Q & A Short sales: Some facts about Short Sales in Illinois
What is a Short Sale?
A short sale is when a homeowner is "short" when the amount owed on his/her property is higher than current market value.
When does a Short Sale occur?
Smart question! A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then "sold short" of the total value of the mortgage.
Are there homeowners qualifications to preform a short sale?
For a short sale to occur, the homeowners must qualify into any or all of the following circumstances:
This is a complicated process that takes the expertise of experianced professionals. I hold the CDPE designation and am ready to identify all possible options and, when possible, assist in the quick execution of the short sale transaction. I believe I have the resources to help "clear the fog" by having you research your options with other professionals, that is an attorney experianced with negotiating in your interest, as well as tax accountants.
If you have any questons or feel you may qualify for a short sale, please contact me for a free consultation. Understanding your options now could mean all the difference in the world.