Short Sales Condos in Chicago

"Break for sellers: Banks settle for less"

That was the headline for the topmost story on the front page of the Chicago Tribune in its May 31, 2008 edition.

Written by Mary Ellen Podmolik, the story detailed the rise in short sales, a real estate transaction in which a condo or house is sold for less than what is owed to the lender.

In a stagnant or declining real estate market, in which a seller may have very little, zero or negative equity, short sales can be advantageous to all parties involved, including:

• The seller, who is released from the property without a foreclosure and possible bankruptcy, the two worst marks on a credit report
• The lender, who accepts less than what is owed but does not have to put forth the time and expense of foreclosing on the seller and having the property sit vacant for an unkown amount of time with no payments coming in 
• The new buyer, who purchases the condo or house at a reduced price
• The condo association or neighborhood, which does not have a vacant property in its midst   

If you'd like to learn more about short sales and see if the process might be advatageous in your particular situation, call us toll free at 877-627-5643 and be sure to click on ShortSaleHelpCenter.com