Chicago Area Short Sale Specialist
Real estate short sale. Chicago area help for Foreclosure and Pre-foreclosure Home owners.
A quick sale in real estate, called a short sale, can happen when a mortgage lender decides
they are willing to accept a pay off that is less than what is currently owed and due, due to a
borrowers' inability make payment or is in danger of being unable to continue making payments.
Will I qualify for a Short sale in the State of Illinois?
I'm especially concerned with the Chicago- Cook County area and the surrounding area of
Chicago, suburban areas.
While lenders seem to be easier to work with lately regarding qualifying for a loan modification
and/or qualification requirements to allow a Short Sale, there are usually three borrower
qualifications that most lenders require for a any Chicago, Illinois area short sale.
If I listed my home, who would pay for the short sale Realtors® commissions?
It's customary for the owner to pay in a normal transaction to sell a home but Short Sales are
different. In this case, the owner is unable to continue making payments and may not even be
able to make Property Tax or Insurance payments. In many cases, owners have no money to
repair or maintain their homes. Lenders in this case allocate money to cover all fees
associated with the sale of the property, including your Chicago area short sale specialist as a
necessary fee to find a buyer. In many cases, a home owner in true hardship will pay no out of
pocket expenses or just attorney fees for instance, to complete a short sale transaction.
How Can a Chicagoland short sale specialist help me?
As a suburban and Northwest Chicago area short sale specialist, I have helped many home
owners who are facing a difficult financial situation get a fresh start on their lives using a short
sale of their home to get rid of debt that is overwhelming them and is a long term debt.
Short sales are not part of "basic training" as real estate agents, and knowing about sales and
buying real estate is something you acquire with time and dedication to Real Estate Investing.
Those of us who are especially qualified and experienced in the art of Short Sales and
Foreclosure know how to help homeowners with Financial and Real Estate insight. Experience
is everything when it comes to consulting with a home owner considering default on their
mortgage. I'll make the recommendations to experts on Tax law, Atty's experienced in handling
Short sale negotiations with lenders and help you even before you default to understand if you
qualify to short sale or do a Loan Modification, request assistance and I will even help you slim
down your bills and strengthen your credit afterwards so you are ready to purchase a home
within 2 years of a short sale transaction.
My best advice, Don't walk away from your home, never give up! Visit my Short Sale website or
Archived Articles for more information on the short sale process. Alternatives are available to
help you fight the big bankers here at DefaultAdvocate.org. I consider it a great place to help
from a former Banking Head Loss Mitigator. Professional Realty Partners., Inc. believes in the
power of getting the word out on best practices to deal with defaulting homeowners.
Negative Equity - These are proceeds from the sale of a property, after all closing costs
have been calculated and paid, and it turns out there is no money left or less money than the amounts currently owed on the property,
This difference, a negative number is Negative Equity. Or being upside down, or short enough money to pay off all bills. Selling Short
is a way to regain a financial foothold on your monthly bills again. In this case, the lender will agree to forgive the excess balance if
you dispose of the property thru a sale. Which is considered performing to the terms of your mortgage agreement.
Financial Insolvency - Financial insolvency means the borrower has no other assets that would cover the difference between what is
owed on the property and the amount the property is able to bring in at sale.
Financial hardship - The most common reasons are: divorce or legal separation, loss of employment or full or partial loss of income,
job transfers or relocation, incarceration, medical emergencies or major medical expenses, death of a family member/especially death
of head of household, vacant rental properties or properties experiencing lack of income, damaged property which is beyond the
owner to correct, etc. Lenders are more likely to approve a sale based on a hardship which forces the owner to sell.
I hear other Sellers are getting money back for closing on a short sale?
The government came in and started the HAFA program, which was backed by the US Government, it allows homeowners up to
$3,000 to use towards relocation expenses. some lenders also offered incentives of their own in addition to money offered through the
HAFA program and now the newest HAFA program called HAFA 2 due to the largely failed original HAFA program. Although not
common, some homeowners saw upwards of $30,000 in incentives to short sell at the onset of difficulties in making payments.
Though the original HAFA was not able to help many due to qualification issues, it helped the lenders to see Loan Modifications and
Short Sales netted the owners of the pooled assets, better than foreclosure returns.