What is a short sale?
A Short Sale is when the lender agrees to accept less than what’s owed on a mortgage that is secured by real estate via a sale of the property to a third party. With this agreement, the lender releases the borrower from the mortgage, thereby preventing foreclosure.
What are the benefits of a short sale to the homeowner?
The seller wins by avoiding foreclosure by selling their home before the foreclosure auction even if they owe more than its worth. If they were to sell the house the traditional way with a realtor without a short sale, typically they would have to bring tens of thousands of dollars to the closing to sell their own home. This is not an option for them because they are in foreclosure and don’t have any money. The lender typically will pay closing costs & commissions in a Short Sale to avoid foreclosure.....the Banks do not want to own your home.
What are the benefits to the lender?
The lender wins because they are getting some of their bad debt paid off. You see, when a lender has delinquent loans on their books, it affects how much money they can lend out in new loans because they are regulated by the FDIC. So the more bad loans they can get rid of, the more good loans they can then go ahead and acquire.
Also by taking a home to auction, they can lose tens of thousands of dollars.
So it’s a huge cost savings to them to do a short sale before the auction occurs.
What are the benefits to the buyer?
The buyer can get a great price, sometimes below market value.
Eric is a Certified Distressed Property Expert and also has his NAR Short Sales and Foreclosure Resource Certification. He has the knowledge & training to help.
For more detailed information on short sales please email or call 847.337.7090
Eric P. Egeland
Primary IL Service Areas: Libertyville 60048, Wheeling 60090, Deerfield 60015, Buffalo Grove 60089, Vernon Hills 600061,Lincolnshire 60069, Chicago Lincoln Park 60614 Lakeview 60657, West Town 60622, Bucktown-Wicker Park 60622, Long Grove 60047, Arlington Heights 60005, 60004, Prospect Heights 60070, Palatine 60067, 60074, Lake Zurich 60047, Lake Forest 60045, Northbrook 60062, Rolling Meadows 60008, Elk Grove Village 60007, Mount Prospect 60056, Highwood 60040, Libertyville 60048, Mettawa 60048 60045, Green Oaks 60048, Highland Park 60035, Glenview 60026 60025, Mundelein 60060, Fort Sheridan 60037, Des Plaines 60016 60018, Park Ridge 60068, Schaumburg 60173, Lake Bluff 60044, Barrington 60010 60011, Wilmette 60091, Winnetka 60093, Hoffman Estates 60179, Golf 60029, Niles 60714, Morton Grove 60053, Grayslake 60030, Gurnee 60031,Kenilworth 60043, Skokie 60077, Round Lake 60073, Round Lake Beach 60073, Kildeer 60047, Hawthorn Woods 60047, Deer Park 60047, Prairie View 60069, Glencoe 60022, Kenilworth 60043, Inverness 60010, Wauconda 60084, Johnsburg 60050, Schaumburg 60195, Algonquin 60102, Lisle 60532, Wadsworth 60083, Elmhurst 60126, Crystal Lake 60012, Lake in the Hills 60156, Antioch 60002, Saint Charles 60174, Downers Grove 60515, Hinsdale 60521 60522, Western Springs 60558, Clarendon Hills 60514, La Grange 60525, Frankfort 60423, Mokena 60448, Wheaton 60187, Bannockburn 60015, Riverwoods 60015, Burr Ridge 60527, Lake County, Cook County, McHenry County, DuPage County
If you need service in an area that is not listed above please contact us & we may be able to accommodate.