times and I am not sure I have a concrete answer.  The success of short sales in largely dependent on who is negotiating the short sale.  Typically, when a buyer puts a contract on a home, the seller chooses who negotiates the short sale.  In my experience it is usually an attorney who negotiates the short sale with the bank.  With the amount of short sales that have flooded the market over the last few years some agents have started to negotiate with the banks in an attempt to close the transactions.  With my experience it is my opinion that many of the people who are negotiating the short sales often are not doing a good job.  Having personally negotiated short sales, I can tell you that there are several typical road blocks that come up in every transaction.  Here are my top 2 that can be directly influenced by the negotiator 

1.  Paperwork, sellers have to submit all the paperwork to the bank.  If the file isn't complete the short sale processing will stop.  The person negotiating the short sale should be calling the bank twice a week to confirm all the paperwork is completed.

2.  Banks have deadlines that have to be met.  If you don't have have the paperwork in by certain dates, this will cause the file to go dormant and not be processed by the bank.

If these two hurdles are overcome, I believe a bank will give an answer within 90 days.  Having said this there are cases where they do take longer, due to the banks inability to process the transaction.  One option a buyer may consider is hiring their own negotiation company to perform the negotiation.  This is rare and may cost some money to do this but if you are getting that great of a deal it might be worth it.  The biggest problem for buyers is they never know where the short sale is in the process.  If the buyer's agent calls the listing agent, the standard answer is we are waiting on a response. 

If your short sale is not resolved in 90 days, as a buyer, you have a tough decision to make and may not have all the facts. 

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 Please do not hesitate to contact me if you have any questions about buying or selling a home in the Schaumburg Area.

John Ziemba

Realtor

Keller Williams Team Realty

847-217-0480

Cook County is located in Northeastern Illinois and has a population of over 5,000,000 and represents over 43% of the population of IL. The City of Chicago is located within Cook County and the population is larger then 29 states. There are many great opportunity with foreclosures in Cook County. Cook County has received national attention several times due to their sheriff making sure the banks are going through the correct process with evictions. If you are interested in purchasing one of the many Cook County foreclosures then vist my page and see a Cook County Foreclosre List There may be some opportunities to purchase foreclosures and discounted prices and some may even have special financing opportunities. Cook County foreclosure homes are available through the 130 communities within the county. If you would like a Cook County foreclosure list emailed to you please do not hesitate to contact me and you can receive the latest foreclosure properties emailed to you.

Please contact me if you are interested in purchasing a distressed properties. There may be plenty of opportunities in your area. I can help you evaluate.

Thanks,

John Ziemba

847-217-0489

Realtor@JohnZiemba.com

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About Me

Are you looking for information about Schaumburg, IL? We hope to be the #1 source for Schaumburg real estate information. You can buy a home in Schaumburg, sell a home in Schaumburg, View the homes, townhomes and condos listed in Schaumburg. You can find information of Schaumburg foreclosures, Schaumburg Short Sales.

Schaumburg, IL is located about 30 miles Northwest of Downtown Chicago. The estimated population of Schaumburg is just over 75,000. Schaumburg is home to Woodfield Mall, Motorola & IKEA. Schaumburg is also home to the Schaumburg Flyers minor league baseball team.

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