Short Sale Chicago

Avoid Foreclosure. I Can Help.

* DIFFERENCE BETWEEN A SHORT SALE AND A FORECLOSURE

What is the difference between a short sale and a foreclosure?

 

It seems my price range and must haves is producing a lot of short sales and foreclosures to see. What is the difference?
Active Rain, by Martha Brown, Long and Foster Real Estate,
410-440-7839 (cell) 800-735-5122 (ofc) martha@homesaroundannapolis.com


A Short Sale is a home where the owners owe more on the property than todays market will give them. They may need to sell and so they put it on the market at todays market value and then when they receive an offer they send it to their bank in hopes of the bank accepting at a price that is ‘short’ of the current mortgage amount. The process can be a long one and certainly  requires a listing agent who is familiar with working short sales, a buyer who has patience as a bank decides if this is a workable solution for them and sellers who will protect the property while the process takes place.

A foreclosure is a home where the owners no longer own the property and the bank has foreclosed on and are now the owners. Depending on the owners and the bank the condition can be anywhere from OK to deplorable.
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February 10, 2011 - Posted by | Buying, Foreclosures, Selling, Short Sales | , , , , ,

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