A short sale is a real estate transaction where the homeowner owes their lender(s) more than what their property is worth. In a short sale, the lender must approve and accept less than what they are fully owed.

• You have a valid hardship- job loss, medical condition, divorce, etc.
• You have little or no equity in your home
• You are unable (or soon will be unable) to pay your bills on time
• You want to work with a short sale expert

Frequently Asked Questions- Short Sale:

1. My loan modification was denied, do I qualify for a short sale?

The criteria for a loan modification is different from a short sale.  Most banks will recommend a short sale when a homeowner is denied a loan modification or fails to make payments on a modified loan.

2. I just lost my job and don't have any money, how much do you charge?

Typically, all brokerage fees are paid from the closing.

3. How long is the short sale process?

Most short sales take 3-6 months from listing to close, it may be significantly longer with certain banks.  

4. Do I have to move immediately?

Lenders prefer the home to be occupied until they can legally take possession. Your lender may agree to stop a foreclosure sale if a short sale is in progress. 

5. Will the bank be upset that I'm doing a short sale?

If you cannot make the mortgage payment the right thing to do is to be proactive and try to resolve the issue. Your bank is not in the business of property management and does not want to own your home.

Robert is a Member of the National Association of Realtors, Illinois Association of Realtors, and Chicago Association of Realtors

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