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If you’re considering a short sale, you’ve probably been emotionally drained. If you’re in default, you have most likely been receiving daily phone calls and numerous letters from your lender. Maybe you’ve had third party purchasers (with access to public data regarding pre-foreclosure status) reaching out to you, and you maybe have been contacted by real estate agents scanning those same databases.
Here is my advice, step-by-step:
- Decide that you are not going to wait any longer, and you will take the situation by the reins. Decide that you are going to do everything you can in order to avoid foreclosure. By making this decision, you will control what happens instead of letting the process determine your future.
- Find an experienced, competent, and highly-recommended real estate agent to represent you. Ask around (you don’t have to declare your situation), search online for exposure, reviews and professionalism, and most importantly: INTERVIEW THEM. Be sure you talk to at least two agents. Some basic questions to ask an agent can be found here. These do not include short sale specific questions, but those will follow on this very same blog shortly. But know that not all agents, regardless of overall real estate experience, are suited to handle a short sale transaction.
- Find an experienced real estate attorney. When interviewing agents, be sure to ask who their recommended attorney partners are in terms of short sales. A very important thing to realize is that your uncle, the tax attorney, will not be your best selection for a real estate transaction, let alone a short sale. Find an attorney that specializes in short sale transactions, can clearly describe their experience, and is approachable. You must feel comfortable with your attorney as you are going to have many questions through the process.
- Discuss the situation with your accountant or tax professional. Depending on the state, your property, and your financial condition, there may be tax consequences. Know about these before moving forward as they may be very impactful.
- Prepare yourself for the short sale process. A great agent and/or attorney, experienced in short sales,will set candid expectations on how the process will run, what the pitfalls might be, and what the potential impact for you might be down the road. However, in all short sale scenarios you must prepare yourself to be patient, to be willing to provide all types of financial documentation, and to be comfortable asking questions of those representing you, including your attorney and real estate advisor.
This information is very basic, but it helps set a road map to move forward. Short sales are prevalent, and so no matter how large or small your community or real estate market are, there are sure to be great real estate professionals that specialize in short sales. In our next episode we’ll discuss, in more detail, how to choose the real estate professional you will decide to work with.
If you’re considering a Chicago short sale and you need more information feel free to reach out to me and we can help look at your options and prepare you for what’s ahead. I founded The Chicago Short Sale Team and we’re here, with empathy, experience, and dedication, to help Chicago homeowners in distress.


