Real Estate in Barrington & The Northwest Suburbs: Get Some Skin In The Game or Avoid Short Sales in Barrington and Palatine

Get Some Skin In The Game or Avoid Short Sales in Barrington and Palatine

Short sales. Should you buy one in Palatine or Barrington?

In case you have no idea about short sales the simple overview is this. The homeowner must sell and cannot fully repay his mortgage loans. So he will ask them to approve the sale and receive less. i.e. short

So should you, can you and will you buy one. Much of this question depends on your personal circumstances so seek the advice and counselling of your Realtor for Palatine or Barrington. They can be long drawn out and often complex transactions. Any Realtor that has no experience of short sales might well create a problem for you, not willingly but just because of a lack of experience and guidance. As the broker of my company if my agents need assistance they know they can count on me to help them with short sales because I have been doing them now for three years.

So what do I mean by getting some skin in the game? There are some very simply rules when it comes to short sales which make them no different in Palatine or Barrington Illinois to any other home purchase.

1. The contract is between the buyer and seller, not the buyer and the banks.
2. The contract is binding at signature, not when the banks approve the sale.
3. The clock starts ticking immediately with regard to contingencies, the banks approval is a contingency.

What does this mean to you the short sale buyer?

1. You must have your attorney approval done in the contract stated 5 business days.
2. You must have any property inspections done in the contract stated 5 business days.
3. You should apply for your mortgage as soon as possible, but certainly within the contract stated 10 business days.

Where's the skin? Money. Simply...Money. You must show your commitment to the purchase, hire your attorney, pay your home inspector/s, write the check for your loan application. Be ready to close.

If you do not want to put skin in the short sale game here in Barrington and Palatine, then do not put offers on my short sale listings. I am not going to have you pull out in 6 months after the bank says yes, because you then found a problem on the home inspection that you did not care to deal with. You have caused my client to wait and anguish through six months hoping to sell only to find you are the cause of his foreclosure.

Thank you but we will wait for a buyer who is committed.

To buy or sell short sales in Palatine - Barrington - Lake Zurich and surrounding areas, let me help. I have the experience and close my short sales.

Contact:

Corinne Guest
Barrington, IL Realtor®/ Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

More information can be found at my Barrington IL Real Estate website. Research all the villages of Barrington, Deer Park, Inverness and Tower Lakes. Search all the Barrington Homes For Sale with no registration required. Sign up for new listings by email.

Providing buyers agent real estate services in the communities of the Barrington Villages, Palatine, Lake Zurich, Hawthorn Woods, Long Grove and Kildeer.

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