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Vol. 5, Iss. 3, You Tell Us: What is the most difficult part of performing a short sale or foreclosure sale?

by Chicago Agent

Frank DeNovi
Coldwell Banker Residential
Arlington Heights

The most difficult part of performing a short sale is the coordination of the all parties in negotiating a contract that is agreeable to all. That is why it is critical to have a seasoned short sale attorney assisting in the preparation and research needed to identify tax liens, mortgages or any other encumbrances to assure the buyer has clear title.

Mike Cuevas
Koenig & Strey
Chicago

The most difficult part of a short sale is simply the process itself, along with the perseverance. From preparing a full short sale package and sending it in appropriately to doing the actual negotiating with the lender, the entire process is much different from a typical real estate transaction. This is a process that, without the correct training, can cause your client to be one step closer to a foreclosure on their credit. One must know all the ins and outs of dealing with lenders, which will help you successfully close the transaction for your clients.

Tracy Andersen
@properties
Chicago

Depending on the real estate professional, I think that each stage of the foreclosure and short sale process could prove to be a challenge. For me, the hardest part of working with foreclosures and short sales is always making sure that the seller is comfortable throughout every step of the process, a time which is most likely some of the hardest months of his/her life. Each seller is unique whereas the rest of the progression is, for the most part, systematic.

Vera Stepanovich
RE/Max Market
Willow Springs

The most difficult part about working with a short sale or foreclosure is dealing with the bank. Foreclosures have become a crisis for us because we have to work with processors at the banks that are working on hundreds of files by themselves. The key to getting these deals done is persistence, documentation and determination. The paperwork is crucial, so do not waste your time with a client who will not get you everything you will need. Unfortunately, this is where the market is now, and it is up to us to get it healthy again.

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