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.
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.
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.