In a short sale, a home is sold for less than what a homeowner owes on the mortgage. Banks may allow a short sale because it costs less than a foreclosure and can take less time to complete compared to a foreclosure. Sellers may prefer a short sale over a foreclosure because it does less damage to their credit score. Illinois homeowners who ask to go through the short sale process generally lack the financial resources to stay current on their mortgages.
An overview of the short sale process
Improving the chances of selling a home during the winter
Illinois homeowners who are interested in selling residential real estate during the fall and winter months may need to make a bit of extra effort to sell their home in the off-season. Tough weather and shorter days can sometimes discourage buyers from getting out and looking at properties. However, there are some things that homeowners can do to add more appeal to their home and make it more likely that they will sell during these colder months.
What are your disclosure obligations?
As a resident of Illinois who is set to sell your house soon, you should get to know your obligatory disclosures. These are the pieces of information about your home that you must make public knowledge before attempting to sell the house.
What should you know about selling your own home?
When you sell your Illinois home, you may want to conduct the sale by yourself instead of work with a real estate agent. In this situation, there are a few things you should consider so you can make sure the transaction is a success.
Know the facts about short sales
When Illinois residents sell their homes, they may envision receiving more money than they paid for the house. In some situations, though, this may not be possible, and some homeowners may find that a short sale is their best option.
What do you need to know about a short sale before you buy?
When a homeowner in Illinois cannot continue to make payments on the property, and the lender gives permission, he or she may sell the house for less than the amount owed to the mortgage company. In this case, you may be able to purchase the real estate for a very low price.
Are your health problems caused by your drywall?
When you first move into your new house, you understand that there might be some changes to make before you feel like you can call the new place home. For example, you might be anxious to rip out the carpeting and replace it with sleek laminate flooring. Or you might be worried about the size of the shade tree outside and want to have it cut down before a branch falls and damages your roof. However, some new home buyers in Illinois and elsewhere may find themselves dealing with something that significantly lowers their property value and even affects their health.
