Short Sale Condos

Short Sale Condos are becoming more and more popular in today’s home market. A short sale condo is condo that is currently for sale. The owner has defaulted on the mortgage, often time for various different reasons, and they have agreed to try and sell the property before the bank forecloses on it. Many times a short sale condo has benefits to both the buyer and the seller. For the seller, if a condo, or even a home, is sold through a short sale, it is not considered to be a foreclosure and the seller in most cases walks away from the mortgage without have a foreclosure on their credit rating. However, the missed and late payments would be on their credit report which is far better than having a foreclosure on their credit report. Often times, the foreclosure process can be lengthy and the homeowner does not know when they will have to vacate the premises. But when there is a short sale, it is clear that they must give up possession at the time of closing.

Advantages for the buyer would be that in many instances, the bank is willing to settle for an amount that is less than the original amount owed. This makes it a great buy for a buyer and will often times stretch the buyer’s dollar. Unfortunately, the wait for an approved offer varies. But on the other hand if the deal is that great, then it is worth waiting for.

Short sale condos are not limited to one area. You can find short sale condos and even homes in almost every neighborhood of Chicago as well as many of the surrounding communities. Short sale condos and homes are available in all sizes and in all price ranges. Often times the longer the property sits on the market, the more drastic the price reduction becomes.

At OwnACondo.com, our Condominium Specialists are knowledgeable in the short sale process. We represent both Short Sale buyers and sellers. So if you are in default of your mortgage, there is hope in trying to sell your property and at OwnACondo.com we are experienced and can help eliminate some of your stress. So call the Short Sale Condo Specialists at OwnACondo.com today. Find out first hand why more and more buyers and sellers are calling us to them through the process of buying and selling condos in today’s market.