Preferred Investors Realty, LLC

Preferred Investors Realty, LLC

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

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Tuesday, August 30, 2011

Is Short Sale an Option for You?

Short sale occurs when a lender takes less on a mortgage than what is owed. Sometimes this is a better option than allowing the property to go into foreclosure.

A Seller will list a property and get an offer from a buyer which is less than for the amount of the mortgage. When the Seller accepts the offer, the Seller must ask the lender to accept the lesser offer. Then the transaction closes, with the lender's blessing, and the lender releases the lien, and the buyer accepts the deed.

Sounds easy, right?

In order to qualify for a short sale, you must meet the following criteria:

1) Your home's market value has dropped and is worth less than the amount due to the lender.

2) The mortgage is at or near default status.

3) The Seller has fallen on hard times, either through divorce, bankrupcty, death of a spouse, medical emergency or unemployment.

4) The Seller has little or no assets.

If you do not meet the above requirements, you may not qualify for a short sale. So, where do you start? Call a qualified real estate attorney, and also consult a qualified real estate agent if you do not know how much your property is actually worth. There are consequences, which I will blog about in further detail to come.

8:47 pm cdt

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We are proud members of the following organizations:

National Association of Realtors
Realtor Association of Northwest Chicago

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