Chicago Short Sales| Are Approved Short Sales Really Approved?
There are thousands of Chicago Short Sales out there to chose from. From $20,000 to $5,000,000, the number of Chicago Short Sales choices in every price range out there for short sale buyers are just about endless. When working with short sale buyers, it is ideal to work with short sales that have already been approved by the lender. Approved Short Sales are the way to go when available.
When you see a short sale listed as "Approved" in the mls or realtor.com, etc.. it basically means that a previous offer was in fact accepted by the lender, but the buyer backed out of the contract for whatever reason. This is good news for any new potential buyers because approved short sales will take much less time to get done and the sales price has already been approved by the lender.
There are however some instances where some less than ethical realtors will label a short sale as approved when in fact it is not. They do this to draw in more potential buyers and hope that the bank will give them a fast answer. Realtors who do this should be punished!!!
There are other instances where realtors will indicate "short sales process in process of getting approved" This is complete BULLS##T!! The short sales process CANNOT START until the bank receives an offer! Either the realtor has no idea how short sales work or is intentionally misleading the public. An uneducated realtor or buyer will fall for this, but a experienced Chicago Short Sales realtor such as myself will know the right questions to ask!
Lastly, there are instances where incredibly unethical realtors will write up phony real estate contracts and send them to the bank hoping that the bank will approve the phoney offer. If the bank approves the phony offer, then the realtor will indicate the made up buyer is backing out of the transaction. Now the realtor will have a Approved Short Sales and will list it accordingly. Realtors who do this risk serious legal trouble and the loss of their licenses.
The moral to his post is that you need to double check if an Approved Short Sales is really approved. If you are working with a experienced realtor and Chicago Short Sales expert, he/she will know the questions to ask.
Dont lose your home to foreclosure!! Let my Chicago Short Sales Team help you avoid foreclosure and all the negative aspects a foreclosure brings. Contact us today to schedule a Free and Confidential consultation to see if a short sale will work for you! All you have to lose is Phone Call or Email!
Jim Kontos
President-Broker-Chicago Short Sales Expert-Chicago Short Sales Realtors
RE/MAX 1st Class
Cell 630 327 9136
Office 847 674 9797
Office 312 643 2087
jpkontos@gmail.com
www.mychicagoshortsalesite.com
