Preferred Investors Realty, LLC

Preferred Investors Realty, LLC

| | | | | | | | | |

Your referrals are our business!

See our reviews or write a review about us on Yelp! Click here.

7527 N. Seeley Avenue, Suite 1, Chicago, IL 60645 | Phone: 773.818.9054| Fax: 866.381.4238 | preferredinvestorsrealty@gmail.com

Archive

Newer | Older

Wednesday, September 2, 2009

A Word of Caution on Short Sales to Sellers, Agents and Attorneys

In the July, 2009 Illinois REALTOR® Magazine there was an article outlining a fact situation where an “investor” was seeking to purchase the property that would be a short sale subject to lender approval under an option contract and the investor/intermediary was then seeking another buyer to close immediately after the intermediary exercised the option and closed on deal #1 (after lender approval).

The Seller then assumes that the lender has the property “off the books” and they are out of trouble. Well, that may not necessarily be the case. The original distressed Seller is now receiving a "bill" for the unpaid amount of his note that he thought was forgiven!

While these scenarios may release the mortgage or security interest in the loan, they are not necessarily releasing the note obligation to pay the loan in full. The short sale seller should receive something from the bank stating that the obligation is "paid in full" or that the obligation has otherwise been forgiven by the lender.

Be wary of situations where there is an “investor” or “intermediary” in the middle. It is very important for these clients to seek legal advice in these situations.

12:01 pm cdt

Archive

Newer | Older

We are proud members of the following organizations:

National Association of Realtors
Realtor Association of Northwest Chicago

Chicago Womens' Realtors

All agents are licensed to do business in the State of Illinois.

Join Our Mailing List

By joining our mailing list, you will be the first to know about:
Breaking news about our business
Helpful tips
Exclusive special offers
To join, type your name and email address below and then click the Submit button:

Preferred Investors Realty, LLC ** 7527 N. Seeley Avenue, Suite 1, Chicago, IL 60645 ** 773.818.9054 office ** 866.381.4238 fax