Short Sales

Thanks to the current housing market, you can’t avoid the home search process without finding Illinois Short Sales.

The Majority of Short Sale properties for sale in ILare listed on the Multiple Listing Service (MLS). Sellers in need of bank approval usually require a quick sale, and need the help of an experienced real estate agent who is experienced with short sales.

What are Short Sales?

A short sale is simply a property where the owner owes more than the property is worth. Short sales usually happen among properties that are in default where the homeowners are behind on their mortgage payments.

Some of the time it is best for lenders to approve a short sale rather than let the house foreclose. Foreclosures are
Sometimes short sales are approved even when the homeowner is not in default. These cases usually occur when a borrower has more than one mortgage. The second loan is in a bad position, and if a foreclosure were to happen would likely receive no money. These second loans attempt to convert the loan from a real estate lien to a personal loan in order for the borrower to be able to sell their real estate. When this happens the borrowers still usually need to repay the loan amount due.

Purchasing Illinois Short Sales

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Purchasing short sales is similar to purchasing traditional Illinois real estate. The big difference is that it requires substantially more perserverence, uncertainty, and waiting.

There are a few more steps required with short sales When you make an offer on a Short Sale property it not only needs to be approved by the homeowner, but also by the mortgage lien holders. Waiting for the bank approval can take a very long time and is especially frustrating. When priced low, short sale homes typically get multiple contracts, after waiting months for third party approval all of the interested parties might have been withdrawn in purchasing the short sale.

Short sales in Illinois are often priced low because the seller isn’t going to net any money from the proceeds of the sale, and so aren’t concerned about obtaining the highest purchase price possible.

Short Sales are sometimes priced below market value to attract offers before the file will be reviewed by the loss mitigation department. To encourage offers listing agents like to price the homes below market value to get the ball rolling.

This is why short sales have a higher probability of getting a undervalued home.

What Properties are IL Short Sales?

Short Sales in Il can be any type of home. They can be houses, ranch homes, cottages, townhomes, condos, lofts, condominiums, multi family homes. Short sales are found among starter homes as well as luxury homes for sale. Illinois Short Sales are found in the ghettos as well as in gated communities and really nice neighborhoods. The style and size of the home isn’t what matters. Short sales are determined by borrowers owing more on the home than it can sell for. Short Sale homes for sale were usually homes that were purchased or refinanced during the housing boom.