Short Sale Condos in Chicago

Short sale condos in Chicago are now more abundant than ever before.  At a point not very long ago you would never hear of the word “short sale”.  And now, it’s heard constantly. What is a short sale condo? Basically a condo owner owns a condo that they owe a certain amount of money on called a mortgage.  Let’s give an example of Mary who owns condo that she owes $200,000 on. Mary starts falling behind on her monthly payments and it starts to not look good for Mary.  She tries to sell the condo through a friend Realtor, but it looks like the real estate market had taken a nose dive.  The $225,000 condo she bought three years ago now looks to be worth $ 175,000.  Is this possible?  It sure is.

Now Mary is having trouble paying her monthly mortgage.  She’s three months behind.  She can’t sell her beautiful River North condo in Chicago because no one is making offers.  She can’t sell it below what she owes because she doesn’t have the difference to give to the bank.  What can Mary do?  If Mary talks to the bank about her situation, the bank may decide that it would be in their best interest to take part of the $200,000 mortgage, let’s say $170,000 instead of taking it back in foreclosure.  In foreclosure, the bank would have to manage the condo sometimes for several months before possibly finding a buy for the condominium.  The bank decides to accept a payoff “short” of the loan amount.  They agree with Mary to accept the sale to go through at $170,000.  Mary is released from the note and the new buyer picks up the condo at $170,000.

Where are these short sale condos in Chicago? They’re everywhere.  Bucktown, Downtown, River North and South Loop.  Rogers Park, Schaumburg, Naperville and Oak Brook.  They’re the next door neighbors and your brother-in-law.  Everywhere you turn, there are short sale condos in Chicago for sale.  If you’re interested in finding out more information on short sale condominiums, contact OwnACondo.com, a real estate brokerage that specializes in condos only.  They can be reached at 630.812.2700.

It doesn’t look like short sale condos are going to be gone soon.  The way the economy is right now, you may see condos selling this way for a long, long time.  If the sale doesn’t go short, many times it turns into a foreclosed condos. And we’re seeing a lot of those right now.