Real Estate Short Sale:

A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.

Distressed Real Estate Information Request

If you owe more on your home than what it is currently worth and are having problems making your monthly payments, please complete the form below. A qualified Realtor® will contact you as soon as possible to see if we can assist you in developing a solution.

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You Can Avoid Home Foreclosure Using a Short Sale

If you are having problems meeting your monthly mortgage payment you are not alone. RealtyTrac recently reported that foreclosure activity in Illinois was up 16% in January when compared to the previous month. One in every 363 Illinois properties received a foreclosure filing in January, the nation’s sixth highest foreclosure rate.

So what can you, the distressed homeowner, do to avoid the financial trauma surrounding a foreclosure? The answer is to allow Closing Cash Realty to work with your bank in an effort to structure a short sale of your home.

What is a Short Sale?

A short sale happens when a lender is "shorted" on a mortgage. This occurs when a homeowner owns more on a property than it's worth and needs to sell the home due to a job loss or job relocation. For example, an individual may have a $250,000 mortgage but due to recent declines in property values the home may only be worth $200,000. If the homeowner can no longer afford to meet the mortgage payments they may be at risk of foreclosure.

To avoid foreclosure, one option for the homeowner would be to approach the lender to determine if they would be willing to accept a lesser amount to settle the loan. Many lenders are open to a short sale arrangements because foreclosures are expensive, time-consuming, and lenders typically yield less on a foreclosure sale than on a short sale.

How Can I Initiate a Short Sale?

The first step is to determine if you are eligible for a short sale. At a minimum, lenders will typically require that you are able to answer "yes" to all of the following:

Has the home's market value dropped and can you provide hard evidence of its current value through a CMA or appraisal?
Is the mortgage in or near default status?
Have you recently fallen on hard times such as a job loss, serious illness, divorce, or bankruptcy and can you substantiate the facts using a hardship letter?
Do you have no assets and can you provide proof of that claim through tax returns and a personal financial statement?

How Can We Help?

If you can answer "yes" to all of the questions above please complete the form below or call 312-282-7349 to request a free short sale listing consultation. We can guide you through the process from start to finish and will provide full Realtor listing services under our 3.99% Discount Listing Plan.