CHICAGO SHORT SALES| WHAT IS A SHORT SALE?| CHICAGO SHORT SALES
What Exactly Is A Short Sale?
A short sale is the sale of real estate in which the sale proceeds fall short of the balance that is owed on the propertys loan. Basically, you are selling your home for less than what is left on the current loan balance. Short sales arise when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a MODERATE LOSS (key words here), is better than pressuring the borrower. Both parties (Bank, Borrower) consent to the short sale process because it allows them to avoid foreclosure. Foreclosure involves hefty fees for the bank and MAJOR CREDIT RAMIFICATIONS for the Borrower.
One key thing to keep in mind is that a short sale in itself DOES NOT ALWAYS RELEASE THE SELLER from the obligation to pay the remaining balance of the loan, known as the DEFICIENCY!!
Are you behind in your mortgage payments? Let my Chicago Short Sales Team help you avoid foreclosure! Call me to see how doing a short sale on your property can help you through this difficult time. Our Service is FREE TO YOU!
Senior Broker| CDPE
Certified Short Sales Professional| River North Short Sales Expert
Office 312 264 1176
Cell 630 327 9136