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Hiring A Short Sale Realtor In Chicago Can Be Very Beneficial by Phoenix Delray
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Hiring A Short Sale Realtor In Chicago Can Be Very Beneficial |
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Real Estate
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When looking for a short sale realtor in Chicago, it is vital you hire one who has a lot of experience in short sale negotiations. If you hire a realtor who does not have experience in this area, then your home could go into foreclosure, which is very detrimental to your credit. There are realtors whose specialty is solely to negotiate with banks. Since this job is very time consuming, hiring a realtor who is a professional in this field will definitely be the most beneficial to you. They are professionals in foreclosure laws and rights and can protect you from getting taken advantage of by the banks. The short sale realtor in Chicago who specializes in negotiations will also be well versed in the qualifications and guidelines that a bank requires for a short sale approval. Hiring an experienced short sale specialist that is well informed about the changes in the various short sale programs can make the difference between approval and denial. The main reason why many short sales are denied is incomplete documentation from the homeowner. A short sale realtor will give you a list of documents you will need prior to your listing appointment and make sure you fill them out correctly. Banks will not review your short sale request for approval unless all documents are received and scanned into their systems. Many banks loose documents during the process and unfortunately that have also led to denials. If you turn in a complete package with the first submission the better your chances are for a timely review of your file and a subsequent approval. The short sale realtor in Chicago can guide you along this process smoothly to make sure all the necessary paperwork is filled out and turned in. Many times during the short sale process the bank will require additional documentation such as updated pay stubs and bank statements. The short sale professional you are working with will require the additional documentation so you must give him or her necessary paperwork so it can be turned in to the bank. The short sale process can take up to 90 days so these documents will need to be updated every 30 days. Many lenders require that the homeowner occupy the property as their primary residence until the short sale is completed so your realtor will advise you to stay in residence until the sale of your property is completed. If there is a line of credit or a second or third lien on your property it is important you let your short sale professional know this. He or she is going to have to negotiate with each lien holder on the property in order to convey clear title, which is a title free of any liens or encumbrances to a prospective buyer. Keep in mind; you will not have a successful short sale unless all previous liens are released. The short sale realtor in Chicago will guide you as smoothly as possible throughout the short sale process. For more information visit http://ilshortsaleagent.com.
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