Today’s real estate market is a complex universe. A few years ago it seemed that all you had to do to profit on a real estate investment was purchase something and wait a few months. Unfortunately, in today’s market many people are in a situation where they owe more money on their home than it worth. If this is a situation you are in, a “Short Sale” may be a possibility. While short sales are relatively new to Chicago, they are fairly common in areas like Florida and California which have seen the largest drop in home values. A short sale is when a lender is willing to take less than the total amount owed on the loan. While this may seem surprising, there are several reasons why a lender might be willing to consider a short sale. The primary reason is that the lender does not lose as much money as they normally would in a foreclosure. The foreclosure process is time consuming and costly. If a lender can see that a property is headed for foreclosure, they may look at a short sale as an opportunity to mitigate their loss. If you are struggling under an adjustable rate mortgage, or if you just need to sell your home and can’t get what you need to payoff your lender, a short sale can be your answer.

Why would any homeowner want to do a short sale? The answer is very simple and that is to AVOID FORECLOSURE. There are many reasons why you may need to sell your property, but if you are “upside down” and owe more money on your property than it is worth in today’s market, a short sale is an option that should be strongly considered. A foreclosure reported on your credit will hang around for a minimum of 7 years. You cannot begin to attach a value to something like that since it is unforeseen how much you may need to use your credit in the future. If you are a homeowner in this situation, your main objective should be to SAVE YOUR CREDIT. Bad credit will make everything you finance cost more, and in many cases financing may not even be possible with a foreclosure on your record. Once you have decided that you may need to do a short sale, the obvious question is how.

To successfully complete a short sale can be a tricky business. Without a seasoned real estate pro in your corner, the odds of success drop significantly. The primary reason is that your lender will need some convincing. It takes a realtor experienced in these transactions to make your case to the lender. The team at Chicagoland Short Sale not only markets your property in foreclosure to secure up to 5 contracts, but then goes the extra mile and actually negotiates it with your lender as well. We are realtors who are trained in loss mitigation and know how to deal with banks. We also run a regular real estate business, but given todays market we have shifted a majority of our focus to help those in need. 95% of realtors and attorneys in this market cannot help you in these situations because they are not trained in this area. The best part about this service is that it’s FREE of charge to any homeowner in distress. Our consultants will come to your property to visit and explain the process from start to finish and there is no obligation on your part. If you would like more information please log onto Chicago Land Short Sale.

For Region: Chicago

• Michael Cuevas
• Short Sale Expert

Michael Cuevas has been a licensed realtor for the last 7 years and is ranked among the top 10% of agents in Chicago. Michael specializes in short sales and foreclosure properties. This niche market is fraught with complexities, and Michael’s experience in dealing with these complex transactions has catapulted him to the top of a select group of realtors that specialize in this area. Michael’s team generated over $14 Million in sales in 2007, with a substantial portion coming from short sale transactions.