Schaumburg Short Sales - Schaumburg Real Estate

The most common question I receive nowadays is what is a Short Sale? There are many Schaumburg short sales homes for sale. The long and the short (no pun intended) of a short sale is that they are a huge pain in the neck. The easiest way to break down a short sale is let’s say you owe me $100. You say Aaron I want to give $50 instead of $100 and it will take me six months decided and I may come back and say no.

Basically a short sale is when the bank is taking less than what is owed on a home. That is the good part. The true problem comes in to play when you submit your offer. You have absolutely no idea what amount of money the bank is looking for. You would assume that the bank would like to get the homes off of the books as soon as possible. The truth is that Johnny pencil pusher sitting behind the desk at the bank could care less about the deal at all. There is no rhyme or reason when it comes to negotiating a short sale. You very likely will not hear back from any for at least 4 months (I’ve seen some that have take 13 months, and some that have never received a counter offer).  There is also a chance that even if your offer is submitted at list price the bank will say they want more. 

So the moral of the story on short sales is that they make no logical sense and it’s almost impossible to pinpoint what if anything will happen. I highly recommend short sales for investor in the Schaumburg Real Estate market. If you are a regular buyer with any time frame or emotional attachment I recommend going for a regular Schaumburg home for sale.

Let’s say you are one of the brave ones that wants to give a short sale a try here are a few thing to look for.

1.)   The listing agent has experience with short sales

2.)   They have a professional negotiator working with the bank

3.)   How many loans are on the home. It’s much more difficult if there is more than one bank.

4.)   Which bank has the loan? Wells Fargo, Chase, and Bank of America are VERY hard to work with.

5.)   How far along is the short sale process

6.)   Are there any liens or taxes owed on the home?

Short Sales are a great way to good an amazing value on a home but, also a great way to spin your wheels and go nowhere fast. If you do decide to buy a Schaumburg Short Sale home prepare yourself for the ride. Happy home hunting!!!