The short sale process in Illinois is nothing if not detailed. These are not standard real estate transactions. Realistically, most people should prepare for delays on both sides of the deal. However, with the right guidance and attention to detail, short sales can go relatively smoothly.
One of the reasons that short sales take longer is that there are a number of parties involved. If you were buying a home this way, you might have banks, sellers and even other types of lenders involved in your transaction. please read on for a brief description of how this works and everybody’s role in the process.
Assuming you were the buyer, you would probably not work alone during a short sale. You would probably have the help of a real estate broker at the very least. You may also have various financial advisors helping you, such as mortgage loan officers or bankers.
Another person involved in your short sale would be the seller. This type of distressed property transaction directly involves the seller. That is because short sales are usually a compromise between the owner of the property and the lender.
Lenders are the third piece of the puzzle. additionally, as mentioned on the Dave Ramsey website, they represent one of the most important factors in closing your deal. They have to agree to any offer you make. Short sales typically have a price that the lenders have already accepted, at least on a preliminary basis. Even so, it is likely that they will reassess your offer as it comes in to make sure they are getting as much money as possible to make up for their investment.
As is true of most three-way negotiations and compromises, short sales take time in order to make everybody happy. Is important to avoid miscommunications and mistakes in order to expedite the process. Please do not think of this as legal advice. It is only background information.
