Short Sales In Cook County, IL
Cook County short Sales, Cook County short sale expert, Cook County short sales realtor, broker associate short sale help, realtor help with short sales, CDPE®.
I am a REALTOR® who specializes in helping sellers with short sale transactions in Cook County, Illinois, pre foreclosure in Cook County Illinois, purchasing real estate in Cook County, selling homes in Cook County, Illinois, Cook County real estate, Cook County residential real estate, Cook County, Il and more.
If you want to avoid foreclosure, your first step is to call your lender! If you are having difficulty paying your mortgage on time, it's important to act now before things get so bad that you are facing foreclosure. In a situation where you want to sell your house, but it is at risk for foreclosure, your best option is short sale.
A short sale is a way to avoid foreclosure! It's very common in today's depressed real estate market for home sellers to receive offers that are less than the amount owed to the lender. A short sale is when a bank is willing to sell for less than what is owed.
Facing Foreclosure? Do you have a valid hardship? Consider a Short Sale! Consult a Short Sale Expert in Cook County, Illinois!
DON'T LOSE YOUR HOME TO FORECLOSURE, Avoid Foreclosure! I CAN HELP YOU!
I am a Licensed Real Estate Broker with over 12 years of experience and a Certified Distressed Property Expert
Foreclosure is NOT the only option!
Contact me, Cathy Maier, and let's get started 708-466-0310
The Foreclosure Fairytale
There is a lot of misinformation out there.
I would not be surprised to find out that you have heard that a foreclosure is sometimes the best option for you. Nothing could be further from the truth. For the vast majority of homeowners out there who are in danger of losing their homes, a short sale represents a vastly superior option.
The reality is that a foreclosure is a devastating option.
As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, I have put together all of the benefits of a short sale over a foreclosure in a free report that is available to anyone.
Take a look at my site and download a copy of my free report entitled "The Foreclosure Fairytale" Then contact me for a free, confidential consultation.
Short Sales Explained
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.
If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.
Understanding your options now could mean all the difference in the world.
There is no cost for professional representation! The lender covers the costs of the real estate commission. Make sure a qualified real estate professional is representing you!
Other things to know about short sales:
- The short sales procedure can and does vary from lender to lender.
- Seller will not receive any excess funds.
- Seller may not remain in the property after the sale even with permission of the new owner.
- Seller will not receive a refund of any escrow accounts.
- Seller may be asked to sign a note for the deficiency at closing.
- There can be no substitution or assignment by buyer.
- Even though a short sale is pending, the lender can still foreclose on the property
- Buyers must be patient because the short sale process can take several months.
REO, definition of REO - Real Estate Owned. Property which is in the possession of a lender as a result of foreclosure or forfeiture.
Foreclosure, definition of foreclosure - The legal process by which an owner's right to a property is terminated, usually due to default.
Definition: BPOs are often associated with foreclosures and short sales. A BPO, or broker price opinion, is a broker's opinion of the value of a property in the current market.
Do not hesitate to call me for free service in South Cook County IL, and for more information, or if you have any questions about listing and selling your short sale property in Cook County, Will County, or DuPage County, for free!
I don't charge any fees for short sale listing and service! In a successful short sale your bank pays for the Realtor commission, attorney fees, title company fee, and any other closing costs.
Call for a FREE consultation today.
In addition to being a short sale expert, I represent traditional buyers and sellers as well. Don't hesitate to contact me with your real estate questions.