Earlier this fall, Chicago attorney Peter Marx came to our weekly sales meeting at Coldwell Banker’s Gold Coast Office. He had been invited to speak to us about “short sales.”
Until this year, I had never been involved in a short sale. Now, I have good friends who purchased a condo in a conversion in 2005 and have since seen the interest rate on their loan reset to an excessive rate (over 9%) and the husband lose his job. My team and I at Coldwell Banker have been trying to help them sell their condo for a price in excess of their mortgage amount but have received no offers. So, just last week, we canceled and relisted their home at a price that is more than 10% below the principal balance on their mortgage. When we get a buyer, we will work with Peter to contact their lender and negotiate a short sale.
Given that short sales are becoming more frequent in our Chicago area residential market, I asked Peter if he would consider writing a guest post for the blog that I could share with our readers. If you’re considering a short sale yourself or are just curious about this arrangement that has been grabbing headlines, you will find Peter’s post very helpful.
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