Short Sales, A Good Option

There are thousands of Downers Grove foreclosures in Illinois

. The owners of Downers Grove foreclosures may owe more than the property is worth and after going delinquent on payments don't know where to reach for assistance. The Foreclosure process can be stopped by selling the house through a transaction known as a Short Sale.

A Short Sale is where the lender agrees to take a discounted payoff on the loan. Lenders will accept a short sale on a property because selling the house for less than what is owed (a short sale) is generally less expensive than foreclosing on the home. Before allowing the homeowner to short sell the home, the homeowner should be able to prove they cannot afford the property.

If an person is to go through a short sale, the homeowner should work with a professional company that specializes in short sales. Be it an investor or realtor or whomever. General traits of a professional company is one that has experience in collecting all the necessary short sale paperwork, handle the listing of the property, negotiation with the banks, closing and keeping the property owner updated throughout the entire process.

A common risk for the property owner in short sale is the deficiency judgement. A deficiency judgement is usually the biggest worry of the homeowner before going into a short sale. A deficiency judgement is when a property sells for less than the amount owed and the lender may require the seller to pay the difference back to the bank in the future. A deficiency judgement is not a guarantee in a short sale, actually, many banks will allow the seller to walk away free and clear! If the sellers hardship is legitimate, the chances of a deficiency judgement go down very much. If a homeowner decides to go through short sale, they should talk with their realtor or investor, whoever is going to handle the negotiations and ask them what they can do to protect from deficiency judgement. A good negotiating team can get rid of a deficiency judgement.

A short sale is by no means a short transaction. On average, the short sale will take 3-6 months to process. The short sale negotiation takes a long time because lenders are overloaded with foreclosures in todays market. Each of the banks negotiators has many of files to handle, so when a short sale is initiated, its not uncommon to wait 30 days before hearing a response from the bank.

An advantage of short sale is that the transaction does not cost the homeowner anything! Generally, all closing costs are paid for by the foreclosing lender. This is important for sellers considering short sale to know, as many belive they cannot afford a short sale.

The Short Sale is a transaction that is a win-win for everyone; homeowners owning the Downers Grove foreclosures save their credit and the lender no longer has to go through the expensive foreclosure process. Property owners owning Downers Grove foreclosures should contact a professional as soon as possible to discuss their options and avoid foreclosure

Find out if you can sell your house throgh Short Sale

Short Sales, A Good Option

By: Phil Guzman

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