Laurie Hellmer, Dowtown Chicago Lofts and Chicago Neighborhood Realty

Chicago Short Sale Homes For Sale

There are many short sales currently listed for sale in Chicago and the Chicago suburbs.  This map includes Chicago single family homes, 2-flats, 3-flats, condos and townhomes that are are listed as short sales in the Chicago area.

It is possible to adjust this map to a larger scale and view suburban chicago short sale properties.  It is also possible to zoom in and view the shorts sales available in a Chicago neighborhood or a Chicago suburb.

What is a Chicago short sale?

A Chicago short sale is real estate transaction where the owner still owns the property, but owes more than the market value of the property.  In a Chicago short sale the owner lists the property for sale, accepts and offer and then submits the offer to the bank for approval.  The bank may accept the offer or require the buyer to increase the price.  The bank has the final say about the price, terms and conditions.

Chicago Short Sales and Foreclosures are NOT the same thing

Sometimes, buyers think short sale and  foreclosure sales are the same thing, but they are different types of transactions. Typically a Chicago short sale is more complicated and takes 30 to 90 days longer to close than a Chicago foreclosure.  In a Chicago short sale, the property is still owned by the owner, so both the owner and the lender (bank) are involved in the short sale decision.  In a Chicago foreclosure, the lender (bank) owns the property and is the only entity involved in the sale of the property.

Chicago Short Sale Price Subject to Lender (Bank) Approval

In order for a property to sell as a short sale, the seller (owner) must have a hardship and the offer made by the buyer must be around the market value of the property.

Please note that the listing price that is stated above (on the map) may be much lower than the sale price that would be accepted by the seller. Sometimes listing agents price the property at a very low price to increase the number of buyers who visit the property and make offers, even though there is little chance the bank will accept the low offer.

For example, if the market value for a house in a particular area is around $200,000, then the bank will accept offers for about $200,000.  However, a similar house down the block that is uninhabitable because of broken pipes or fire, might need $100,000 in work and would have a market value around $100,000.  In that case, a Chicago short sale buyer could make a short sale offer of $100,000 and have a reasonable expectation that the lender would accept the $100,000 offer.  HOWEVER, a buyer would have to pay cash or get a special type of loan in order to buy a home that is considered uninhabitable.

Sometimes buyers are under the false assumptions that the bank will accept $20,000 or $50,000 for all Chicago short sale properties and Chicago foreclosure properties.  The lender will accept a low offer for a Chicago Short Sale only for properties that have a low market value.

All types of Chicago properties are sold by short sale, including homes, 2-flays, 3-flats, condos, lofts and townhomes.

If you are interested in purchasing a Chicago short sale, a Chicago foreclosure or a regular sale, contact Laurie Hellmer Chicago Short Sale Agent by email ChicagoShortSaleAgents@gmail.com or phone (312) 342-6988.

 Call today!

Laurie Hellmer
Real People Realty
Licensed Illinois Real Estate Broker  (312) 342-6988
ChicagoShortSaleAgents@gmail.com
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Chicago Short Sale Agents

Posted on May 25, 2011.  Copyright (c) 2011 by Laurie Hellmer, Chicago Short Sale Agents "Chicago Short Sale Homes For Sale"