What is a SHORT SALE? As a Realtor in Naperville a western suburb of Chicago, almost daily this question comes up from a buyer or seller. The information on the web and news can be confusing to some and as a Short Sale and Foreclosure certified Realtor I try to explain it as simply as possible.
Short Sale: A short sale occurs when the net proceeds from the sale of a home are not enough to cover the seller's mortgage, closing costs and real estate commission. The home owner needs to sell now, and is unable to cover the difference because of a financial hardship that may include, but not limited to, lost of job, divorce or family illness.
How do you know if your house is short?
Contact your Realtor for a current market analysis of homes in your area for the prices of what similar homes are selling for in the last 60 days in your area. Then you need to calculate what your outstanding debt and all other costs associated with closing. Contact your mortgage lender as some have their own forms to help you.
A Short Sale and Foreclosure Certified Realtor will be a valuable guide to you in this entire process whether you are selling or buying a Short Sale.
Tamara Schuster, Broker
Prudential Elite, Naperville
Short Sale and Foreclosure Certified
TamSchuster@gmail.com
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