From In-Portal Developers Guide

Current revision

Items to Know When you are conducting a brief Sales in Chicago

Know your streets - Short sales in Chicago are a bit different from other markets you may be familiar with. Chicago is full of pocket areas that may come up with a house using one street very desirable and not two blocks away. For example, you'll be able to go to the South Shore area and locate three blocks in which the neighborhood is clean, selling, and contains no signs and symptoms of negative tenants. But go 2 blocks over, you have a combat zone! That's why learning Chicago neighborhoods is most crucial when performing short sales.

Example - Should you submit a deal on the bank plus they counter you, even though their comps are from 2 blocks away, you can use the truth that it's a different nieghborhood in your favor. By way of example, a 3 flat brick in South Shore is going to be addressshortsales another from a Grand Crossings 3 flat. You have to know more then everybody else in the negotiation!

The BPO - When you turn up with the property, for any BPO, ensure you contain the following on hand: crime reports, comps, hardship letter from homeowner, and a report of damages from an inspector. Realize that most BPOs are realtors who are required work meaning they do not know squat about structure, roofing, plumbing, and electrical. Ask the BPO when they are licensed in a of those fields, of course, if they aren't, submit that info the financial institution. You may look much more professional and credible then whoever the bank sends out.

You could make your produce an uneven number - This really is simple, just pick your birthday as well and constantly make that number portion of your offer. Numerous investors make bogus flat offers like $40,000 that this bank will imagine you don't know much and just want to get a secret cheap property. Instead, submit the sale at $40,713.00. People don't trust flat numbers; they trust numbers that appear to be planned!

Patience can be a virtue - Like my close friend Chris Keller of BluePrint Recovery Group once informed me, "the approvals will come!"

Join an engaged short sales group - This is probably the most crucial. There are numerous cds and dvds because of the right information, nevertheless, you must definitely join with a band of professionals. Be it your neighborhood REIA or otherwise, this is how you will find the oomph you'll want to keep going. I am going to suggest you join the BluePrint Recovery group. This group helps tons of homeowners get out of foreclosure and hang up them up with consultants and financial advisors so that you can look after them following the sale of their home. Send an email for his or her info.