RE Articles > Short Sales: A Guide to Selling Your Home Fast When You Don’t Have Any Equity


Selling your home fast in today's Illinois market can be a challenging prospect.

If you owe close to, or more than the property is currently worth, this might make it seem like an impossible task to list your home at a competitive price without you having to bring cash to closing!

Midwest Premier Realty professionals have speciallized expertise on how to sell properties in these very situations. We are able to negotiate with your lender to accept less than what you owe as payment in full, so that you are able to list your home for sale at a competitive price. This is a tremendous help in selling your home  faster in our current market conditions. The vehicle that we use that enables us to sell your house without you needing to bring money to closing is call a Short Sale.

We have prepared this guide to inform you about what a Short Sale is all about to help you make a better decision. If you have any additional questions please feel free to contact us.

What is a short sale?

A short sale is where we, with the homeowner’s permission, negotiate with the lender(s) and lien holder(s) to accept less than what is owed as payment in full. In return for accepting the short sale, the lender will require the homeowner to get nothing at closing from the proceeds of selling his home.

In what situations would the lender be typically willing to accept a short sale as payment in full?

·         When the mortgage is in arrears  or in default

·         The market is affecting the salability of the property

·         When the homeowner is in a hardship situation and cannot afford the payments

·         When the property is not in mint condition

·         When one of the other liens on the property is foreclosing

Which lien would consider accepting a short sale?

It could be a 1st Mortgage, a 2nd Mortgage, a 3rd Mortgage, a Home Equity Line of Credit, a Mechanics lien, Association lien, a Utility Bill lien, a Federal lien, etc. A Property Tax lien would not accept less because they are always in first position.

How do I get started with the Short Sale?

To get started with the short sale process, contact Midwest Premier Realty  now.

 

Dave Hill

 

 

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