As your local Manhattan IL Realtor and Short Sale Specialist I would like to spread the good news. Once again we were able to pocur buyers for two separate short sale properties located in Brookstone Springs of Manhattan. Both of these properties are listed as Short Sales which is not uncommon for this area because fo the market conditions.
Due to the drastic price reduction in the area and the Special Service Area fees that Centex builders burdened the homeowners with, it has been increasingly more difficult to sell these homes and townhomes and nearly impossible to sell as a traditional sale because of the amount most homeowoners currenlty owe.
This leaves most of the homeowners in this area with minimal choices. One choice is to continue to live in the property until they are able to pay the loan off or until the market recovers. Unfortunately the market it is unlikely to recover to the point of being able to close that gap enough for homeowners to pay the difference. The other choice is for homeowners to sell as a traditioanl sale and bring the difference of what is owed vs. what the home is worth The unfortunate truth is that most homeowners in today's market do not have tha type of additional money. The third and increasingly more common approach is to attempt a Short Sale.
I have successfully closed well over 35 Short Sales and understand the process and know what to expect with these types of transactions. If you were to Short Sale your property in Brookstone Springs you would be asking your bank to accept less than the total amount due and to forgive you for the difference. The SSA will transfer with the property so you would not be responsible for the remaining amount. In fact, a majority of my clients do not pay a dime when completeing a Short Sale. The real estate commission, attorney fees, standard seller closing fees and other expected costs are all covered by our lender as part of the loss.
Homeowners that would qualify should have some type of hardship. Ther term hardship is very vague so I will give you a few common examples. This is not specific only to these, these are just commone hardships I have been successful at getting approved for Short Sales. Some are more obvious than others but to date I have not had a single client get denied because they did not have a valid hardship.
Common Short Sale Hardships
Divorce, Separation, Reduction Of Income, Loss of Job, Job Relocation, Sick Family Member, Death Or Injury In Family, Military Orders, Increased Expenses (increased taxes, addition of family member, increased monthly expenses etc), Adjustable Mortgage Rate increase, Inability To Maintain Property. Anything that might put a burden on you to pay your mortgage along with any exisitng debt or expenses. Just so your clear, if you have to go late on other payments to pay your mortgage, there is a financial burden there so it is likely you will qualify for a Short Sale.
Some of the common banks, lien holders on the area that I have worked with on Short Sales are as follows: Bank Of America (BOA,BAC), Nationstar, JP Morgan Chase, Citi Mortgage Inc, Wells Fargo, Fifth Third Bank, Harris Bank, HSBC, AHMSI, Central Mortgage Company, GMAC, Indy Mac, US Bank, Litton, Aurora, Seterus, Met Life ASC, LPS, Green Tree, Wachovia. There are many others, too many to list here.
If you would like more information on Short Sales, what to expect or your other options, please feel free to contact me directly at 708-620-4460.
Raymond Kennedy
Illinois Real Estate Broker / Realtor
Keller Williams Preferred Realty
708-620-4460
www.IllinoisShortSaleAgent.com
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