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www.ChicagoShortSalePro.com
Illinois Free Pre Foreclosure Listing Service
by Michael Sorensen - Broker ASC, ABR
Chicago Short Sale Specialist
RE/MAX CITY REALTORS
Serving Chicago & Suburbs
TEL 773-987-8224 - direct line
TEL 847-696-1664 - call me now
Chicago Short Sale - Illinois Pre Foreclosure Listing Service:
www.ChicagoShortSalePro.com
- there are no upfront fees or out of pocket expenses to our short sale clients for any of our short sale service and you will not be asked to bring any money to closing! We are paid by the Bank.
- Top Real Estate Attorney specializing in Short Sales (included).
- Professional Short Sale Negotiators (included).
- Top RE/MAX Agent specializing in Short Sales (included).
TEL (773) 987-8224 ..call me anytime!
e-mail me: sorensenhomes@yahoo.com or Contact me
Michael Sorensen is a Licensed Real Estate Broker in Illinois and a Top Producing agent for the Number 1 Best Selling REMAX Realty office in Chicago with 346 sales transactions closed so far in 2008, 60% of these were short sales!
Chicago Short Sale info: www.Chicago-IL-Short-Sale-Foreclosure.com
Related Terms & Definitions
Short Sale (Pre Foreclosure Sale, Short Sell, Short Pay)
Definition: Short Sale is a Real Estate Sales transaction where the proceeds of the sale fall short of the property owner's outstanding real estate debt obligations (mortgage loans, real estate taxes, etc..).
In a Short Sale, the lender agrees to adjust the amount owed on the mortgage and accepts less than a full payment, by selling the property to a third party, and forgives the balance.
Why Banks do Short Sales?
Short Sale makes more financial sense to the lender than foreclosure.
Through short sales, lenders can often recover 80-90% of the property's estimated market value, as opposed to foreclosure sale that could bring only 50% of the market value or less.
Short Sale is less less damaging both to the lender and the property owner than foreclosure.
Foreclosure.
Definition: Repossession of a real property. A legal process by which the lender forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage.
REO.
Definition: Real Estate Owned. Refers to Bank or Corporate owned property aquired through foreclosure. If a property is foreclosed upon and does not sell at the sheriff sale (foreclosure auction), it goes back to the lender and becomes an REO.
BPO.
Definition: Broker Price Opinion.
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