Chicago Short Sales & Avoiding Foreclosure

What We Do For Our Chicago Short Sale Clients!|Chicago Short Sales

  

 
THE KONTOS GROUP SHORT SALE TEAM

Our Goal
Save As Many Of Our Clients From Losing Their Homes To Foreclosure

How We Achieve This Goal

1) We Listen To Our Clients
As simple as this sounds, listening to our clients and their needs is crucial to our success

2) We Tell Our Clients What They Need To Hear..Not What They Want To Hear
We pride ourselves on this trait. We do not sugarcoat items when we speak to our clients. Being anything less than truthfull and straight forward doesn't help anyone

3) We Get You Prepared For What Short Sales Require
To get a short sale listed, under contract, negotiated and sold requires alot of time and work on the part of our Chicago Short Sales Team.. It also requires some work from our clients! We make sure you are aware what we need from you to make this process efficient and efective

4) We Have The Short Sales Experience..
Our Chicago Short Sales Team Has Over 15 years of Combined Real Estate And Banking Experience!!
Our real estate, short sales experience and track record speak for itself..Our team is made up of aggressive and successful real estate and Chicago Short Sales professionals

5) We Consult With Our Own In House Loss Mitigation Specialist
When we negotiate short sales with banks, we are speaking to loss mitigation specialists. Our team has our own in house High Level Executive Loss Mitigation Specialist that consults with us on short sale transactions. Our team member is an executive at one of the largest banks in the country and knows all the in's and out's of how banks really operate and when dealing with short sales and foreclosures.  Having this wealth of knowledge available to us is incredibly advantageous to us and to our clients!!

6) We Aggressively Market Your Home
Our marketing campaign for your home is Internet Marketing based. More importantly our marketing campaign is Second To None and no one will out market us! One example of how we do things differently is once we list your home, we will create your homes own interactve website which will then be posted on hundreds of websites.  The majorty of the short sale listings that our competitors try to sell are just posted on the MLS and thats it. They are waiting for buyers to come to them while we go out and try to find the buyers!

7) We Aggressively Price Your Home
Short Sales are a time sensitive matter and listing your home aggressively for a fast sale and receiving an approval from the bank is a delicate balance. We perform thorough market analysis for your property and formulate a realistic and aggressive listing price for your home

8) We Negotiate With The Banks Directly
Our Chicago Short Sales team has worked with several banks over the years and we have the knowledge of how these banks operate and what they expect..
We do pride ourselves on negotiating short sale transactions ourselves, however there are times when we just cannot negotiate every transaction ourselves.. In ths case we have our in house attorney handle the negotiating ( The attorney will be paid by the bank...Not You! )

9) Make Showings Easy For Realtors
If a realtor has to jump through hoops to show your property, they will most likely put your home at the bottom of their list or not even show it entirely. We suggest to all our clients making showings as easy as possible for agents who want to bring their clients. We provide Lock Boxes to makes showings easy for realtors. Agents can contact us through our office, our cell phones, email, text message etc.. We are always available

10) We Work Hard For You
In an ideal world, we would be able to complete every short sale transaction that we receive. Unfortuately we have not been able to complete every short sale transaction that we have receive.. There is no short sale realtor or non short sale realtor that has a 100% successful close rate, it is impossible.
What we do guarantee is that we will work incredibly hard to get your short sale approved by the bank and to avoid foreclosure

11) Confidentiality
We realize that going through a short sale is a difficult and sensitive time for most. We respect your privacy and all conversations held between us whether you list your property with us will remain confidential

What We Don't Do For Our Short Sale Clients

1) We Do Not Give Out Any Form of Legal Advice or Accounting Advice.. We can recommend attorneys and accountants for you to speak to for Legal and Accounting Matters

2) We Do Not Do Open Houses
With the amount of properties we have, it is impossible for us to do open houses.. So our policy is to not provide open houses or broker tours

3) We Do Not Work With Unethical Clients

4) We Do not Work With Unrealistic Clients

 

 

 

Short Sale 101 for Buyers!

 

When buying a short sale property, you can sometimes get a really good deal on a property! However, nothing in life worth having usually comes free, and short sales are another example of this.  If you are looking to BUY A SHORT SALE PROPERTY, keep the following in mind before you make an offer.

SHORT SALE 101 FOR BUYERS

1)  The listing price is usually set by the Listing Agent and Seller...Not The Bank!
If you run across a home that is priced RIDICULOUSLY LOW and is a short sale to boot,  you might be better off runing in the opposite direction. Chances are the realto really low balled the listing price in order to drive in potential buyers. The bank usually isn't aware of the pricing until they get a contract. If the bank receives a contract that is way way below what they would accept, then that agent has just wasted your time

2) Loans owned by 1 bank are much easier to deal with and approve than loans owned by 2 banks!

3) Lowball Offers usually get a much slower response or No response

4) Listing agent must check the comparable properties before submitting offer

5) Don't put your eggs in one basket!
Despite what the name says, Short Sales are NOT SHORT!!!
They are in fact a incredibly time consuming process and can take any where up to 4-7 months to close. If you are not a patient individual, then short sale might not work for you. Don't get your homes up for just one property, keep your options open and have a contingency 

6) Sellers Who Own Other Properties Or Have Strong Financials Will Have A Harder Time Getting Approved For a Short Sale and or may Be Required To Pay The Difference

7) "APPROVED SHORT SALES" are usually better to work with.. A approved short sale means that the listing price for the home has been agreed to by the bank!  This could be due to the fact that another interested buyer made an offer that was eventually approved, then the buyer didnt buy the property for whatever reason 

8) Some Banks Look For The Strongest Buyers And Other Banks Look For The Strongest Offers!
The bank has ALL THE POWER in approving or not approving your short sale and they chose whatever offer they feel for them

9) For the most part you are buying the short sale property in "AS-IS" condition
If there are improvements that need to be performed on the home, even f they are necessary to get financing, it is highly unlikely that the bank/lender will make any concessions for you. You are buying the home "AS-IS" and you are ultimately responsible for taking the home in the condition it is in
   

10) YOU CAN HAVE A HOME INSPECTION PERFORMED on a short sale property
You can most definetely have a home inspection performed on a short sale home.. I would suggest performng the home inspection after you have received the approval from the bank if the seller is ok with it. If you do the inspection beforehand and the short sale doesnt get approved from the bank then you spend a few hundred dollars on your inspection for nothing..

11) When you get the short sale approved, you MUST CLOSE ON THE HOME ON TIME! 
When dealing with short sales and chicago short sales, there really isnt much flexibility with teh closing date as there usually is with a more traditional home sale purchase. With short sales, there are rarely exceptions made. So what does this mean for the buyer? This means that you need to get all your ducks in a row immediately after getting a offer to purchase signed!!!
  

12) DONT CALL YOUR REALTOR EVERY DAY ASKING FOR UPDATES! 
When you are buying a short sale home, your realtor can only do so much! Once your offer has been presented and accepted by the seller, thats about all your broker can do for you. Your realtor HAS NO INFLUENCE when it comes to trying to get the short sale approved. Once the bank receives the contract, you are at the mercy of the bank(s) ans what they decide. What your realtor or broker can do is contact the listing agent a few times per month to see how the transaction is going  and if there is any progress.  If the listing agent is also negotiating the deal, then the listing agent might be able to give you a little mroe insight.  DO NOT EXPECT ANSWERS ON A DAILY BASIS, it just doesn't work like that.  If you are individual who needs to be in control of a situation, then buying a short sale property might not work for you!

Dont lose your home to Foreclosure! If you are someone you know is struggling with their mortgage and could be losing their home to foreclosure, CONTACT US immediately! Let my experienced Chicago Short Sales team help you try and avoid foreclosure.  You have nothing to lose and everything to gain by contacting us for a completely Free and Confidential meeting!
From Chicago Short Sales to Skokie Short Sales, we have you covered! 

CLICK HERE to search for Chicago Short Sales and Foreclosure Properties on my Free RE/MAX Site

Jim Kontos
President--Broker--Multi Million Dollar Producer-- Chicago Short Sales Specialist
RE/MAX 1st Class
Cell 630 327 9136
Office 847 674 9797
Office #2 312 643 2087
jkontos@remax.net

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