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This is a new sign of the times, I don’t go a work day today without talking about short sales or foreclosures. A short sale is a method to sell the property that you legally own but where you owe more money on it than what the market could fetch today. Unfortunately many properties purchased or refinanced to maximum market value within the last 4 years fall under this category so there are many clients experiencing this situation. When selling you have the option of bringing the balance of what is owed to the closing and avoiding any short sale, you take the loss and move on; for many people that are looking to make another purchase right away this is a great option. Unfortunately bringing money to close the deal when selling is just not possible for a lot of people so we must look at the alternatives. You can stay in the property and live out the market until it recovers enough for you to make the move. You can rent your property and basically you have just bought an investment property, if you are purchasing something else make sure that your lender looks at the details of this to make sure they would not interfere with your next purchase. If you are in a situation where staying in the property, or keeping the property if an investment, would eventually lead to foreclosure then you may qualify for a short sale. There are many paths that lead to qualifying for a short sale but in all situations there must be a hardship associated with the sale; such as loss or reduction of wages, illness, inability to make payments due to too much debt and sometimes even reduction of property values. There are specific ways to market and write contracts for short sales to aid in the negotiations with the banks. Short sale procedures vary greatly from bank to bank and even then from account to account so although there are no guarantees of an acceptance it is your best move to seek an agent with ample experience in the short sale market. You don’t necessarily have to be late on your mortgage payments to qualify for a short sale. Many of my clients that have applied for a short sale have been offered reduced payment terms by their lender along the way. The way your credit is reported in a short sale varies from bank to bank and also on each individual account. A short sale is usually a better alternative then a foreclosure (where you let the bank willingly or through the courts repossess the property). Short sales can be done in just about any type of property to include vacation homes, investment property, luxury property, commercial properties and of course all owner occupied residential properties. A short sale is a distressed property sale, the National Association of Realtors certification is the CDPE (Certified Distressed Property Expert) More Information on Short Sales: www.shortsale.chicago312.com More Information on how to Avoid Foreclosure: -->>Avoid Foreclosure<<-- Santiago Valdez|Realtor® CDPE—Certified Distressed Property Expert
RE/MAX Signature North|5135 N. Ravenswood|Chicago, IL 60640
cell 773.858.2410|office 773.290.6134|fax 800.627.0132
email Santiago@Chicago773.com | website www.MainChicago.com
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Mobile 773-858-2410
