Simultaneous Close and Short Sales in Illinois


I’ll try to get straight to the point. I’m a complete amateur when it comes to short sales. I have four deals pending, but I think I completely screwed up. I was working with a mentor (my mistake is that he was in Florida) and was trying to perform a simultaneous close.

Here’s what I did. I’ve collected the information for a short sale package for all my clients. My attorney drafted a Purchase and Sale agreement that gave my company the right to market the property. My first mistake was that I had my realtor list the property before the banks (well, only two of them) ordered a BPO.

The second major mistake I made was that I (and I guess my attorney) didn’t understand the “closing” process. Let’s say everything works perfectly (bank accepts a payoff … which is still iffy, we obtain a buyer for the properties), how in the world can I actually get paid? I don’t have the money, or the credit really, to close myself on the deals. Is there a way to fix these deals?

I’m still collecting paperwork for my last two deals, and have not listed them, nor have I sent anything to the loss mitigators yet. I’d greatly appreciate it if I could get some feedback on how I can do these deals properly.

Thanks kindly (and sorry about the previous rule violation … it was my misunderstanding).



Where in Illinois are you located? Or are the properties in Illinois and you are somewhere else?

Sorry for the late response, but maybe I can be of some assistance.

jon ,
you have to keep in mind that before you go telling the world you are selling properties, they have to be under contract with your :deal terms and conditions, now I know this banks have there rules, but you are the consumer, so let’s put a time frame on those properties with some clauses this part depents on your situation them closed the deal

that is
a)sales (bank)
b) buy (you)
c)want’s to buy from you right ! (new buyer)so he brings a check that goes in to an scrow account where he pays bank title is release from bank lien, you take title then you sale to him$$$ is all paper work that must be disclose keep the difference thats left :biggrin