COMMON SHORT SALE QUESTIONS| CHICAGO SHORT SALES| PRUDENTIAL RUBLOFF
My Chicago Short Sales Team is constantly answering all types of questions from clients and customers about short sales. Whether we are talking Chicago Short Sales, Naperville Short Sales, Skokie Short Sales, the answers to these short sales questions are the same!
Question: Can I Live In My Home When I List My Home As A Short Sale?
Question: Can I Get A Credit or Profit At Closing With A Short Sale
Answer: NO..Lenders will not allow you to walk away from a short sale with money while the lender takes the loss
Question: Can I Sell My Chicago Short Sale property To A Family Member?
Answer: NO....A Short Sale Must Be An "ARMS LENGTH" TRANSACTION...The property cannot be sold to anyone you have a relationship with.. You will be required to sign the appropriate paperwork pertaining to this
Question: Will My Credit Drop From A Short Sales?
Answer: YES... Your credit will take a hit with a short sale, plus if you are not making payments those missed payments will also lower your credit score. However, you credit will not be as damaged like it would be if you foreclosed.. And in some cases, you can purchase another home in 2 years with FHA financing.. Whereas you have to wait a minimum of 7 years to buy a home after you foreclose.
Question: My Chicago Home Is Scheduled To Foreclose In A Few Weeks, Can I Still Attempt A Short Sales?
Answer: Yes! Waiting until the last possible second to attempt a short sale is not something we recommend, but if you are in this position you still have a chance to short sale your home. Banks dont want to foreclose on people because it costs them money to do this so they would rather work with you on a short sale. Timing is crucial so if you have a few weeks left before you foreclose, you need to get the house on the market ASAP and hope you can get a buyer ASAP.. Bottom line is BE PROACTIVE, and DONT WAIT TO THE LAST MINUTE to try a short sale.. The sooner you get the ball rolling the better
Senior Broker| CDPE
Office 312 264 1176
Cell 630 327 9136