As I am sure you know, a "Short Sale" occurs when a borrower's lender (or, in most cases today, lenders - plural) agree to accept less than the outstanding loan balance for a borrower in distress, behind in payments, and about to go into foreclosure. Here in Chicago IL, however, completing a short sale is not easy, very time consuming, and often not successful.
Chicago-area Real Estate Attorney Stephen Bashaw, in a recent talk with the Illinois Real Estate Lawyers Association, estimated that only about one percent of borrowers facing foreclosure are able to complete a successful short sale here in Illinois. Click here for Marilyn Kennedy Melia's article in last Sunday's Chicago Tribune for his thoughts and comments.
This year, here in Chicago and in several suburbs, Dean's Team served as Listing Agent on five short-sale transactions. Two closed successfully, three failed, and are headed to foreclosure. In each case, the timely cooperation of the affected lenders eventual success or failure.
Read more on our posting today at BlogChicagoHomes.com.
DEAN & DEAN'S TEAM CHICAGO
I agree that short sales are a PITA. I took on several recently, against my better judgment. But I'm such a sucker for a sad story, and both of these clients have extremely unfortunate circumstances.
Hey, short sale clients -- if you're reading this, don't send me any more of them! Because apparently I can't say no.
But I don't like doing them. They are a horrendous amount of work for very little reward.