Short Sales in Chicago - Illinois Pre Foreclosure Listings:
Short Sale info: www.Chicago-IL-Short-Sale-Foreclosure.com/ShortSale
by Michael Sorensen - RE/MAX CITY REALTORS
Free Short Sale Listings in Chicago and Suburbs, IL
TEL 773-987-8224 ..call me anytime!
Free Short Sale Listings & Pre Foreclosure Service for Property Sellers in Chicago & Suburbs, Illinois (we are paid by the Bank).
by Michael Sorensen of RE/MAX CITY REALTORS
Serving Chicago & most suburbs in Northern Illinois.
(Michael Sorensen is one of the Top Producing Agents for the Number 1 REMAX Realty Office in Sales in Chicago Illinois in 2008)
TEL 773-987-8224 ..call me anytime!
Michael Sorensen, Broker ASC, ABR
Short Sale Specialist
RE/MAX CITY REALTORS
5435 N. Harlem Ave
Chicago, IL 60656
Main website:
www.ChicagoShortSalePro.com
Related Terms & Definitions.
Short Sale (Pre Foreclosure Sale - Short Sell - Short Pay).
Definition: Short Sale is a Real Estate Sales Transaction where the proceeds of the sale fall short of the property owner's outstanding real estate debt obligations (mortgage loans, real estate taxes, commissions, etc..).
A lender may agree to adjust the amount owed on the mortgage and accept less than a full payment to get the property sold and avoid foreclosure, by selling the property to a third party, forgiving the balance, if the seller is in financial hardship or must relocate, and a short sale is the only way to get the property sold.
Foreclosure.
Definition: Repossession of a real property. A legal process by which the lender forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage.
REO.
Definition: Real Estate Owned. Refers to Bank owned property aquired through foreclosure. If a property is foreclosed upon and does not sell at the sheriff sale (auction), it goes back to the lender and becomes an REO.
BPO.
Definition: Broker Price Opinion.
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www.ChicagoShortSalePro.com - TEL 773-987-8224 ...call me now
www.msorensen.illinoisproperty.com
www.msorensen.remax-ni.com
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