A short sale is a sale of real estate in which the sale profits fall short of the balance owed on the property's loan. This occurs when a home owner cannot pay the mortgage loan on their property, but the bank decides that selling the property at a moderate loss is better than pressing the borrower for the full home value. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poor credit report outcomes for the borrowers. This agreement does not necessarily release the borrower from the obligation to pay the remaining balance of the loan.
Purchasing a foreclosure or a short sale home can mean that you get a deal under market value. This does not mean that the home will be in tip top shape and can result in homes that need work. Distressed homeowners typically do not have extra money to maintain the home that they have lived in for years which can lead to costly repairs for the buyer. Make sure to always have the home professionally inspected before purchasing a home of this nature to ensure that all disclosures for repairs are made.
With the economy constantly changing foreclosures and short sales are becoming more available to home buyers. It is always within the interest of the buyer to have a Realtor working on their behalf. The Schaumburg, Illinois housing market is a buyers market and sellers are willing to make deals to get property sold.
Whether you are looking to purchase a home or sell a home work with a top Realtor in Schaumburg to get the job done.
