Chicago IL – The Stop Foreclosure Institute is closing another short sale tomorrow. The sellers had a job transfer out of state. They were short selling an FHA loan with a second mortgage. The short sale was fairly simple because FHA’s short sale guidelines.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Here was how these sellers benefited from the short sale.

Benefit #1: The sellers were able to walk away with the debt wiped out completely. The FHA short sale guidelines released them from the first mortgage debt.

The second mortgage also gave them a complete release. At first they weren’t willing to do that. But, we offered them a little extra money in return for a complete release.

Fortunately they agreed to it. This meant that the sellers were able to completely wipe out a total of $80,000 in upside down debt.

Benefit #2: Limited Tax Consequences. These sellers will only owe taxes on approximately $30,000 of the loss. Why? Because that was around how much money was borrowed on a home equity line.

The Mortgage Debt Relief Act of 2007 states that you will not owe taxes on a loss if you used that money to purchase or remodel your home.

However, if you borrowed and used the money for something else, then you would owe taxes on the loss. You would owe the money whether you short sold, or the lender foreclosed.

This is only my opinion after reading the law. I recommend that you talk to a competent tax professional before making any financial decision.

Benefit #3: The will be eligible to buy another home in 2 years. Current Fannie Mae Rules allow homeowners to buy another home 2 years after a short sale. Compare that with the 5-7 year wait after a foreclosure.

Benefit #4: The sellers paid no money for the short sale. Everything was paid for by the lender. The short sale lender paid the real estate agent, title company, and all the other fees. They can look forward to getting their financial life back on track.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great information and news about short sale in Chicago www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: Another Short Sale Success Story is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – This is a continuation of yesterday’s blog post about common short sale mistakes and how to avoid them.

Common Short Sale Mistake #4: Not doing research to find the decision maker on the loan. Most loans are not owned by the lender you are dealing with. In fact, between 60% and 75% of all loans are owned or insured by Uncle Sam.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

50-55% of all loans are owned by Fannie Mae or Freddie Mac. These two entities are owned or closely controlled by Uncle Sam. In addition, Uncle Sam insures mortgages thru FHA and VA.

In these situations Fannie, Freddie, FHA, or VA make the decision to approve or deny the short sale offer. Let’s say that your research shows that FHA insures the loan.

If you are familiar with the FHA short sale guidelines, then you know whether or not a short sale offer will be approved. The same goes with the rest of the loan types. Their guidelines for short sales are easily obtained.

Common Short Sale Mistake #5: Not understanding the short sale process. Most lenders have a similar short sale process.

However, lenders are busy. The short sale negotiator you are working with may have 200 files on their desk. They don’t have time to babysit everyone and explain the process.

Make sure the person dealing with your lender is familiar with the process. It can’t hurt if they have done short sale with that lender in the past.

Common Short Sale Mistake #6: Submitting low ball offers to the lender. Some buyers think that since a property is a short sale the lender will take any offer submitted. This is not true. Lenders are business people.

They have systems in place to reduce losses. The owners of the loans also have rules about what type of offers to accept or reject.

Before they can approve a short sale the lenders are required to check the home’s value. They will hire an appraiser or licensed real estate agent to determine the fair market value.

They do not want to discount to much from the value that person gives them. Some lenders will discount 2-5%. Others will discount as much as 10%. But, they won’t accept an offer for substantially less than the fair market value.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great tips and information on Chicago short sales www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Common Short Sale Mistakes and How To Avoid Them is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – Here are common short sale mistakes we often see people make.

Common Short Sale Mistake #1: Not ordering a title search before negotiating the short sale.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Many people do all the work of negotiating a short sale payoff, only to find out that the property has liens or second mortgages. Many different things can attach to a property, including homeowner’s association fees, judgments, tax liens, levies, etc.

Make sure your agent orders a title search when your house is first put up for sale. That way everything can be factored in up front.

Common Short Sale Mistake #2: Unrealistic Pricing. Because of the threat of a pending foreclosure, short sales need to be done as quickly as possible.

If you price a property more expensively than similar homes, then buyers won’t be interested. As a result the home won’t sell and risks being foreclosed upon.

On the other hand avoid a low asking price. If the short sale offers are too low, they will be rejected by the lender.

I recommend finding the fair market value and listing the house at that price. Price adjustments can be considered on a regular basis from there.

Common Short Sale Mistake #3: Not using photos of the inside and outside of the home in marketing. Most buyers start their home search online. They browse lots of different websites looking for the one that works for them.

If a buyer likes the pictures of your home, then they will schedule a showing. But, if there are no pictures, then it is unlikely they will ever look at it. With all the homes for sale, they have lots of homes with pictures to choose from.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at phil@teambrealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for greats tips and information on short selling in Chicago www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. phil@teambrealty.com.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

View My homes for sale at www.BetterLivingRealty.com

Chicago IL – One of the short sale documents that your lender will require is a Financial Statement. When you fill it out, don’t make the mistake of not including all your monthly expenses and total debt owed.

Many sellers don’t include all of their debt or monthly expenses. I recommend you include the debt and the monthly payment even when you are behind on payments. In addition, you should include anything that you pay for each month.

Education, groceries, and credit cards that that are behind six months should be included. This may not seem important. But it can have big, long term consequences. Let me explain.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

If you make this mistake, you could be liable for income taxes on the loss. You can be liable for income taxes when short selling a house that you don’t live in. However, some experts say income taxes can be avoided. How?

If you can show that you were “financially insolvent.” I have seen this definition of “financially insolvent” thrown around a lot. The definition is when all of your assets are worth less than your total debt.

According to the experts you are technically insolvent if your house, car, personal possessions, etc are worth 300k, but you owe 380k. Remember, I am not giving you these examples as tax advice.

(Talk to a qualified tax professional before making any financial decisions.) I am simply telling you the reason these mistakes should be avoided.

Here is the other reason you want to avoid this mistake. Many short sale guidelines state that a short sale can only be approved when you cannot afford a property.

This is the case for VA Short Sales, FHA Short Sales, Fannie Mae Short Sales, and Freddie Mac Short Sales. In addition, Fannie Mae & Freddie Mac recently changed their deficiency guidelines.

They state that they will completely release the debt if you are short selling and have a legitimate hardship. However, if you do not have a legitimate hardship, then they may pursue you for the loss.

A legitimate hardship is when you cannot afford your house payment. Not adding 1-2 bills to your financials could tip the scale where you could afford the house. In that case, Fannie or Freddie might pursue you for the loss.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great news and stories on Chicago short sales www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.  We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on avoid this mistake on your financial statement is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – People with a VA loan often ask if they are eligible for a short sale. The answer is yes. A VA Short Sale is called a VA Compromise Sale. The Department of Veterans Affairs publicly releases copies of the Compromise Sale Guidelines.

We usually list the property for sale and then submit all the short sale paperwork after a contract is accepted by the seller. The lender will order a VA Appraisal. All the appraisals go thru a VA Loan Center. There are 9 Regional VA Loan Centers as of today.

After the appraisal is done, I always call the local VA Loan Center. I fax them a request for a copy of the appraisal. They will fax me a full copy of the appraisal.

I can see everything on the appraisal. All the comparable sales they used, etc. I love it because it makes the short sale process more transparent.

Now if only we could get Fannie Mae & Freddie Mac to do the same thing! If I think the appraisal has inaccuracies, then I can request a dispute. Most of the Loan Centers have an appraiser on staff that handles disputes.

Here is how to find out if you have a VA Loan. On the mortgage recorded in the public records, usually 1-4 pages past the signature page will be a VA Rider. At the top it will say “NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS.”

The picture below is from a VA mortgage. The page for the VA mortgage was 2 pages below the original signature page of the mortgage. The pages between this and the signature page had the notary signature and the legal description.

These are fairly simple short sales. They are tougher than others because VA will not accept a sales that nets them less than 88.13% of the VA appraisal.

I don’t think they allow exemptions. I don’t know because I have never asked for one. The lenders are not delegated, at least not in my experience. The process is the lender assembles a package and submits to VA.

Will I get a Deficiency Judgment on a VA Short Sale? They will give a complete release if a seller participates in the short sale program. But, the borrower has to pay back the loss to be eligible for a VA loan.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently or email it to your friends for updated news and information on Chicago short sales www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.  We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Chicago Short Sales: how VA Short Sales work is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – Many people avoid buying a Chicago Short Sale. This is because they have heard a horror story about short sale purchases.

An experienced agent will tell you if your offer is realistic. They will guide you away from listings that have a low chance of being approved.

They know the good short sale agents who can get you offer approved by the lender and the extra contract clauses that have to be added.

Tip #2: Ask for updates every week or two. Regular updates will let you know that everything is progressing on schedule.

It will take between 30 and 60 days for the short sale lender to give an answer to the offer. So be prepared to wait it out for that long.

Tip #3: Always do a visual inspection before you start the 30-60 day wait. Some short sale properties are not in good condition. Before you start the waiting process walk around the house and do your own visual inspection.

You can spot a lot of potential issues before you waste 30-60 days waiting for an answer on the short sale. Look for water leaks, foundation cracks, and aged roofs, etc.

Tip #4: Always reserve the right to an inspection. Don’t give up the right to get the home inspected when you make the offer. You don’t want to be locked in with no inspection clause after the short sale is approved.

Tip #5: If you are buying a short sale or bank owned property, then pay the extra money for a top notch inspector. Some (not all) of these properties have problems that don’t stand out.

You don’t want to be stuck with a lemon after you purchase. The best, most qualified home inspectors usually have a waiting list. They charge top dollar for their services.

They might charge 20-50% more than other inspectors. But, it is worth it. They might save you on a $5,000 or $20,000 repair that another inspector would miss.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at phil@teambrealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. phil@teambrealty.com.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.

We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

View My homes for sale at www.BetterLivingRealty.com.

Chicago IL – People often ask me, “How does a short sale work for the seller?” A short sale is usually very beneficial for the seller. Here is how the process goes.

First, the seller will put the home up for sale with an agent. It will usually take 1-3 months for the house to sell. During that time buyers will come with their agents to look at the house.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Once a buyer makes an offer and you decide to accept it, then we will begin negotiations with your lender. The good news is that you won’t have people looking at the home anymore.

We will gather all of your financial paperwork. That will be submitted to the lender along with a copy of the sales contract and an estimated closing statement. The closing statement lays out all the sales cost and what the lender should expect to net from the sale.

The lender will review everything and give us an answer. They will either approve the short sale offer, or give a counter. If they accept it, then you will have between thirty and forty-five days to move out.

If they don’t like the offer or terms, they will issue a counter offer. Here are some commons counter offers that we have seen. “We want the buyer to pay $123,000.” Or, they might ask, “Before we can review the file, we need copies of the seller’s bank statements for the last 2 months.”

After we provide them with the necessary documentation they will usually issue an approval. Sometimes they gather all the stuff they think they need and then turn around and submit that to the actual owner of the loan.

In an estimated 80% of cases the loan is not owned by the bank or lender we negotiate with. So the short sale will be approved or denied based on their criteria.

After the final approval, the buyer will do their standard stuff. They will often order a home inspection, survey, and appraisal. After that is complete the closing will be scheduled.

The closing will be handled by either a title company or a real estate attorney. You will move out before the closing and bring your keys to the closing. Depending upon your situation it might be a sad day, or a happy day.

A short sale means many different things to people. Some people are unhappy that they are moving out of what was their dream home. If that is the case, we will be there to help. You can cry on our shoulder. Because we have worked with other people in your situation, then we will understand how you feel

Others are happy that they were able to get rid of an unwanted house without owing any money. If that is the case, then great. We will be happy because we helped you get rid of the burden of debt.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for news and information on Chicago short sales www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on How does a short sale work for the seller is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – Are you looking for a Chicago Realtor that specializes in short sales. It is important that you pick the right agent. Many agents turn down short sale listings because they are unfamiliar with the process. These transactions are much more difficult and complicated than your average real estate transaction.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Because of the foreclosure process, you usually only have one chance at a short sale. If your first agent isn’t competent, then you risk losing your house to foreclosure. Then you have to wait another 5-7 years to buy your next house. First, ask the agent you are interviewing why they qualify to help you. Do they have any special short sale training or designations? Many agents have taken specialized training and education. They care about being up to date with the current trends in the market.

Next ask them how much experience they have selling short sales. An agent who has closed a few short sales is a lot better prepared than an agent that has not. You want someone experienced working for you.

Who is your lender? Ask the agent is they have closed any short sales with your lender. Every lender handles short sales a little bit differently. If your lender is ABC Lender and the agent has experience with ABC Lender, then they already know the process. Your agent will be prepared because they are familiar with that lenders’ process.

After that, ask the agent how they negotiate their short sales? They may do the follow up themselves. Or, they may hire a competent title company or loss mitigation company to do it for them. Either way is fine. Just make sure the person handling your file is suited for the job.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for news and information on Chicago short sales www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.  I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on How to find a Chicago Realtor that specializes in short sales is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – A hardship letter is one of the most important items in a short sale. This is your opportunity to explain why your lender should approve your short sale and let you walk away from the debt. In clear terms, you need to layout exactly why you can no longer afford to keep the property.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Under no circumstance should you say any of the following. “I don’t want the house anymore.” “It doesn’t make sense to keep the house because it isn’t worth what I owe on the mortgage.” Or, “I can afford the house, but I think paying the mortgage is a bad investment.” Absolutely do not say anything like that. Instead, say the following.

“Our income went down and we can no longer afford the house.” “I lost my job and we are running out of money fast.” Or, “I would love to keep the house, but in our financial state forbids that.” Your hardship letter is your best shot at selling the short sale negotiator on approving the short sale and releasing you from the debt. What you say matters.

Here is a sample layout for a hardship letter.

Your name and the address of the property.

Your mortgage company info and your loan number.

State that you are having problems and would like to sell your property as a short sale.

State the reasons you are having financial problems.

Explain your situation in a little more detail.

Finalize the request.

Put your name down.

Sign and date above your name.

Here are some of the acceptable hardships you can put in your hardship letter.

Loss of job.

Loss of income.

Business Failure.

Unexpected medical bills.

Military Duty.

Death in the family.

Imprisonment.

Illness of breadwinner.

Forced relocation for work.

Please keep in mind that a real person will read your hardship letter on the other end. That person is probably super busy. It is helpful to bold certain items and keep the letter under 2 pages long.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.  Remember to visit my Chicago short sale blog frequently for updated news and information on Chicago short sales www.Chicago-ShortSaleBlog.com

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on how to write a Hardship Letter is provided as a courtesy to our viewers to help them make informed decisions.

Illinois home foreclosures fall 14% in August

Illinois home foreclosure activity fell 14. 25 percent in August compared to the previous month. A report released Thursday by Irvine, Calif. -based RealtyTrac shows Illinois with 16,808 foreclosure filings last month. Filings include default notices, auction-sale notices and bankrepossessions. The filings represent one in every 314 housing units in the state. That rate is 29 percent higher than in August last year and ninth-highest nationally. Nevada had the nation’s highest foreclosure rate – one in every 84 housing units. Other states with foreclosure rates higher than Illinois were Arizona, California, Florida, Georgia, Idaho, Michigan and Utah. Source is –Associated Press