Short Sales and Foreclosures

Many buyers today are actively seeking short sales or homes in foreclosure.   The perception is that these properties are bargains and should sell for under the market value.  Many times this is the case.   Other times there are multiple offers for these sought-after properties, which can drive the price up.  Often these homes are in some state of disrepair, especially if older, as the homeowners have lost the ability to keep up the properties.

Over the years we have participated in many short sales and foreclosure transactions.  We track these listings on a regular basis as we always have clients who are interested. See some of the of the properties currently on the market.  Bottom of this page.

Things to remember about these properties:

•  The need for a short sale exists when the outstanding mortgage(s) exceed the current value of a property that must be sold.  These homes are still owned by the sellers.
• Homeowners who are behind in their mortgage payments attempt to negotiate a short sale with their lender to avoid having their property go to a sheriff’s sale and being obligated to pay back the shortage to the bank.
• Lenders agree to short sales when they feel it is preferable to accept a low offer that does not pay off the mortgage-in-full to waiting for the sheriff’s sale and starting the selling process all over from scratch.
• The ideal situation for the seller is for the bank to agree to a short sale and at the same time release the seller from any further obligation from the loan.  If this term is not included, there is little advantage for the seller to use the short sale.
• Short sales may take weeks to be accepted.  This can be frustrating as time permits other offers to come in.
• Foreclosures or corporate-owned properties are owned by the bank.  The homeowners have not been successful in a sale and the home is now vacant.
• Paperwork is extensive with foreclosures and the time for acceptance can be lengthy.  The bank provides no warranties or guarantees.
• Both foreclosures and short sale homes are sold “as is”, so do all inspections up front.

We have hundreds of foreclosures and short sale properties around the Chicagoland area.  For a customized search, contact us at 847-926-1697 or by email and we’ll set it up for you!

Current Short Sales and Foreclosures (We Also Have Access to Hundreds More)