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Chicago Illinois Short Sale Listings Click here: www.ChicagoShortSalePro.com Additional Short Sale info: www.Chicago-IL-Short-Sale-Foreclosure.com Tel 773-987-8224 ..call me anytime! Serving Chicago & Suburbs in Northern Illinois FREE Short Sale & Pre Foreclosure Listing Service. - There is no charge to property sellers for any of our Short Sale service! No upfront fees or out of pocket expenses, and you will not be asked to bring any money to closing. We are paid by the lender. - We have established relationships with virtually every lender, so the properly packed short sale gets to the right person in the right format in the right time, ensuring prompt response and better chance of successful short sale transation. - I have partnered with the best real estate attorneys and short sale negotiators in the business who specialize in short sales, to ensure successful transactions, and their services are also free.. if you work with me! What is a Short Sale? A 'Short Sale' is a Real Estate Sales Transaction where the contract purchase price is lower than the property owner's outstanding real estate debt obligations (mortgage loans, real estate taxes, etc..). Why is it called a Short Sale? A: the proceeds of the sale fall short of what the owner owes on the mortgage(s). For example: you are selling a property for $220,000 on which you owe $240,000 in mortgages. How does a 'Short sale' work? Short Sale transactions require a third party approval (lien holders' approval, i.e. the seller's lender). The Short Sale approval process takes about 60 days, on average (could be less.. could be more) from the time the purchase offer is accepted by the seller. If you owe more than the property could sell for in today's real estate market, are facing foreclosure or you need to sell due to financial hardship, divorce, illness, loss of income, etc.. you may want to consider a 'Short Sale'. Many lenders agree to accept a purchase offer that is lower than what is owed on the mortgage and forgive the balance, if it makes more financial sense to them than foreclosure. If approved, the lender will also pay your back taxes, association fees, real estate broker, real estate lawyer and other fees. We can even get IRS liens to go away, too. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes, and avoid a foreclosure on his record. A bank often chooses a short sale if it results in smaller financial loss than foreclosure. Short Sale vs. Foreclosure. The purpose of a 'Short Sale' is to avoid Foreclosure. Illinois is a Judicial Foreclosure state, which means that your lender has to go to court and file a complaint in order to take your title / property away from you. If you miss 3 mortgage payments, on average, your lender will start a foreclosure. The foreclosure processing period is 210 days. If court agrees with the lender, it issues a judgment for the total amount owed, plus the costs of the foreclosure process. The foreclosure sale is conducted by the sheriff or any judge in the county where the property is located. EXAMPLE: If you owed $300,000, and the property is foreclosed upon, but the lender could get only $200,000 at an auction, the lender may be able to sue you for the remaining $100,000. Short Sale prevents Foreclosure. IMPORTANT! If you don't do anything during the pre foreclosure processing period, and end up losing your property to foreclosure, your lender could file deficiency judgments against you, and seize your assets, place liens on your other properties, garnish your wages, force you into bancruptcy. 'Short Sale' could prevent all that! Call now 773-987-8224 ..before it's too late. Frequently asked questions about 'Short Sales' in Illinois. Q: Do I have to pay income taxes on the amount forgiven in the Short Sale? A: No! Mortgage Forgiveness Debt Relief Act was signed by President Bush on December 20, 2007. This Act ensures that any deficiency written off as part of the Short Sale will not be taxed. Q: Will my Credit Score drop due to the Short Sale? A: Yes. You will lose about 100 points, on average. You should be able to rebuild your credit within 1 year. Many banks don't even report short sales to credit bureaus, as opposed to foreclosure which could stay on your record for up to 10 years or even longer. A ‘short sale’ shows up on the credit report as a ‘settled debt' and is a neutral item. The negative points are from missed or late payments. Q: What forms do I have to sign? A: You will be asked to sign a listing agreement, authorization letter to release information, write a letter of financial hardship to the lender, provide financial statements. Q: Can I live in the property during the Short Sale? A: Yes, a homeowner can continue to live in the property until the short sale is completed. Q: Can I do a Short Sale myself? A: Lenders usually prefer to work with professional REALTORS specializing in Short Sales to ensure the property receives proper marketing and exposure, instead of dealing directly with unlicensed individuals and investors. Q: How much does it cost to do a 'Short Sale' with Michael Sorensen Team? A: NOTHING! We are compensated by the lender and you will never pay for any of our services, as long as you work with me! ... and I will give you a generous closing gift ($$) after the Short Sale transaction is successfully completed! Call me for more information or a free 'short sale' consultation - I work closely with experienced real estate attorneys and I offer free service to buyers and sellers interested in pre foreclosure or short sale representation (our fees are paid by the lender). 'Short Sale' can be a very stressful and complicated experience both to property owners and real estate agents, especially if they don't know what they are doing. Leave it to Professionals. Sincerely, Michael Sorensen, Broker Associate & Top Producing Agent for RE/MAX City Realtors. 12 Transactions Closed or Under Contract in 2008 See My Pre Foreclosure - Short Sale Real Estate Listings: CHICAGO (Rogers Park) www.msorensen.remax-ni.com CHICAGO (Garfield Park) www.msorensen.remax-ni.com NORRIDGE www.msorensen.remax-ni.com ELMWOOD PARK www.msorensen.remax-ni.com FRANKLIN PARK www.msorensen.remax-ni.com SUMMIT www.msorensen.remax-ni.com DARIEN www.msorensen.remax-ni.com REMAX City Realtors is The Number 1 RE/MAX Office in Sales in Chicago. Traditional Real Estate & Short Sale / Pre Foreclosure Experts. Tel 773-987-8224 Hours: 9:00AM - 11:00PM -- 7 days a week! **information contained herein should not be treated as legal advice. Michael Sorensen - Real Estate Broker Associate of REMAX City Realtors, Chicago, Illinois. Information not guaranteed. Chicago, Illinois, Real Estate, short sale, short sales in real estate, short sale in chicago, short sale in illinois, search short sale real estate listings, find short sale homes for sale, short sale information, what is a short sale, how to do a short sale, real estate agents specializing in short sales, short sale realtor, short sales realty, top short sale real estate agents, remax realty short sale specialists, buyeinga short sale property, selling a home short, chicago, suburbs, illinois, Promotional offers advertised here are good for services through Michael Sorensen ONLY and not valid for services through any other RE/MAX Agent or Broker. Commission rates, discounts and rebates are negotiable in Illinois. Eeach RE/MAX office is independently owned and operated. 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