Elmhurst

Elmhurst, IL Short Sales

(877)737-4903

What is a Short Sale in real estate? A short sale is a type of transaction that can occur when a homeowner is typically in financial hardship and must sell their property. In a short sale, all lenders and lien holders must agree to accept a payoff of less than what is owed on the property in order to avoid a typically inevitable foreclosure proceeding.

What are the benefits of a short sale? A short sale is not the best option for every home owner in hardship, but it is certainly the most logical for most. Many of the alternatives such as loan modifications or repayment plans are like putting a band-aid on a hemorrhage, as they usually only delay the inevitable. Foreclosure and bankruptcy also have very significant long term consequences. A deed in lieu of foreclosure shows up on credit, and can even leave a borrower liable to repay their lender for losses in the future. Here are a few good reasons why a short sale may be the best alternative:

1. A short sale is free for you, and is an “as-is” sale. You will not be required to make any repairs to the property or pay any closing costs at all, including traditional Realtor fees. There is no cost at all to have The Orrico Team, your Elmhurst Short Sale Realtors, by your side.
2. In a short sale, your lender will provide an approval letter that can offer full forgiveness of the debt and release you from repayment.. In a foreclosure, a lender can pursue a deficiency judgement against you years in the future in most cases. Because of this liability, a foreclosure often forces many into bankruptcy.
3. In most cases, we are able to get relocation money back from your lender in order to do a short sale. This is typically a few thousand dollars, however we have helped home owners get as much as $40,000 back at closing in the past.
4. A home owner can typically recover from a short sale in two years and be ready to purchase again with a Fannie Mae backed loan. A foreclosure can make it impossible for seven years.
5. In many fields, especially financial or government sectors of employment, a foreclosure can effect current and future employment. A short sale is not even public record.

For more on the impact a foreclosure can have on your credit and financial future, we have a graph that shows the benefits of a short sale vs foreclosure as well. You can also view all options available to home owners who are in a hardship type situation.

How exactly do I qualify for a Short Sale? If you are considering a short sale, the very first thing to do is to simply fill out the form at the bottom or give us a call. As your Elmhurst IL short sale agents we can pre-qualify you for a short sale in just a few minutes and answer any of your questions right away. A good rule of thumb is that a short sale is not usually right for people who just want to sell, it is for people who have to sell. The main two qualifications are that and 1.) Your estimated proceeds from the sale of your home are less than your total mortgage balance after any late fees and penalties and 2.) You must usually be in some type of financial hardship,

Some examples of financial hardships are: loss of employment or reduction in income, medical expenses, military transfer or relocation, reduction in household income, increased living expenses, Death in the family, property in deteriorating condition without money to make repairs, etc. In most cases, before even considering your short sale, you will be required to prove your hardship by providing financial documentation. This bundle of paperwork, along with some documents we provide, is commonly called the Short Sale Package and includes your short sale hardship letter.

Can my current Realtor® / friend help me with my Elmhurst short sale? In most cases, the answer is NO. While finding an agent with education and training is great, our experience is that there is no substitute for experience! Do not trust your financial future to just any agent, as the results of inexperience can be disastrous. We have a success rate of over 95%, and have dealt with virtually every situation imaginable over the years. In addition to going through most of the trainings and earning most of the short sale “designations” in the industry over the years, we have helped over 400 Chicago area home owners avoid foreclosure with a short sale.

As your Elmhurst short sale agents, in addition to marketing your home traditionally and finding a ready, willing and able buyer to purchase your property, we will walk you through this difficult season and explain everything to you in detail. We will also help get all of the required documentation together and present to your lender, and work directly and persistently with them to process and get your short sale approved and closed.

As Elmhurst Illinois short sale specialists, we will walk you through this entire process, work directly with your lender, market your home, and help get you a fresh start. If you need a short sale help in Elmhurst Illinois, contact us today. We expect to continue to see an increase in short sales in Elmhurst and throughout Chicago into 2022. There are quiet a few homes popping up in the Chicago area that MUST be sold due to high unemployment rates. With all the issues with the virus pandemic this is forcing down home prices with an increased supply. We are Elmhurst short sale specialists and can help you avoid mortgage foreclosure with a short sale. We are Elmhurst IL short sale specialist Realtors in Zip Code 60126