Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

(Video) SHORT SALE VS. FORECLOSURE? DO YOU QUALIFY?

A short sale is a sale of real estate in which the proceeds fall short of the balance owed on the property’s loan.  In simple terms, your home value is no longer above what you paid for it, so banks may allow you to sell it for the current market value.  Seller’s are first encouraged to try for a loan modification, but if that fails, a short sale is definitely a better option than a foreclosure.

Many have heard that short sales are complicated and take months to close.  Well, in some cases this may be true, but the process can be simplified when using an experienced short sale real estate agent and a short sale negotiator.  A negotiator has relationships with many top banks, which allows them to know exactly how to present the offer.  They also have the time required to stay on top of your file, to streamline the process.

Who truly qualifies for a short sale may surprise you.  It is not just the homeowner’s who have fallen behind on their mortgage payments.  In most cases it is anyone showing the financial inability to catch up on their payments or who may fall behind in the near future.  The banks will require a “hardship letter” which explains why a homeowner may qualify.  It could be due to illness, divorce, job loss, relocation, excessive debt or other similar situations.

Bottomline, if you cannot sell your home for what you currently owe on the loan and are suffering from a hardship, it would be wise to seek help.  Chances are, you may qualify for a short sale.  It is better to find out now, then to wait for the foreclosure to occur.

Chicago Real Estate: If you are interested in a FREE private short sale consultation with a Chicago negotiator, and realtor Register Here or contact Britta Rivera Venture at 312.475.4548.  Visit my website to learn more about us.

WATCH VIDEO TIPS ON BUYING AND SELLING A SHORT SALE.

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May 29, 2011 - Posted by | CHICAGO REAL ESTATE | , , , , , , , , ,

10 Comments »

  1. […] Real Estate Agents may schedule an appointment, using MLS number 07830362. WATCH THIS VIDEO TO SEE IF YOU MAY QUALIFY FOR A SHORT […]

    Pingback by CHARMING OLD IRVING PARK CONDO, ON MARKET FOR ONLY $99,900 « Britta Rivera Venture | June 14, 2011 | Reply

  2. […] Real Estate Agents may schedule an appointment, using MLS number 07830362, easy access. WATCH THIS VIDEO TO SEE IF YOU QUALIFY FOR A SHORT […]

    Pingback by OLD IRVING PARK CONDO $99,900; OPEN HOUSE SUNDAY 6/26/11 « Britta Rivera Venture | June 24, 2011 | Reply

  3. […] SHORT SALE VIDEO […]

    Pingback by 7/5/11 VIDEO: CASEY ANTHONY VERDICT; NOT GUILTY OF MURDER « Brittaj17's Blog | July 5, 2011 | Reply

  4. […] 26%, to $3.8 million, in 2010, compared  to $5.2 million in 2009.  Well, this sounds more like a short sale situation, hopefully Kelly will decide to go that route instead.  Although he is probably […]

    Pingback by 2011: R. KELLY FACES FORECLOSURE ON CHICAGO MANSION; JOIN THE CROWD « Britta Rivera Venture | July 17, 2011 | Reply

  5. […] but this is actually great news for potential buyers.  While many homeowners have decided to short sale their homes and foreclosure properties are coming on-line daily, it offers incredible deals for […]

    Pingback by 2011 HOUSING MARKET: TELL THE MEDIA TO “SHUT THE FRONT DOOR!” « Britta Rivera Venture | September 5, 2011 | Reply

  6. […] mode, but this is actually great news for potential buyers. While many homeowners have decided to short sale their homes and foreclosure properties are coming on-line daily, it offers incredible deals for […]

    Pingback by 2011 HOUSING MARKET: TELL THE MEDIA TO “SHUT THE FRONT DOOR!” « Brittaj17's Blog | September 5, 2011 | Reply

  7. […] is that the number is not higher, it seems like everyone knows someone either in the process of a short sale or […]

    Pingback by CHICAGO 2011: 25% OF HOMEOWNERS “UNDER WATER”; BUYERS MARKET STILL IN PLAY « Britta Rivera Venture | September 13, 2011 | Reply

  8. […] it would be my pleasure to assist.  Specialty services include; Luxury Sales, Traditional Sales, Short Sales, and Foreclosures.  It is easy to arrange a meeting by calling Britta Rivera at […]

    Pingback by BOLINGBROOK REAL ESTATE RESIDENT INCENTIVE; BEST PLACE TO LIVE; WHEN IS A GOOD TIME TO LIST YOUR HOME? « Britta Rivera Venture | January 18, 2013 | Reply


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