One of the best ways to help buyers find a great deal is to connect them with short sale properties. Many times these properties will sell for less than the balance on the mortgage.
There is an element of suspense involved in purchasing a short sale. There will be a lot more competition in the bidding process. Like an auction, the sale will go to the highest bidder, but unlike many auctions, you don’t have to walk in with the cash. Your client just needs to be able to secure a mortgage.
Prepare your client to bargain the price down, but warn them that the seller isn’t going to do anything to repair problems. If the property owner were in a position to make repairs they wouldn’t be selling short. Your client must expect that any improvements on the property will be their responsibility. Use your expertise to spot a potential nightmare property. When your client decides to go for it, it will be will eyes wide and alert.
Boost your client’s chances of being successful by writing a decent offer, and including $5,000.00 or more in earnest money. Someone else with a higher offer but less earnest money can actually get passed over. Banks are looking for stable buyers. Make sure your client’s financing is lined up. Don’t include any contingencies. If you client can’t move on the sale immediately, you are wasting your time and theirs.
Prepare yourself for the upset client. Almost everyone struggles with losing a bid. Hopes can run high. The letdown is harder for some. Remain professional. Do your best to prepare your clients for dashed hopes. If you remain calm, and supportive, chances are in your favor—they will recover and continue to use your services
If you need the services of a Chicago Real Estate Lawyer, contact the Illinois real estate law offices of Paul Horowitz.
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