Are you in Pre-Foreclosure? Behind on your mortgage?

By
Real Estate Agent with RE/MAX SUBURBAN

A Short Sale may be the solution

 

What is a short sale?

A Short Sale is when the lender agrees to accept less than what is owed on a mortgage that is secured by real estate via a sale of the property to a third party. With this agreement, the lender releases the borrower from the mortgage, thereby preventing foreclosure. The lender typically will pay closing costs and commissions in a Short Sale to avoid foreclosure.....the Banks do not want to own your home.

What are the benefits of a short sale to the homeowner?

The seller wins by avoiding foreclosure by selling their home before the foreclosure auction even if they owe more than its worth. If they were to sell the house the traditional way with a realtor without a short sale, typically they would have to bring tens of thousands of dollars to the closing to sell their own home. This is not an option for them because they are in foreclosure and don’t have any money.

What are the benefits to the lender?

The lender wins because they are getting some of their bad debt paid off. You see, when a lender has delinquent loans on their books, it affects how much money they can lend out in new loans because they are regulated by the FDIC. So the more bad loans they can get rid of, the more good loans they can then go ahead and acquire.
Also by taking a home to auction, they can lose tens of thousands of dollars.
So it’s a huge cost savings to them to do a short sale before the auction occurs.

What are the benefits to the buyer?

The buyer can get a great price, sometimes below market value.

 

Not everyone will qualify for a short sale, but if some of the following criteria apply please contact me.
-You have a valid hardship- loss of income, medical condition, life changing event, etc.
-You have little or no equity in your home and can no longer afford it
-You are unable (or soon will be unable) to pay your bills on time

For more detailed information on short sales please email or call 847.337.7090

Thank You,

Eric P. Egeland
RE/MAX UNITED
847.337.7090
NorthShoreREO.com

 

Primary IL Service Areas: Wheeling 60090, Deerfield 60015, Buffalo Grove 60089, Vernon Hills 600061,Lincolnshire 60069, Chicago Lincoln Park 60614 Lakeview 60657, West Town 60622, Bucktown-Wicker Park 60622, Long Grove 60047, Arlington Heights 60005, 60004, Prospect Heights 60070, Palatine 60067, 60074, Lake Zurich 60047, Lake Forest 60045, Northbrook 60062, Rolling Meadows 60008,  Elk Grove Village 60007, Mount Prospect 60056, Highwood 60040, Libertyville 60048, Highland Park 60035, Glenview 60026 60025, Mundelein 60060, Fort Sheridan 60037, Des Plaines 60016, Park Ridge 60068, Schaumburg 60173, Lake Bluff 60044, Barrington 60010, Wilmette 60091, Winnetka 60093, Hoffman Estates 60179, Golf 60029, Niles 60714, Morton Grove 60053, Grayslake 60030, Kenilworth 60043, Skokie 60077, Round Lake 60073, Kildeer Hawthorn Woods Deer Park 60047, Prairie View 60069

If you need service in an area that is not listed above please contact us & we may be able to accommodate.


 

Comments (0)

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?