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Short Sales/REOs

For more information, click on any of the links below. Or call ReCoBu Realty (847-550-5500) to discuss your individual real estate needs.

Short Sales – Selling Your Home “Short” of the Mortgage Amount

Due to market conditions, we have been asked many times what the procedure is to doing a “short sale.”  The answer is, “It depends on which bank is servicing your loan.”

Each bank and/or the final investor (the person or corporation who actually owns the loan) has different criteria for approving a short sale.  We have handled Short Sales in the past and are fully equipped to handle them in all their complexities.  We can list the property, market it, find the buyer, negotiate with the bank, negotiate with the 2nd lein holder (2nd bank,) deal with the buyer’s attorneys, deal with the seller’s attorneys, deal with the bank’s attorneys and attempt to get the bank to waive the deficiency amount (doesn’t always happen, but we’ve been successful at it.)  While completing the short sale, we can even help you locate a new home for your family in the same or a different neighborhood.

The advantages of doing a short sale are that it minimizes the impact on your credit. A short sale will affect your credit, but it’s usually better than having the bank foreclose on your home.  Additionally, completing a short sale will usually allow you to buy another home in 3-5 years, whereas having a bank foreclose on your home usually makes you wait 5-7 years before the banks will allow you to buy another home.  Every situation is different, and each short sale is different.

Call us to discuss your situation in confidence. Or read more about short sales.

 

Foreclosure and Bank REO Properties in Illinois

If you are not successful in selling your property short, or for the many owners who have lost their homes to the banks, the next step is “forclosure,” Banks currently have, and will continue to have, many REO properties on their books and will try to dispose of them over the next few years. Foreclosures are here to stay for the next five or so years. They will affect your home’s value and your ability to sell your home since they are the competition. If you’re interested in buying bank REO properties, or foreclosed properties, contact us for current lists, and for upcoming REO listing (pre-listed REO properties that are under bank control but that have not been put on the open market yet.)

 

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