Do you want to purchase a new home in Illinois for a bargain? If you answered yes, then you should consider getting properties that are on a short sale. A short sale property always sells below the amount the current owners owe on it to their lender. Anything from unemployment to a divorce can force homeowners to sell their home for less than what it would have amounted to, provided they paid their mortgage regularly.
Experienced Illinois short sale attorneys from Covert Marrero Covert will ensure you get the best deal.
How To Buy A Short Sale Property In Illinois
Consult an Attorney
The first thing you need to do is consult an attorney who has experience handling short sale transactions. While you can use MLS listings to find potential ones, experienced Illinois short sale attorneys can help you narrow down your choices to ensure you make a wise decision.
An attorney will also warn you if a property you are interested in is approved for a short sale or is pending reviews from a third party. If the latter is the case, the process can take longer than you think. In some cases, the homeowner may not qualify for a short sale, so you will be wasting your time. A reliable attorney will also tell you if a short sale is worth your time and money or not.
Make an Offer
Once you finalize a short sale property to purchase, your attorney will start negotiations with the lender. If you don’t have a real estate attorney in your corner during this step, you may end up paying way more than the property is worth.
As a general rule of thumb, make sure your offer is competitive. In case of a short sale, it should be close to the property’s market value rather than the list price. Illinois short sale attorneys from Covert Marrero Covert can give you the best advice in this regard.
The offer stage is the longest step of the short sale process. The lender may approve the sale with or without conditions, counter your offer or reject the short sale. If your offer gets rejected, you and your attorney will have to repeat the process.
Once negotiations end, you should get an approval letter from the lender and a date for the closing. Most short sale lenders give 45 days before the closing date to give the buyer enough time to secure the mortgage before the approval letter expires.
Get In Touch With Short Sale Attorneys At Covert Marrero Covert LLP
If you are eyeing short sale properties in your area, contact Illinois short sale attorneys at Covert Marrero Covert LLP today. We will work with your realtor and the title company to ensure the transaction goes smoothly for you. We will also go the extra mile and recommend an experienced and trusted realtor if you want.
Our attorneys will also go through and revise the short sale contract as per your needs and advise you on everything from disclosures to potential repairs. We can also prepare the closing documents and handle title issues, so you don’t have to. All of our short sale attorneys are highly skilled negotiators and will ensure you get the best deal possible. Get in touch with us at any of our offices in Naperville, Warrenville, and Schaumburg for a consultation today.