Chicago Short Sale

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With the decline of the housing market across the country, the short sale has become as much a byword as the foreclosure. In Chicago, short sale have risen just as foreclosures have, all of it reflective of the economic climate not just of the region, but of the country as a whole.

Still, not everyone has a clear idea of what a short sale really is or what it entails and that goes for some real estate professionals as well as homebuyers and sellers. So what is a short sale and how does it work? In essence, a short sale is what happens when a property is sold for a price that is less than the amount owed on it. Implicit in this is the fact that the lender has to agree to accept this price; otherwise the short sale will not push through. This means that you’d best be patient and prepared to negotiate if you’re thinking about getting into the market for Chicago short sale.

Short Sales in Chicago, IL

When done right, short sales in Chicago can be a win-win for everyone involved—the seller for whom the mortgage has become too burdensome, the bank or lender who holds the loan, and the buyer who ends up with a more than fairly priced home at the end of it all. Those who want to ensure that their Chicago short sale don’t stray too far from this scenario consult with short sale specialists who are not only highly knowledgeable about the process, but are also completely professional and dedicated towards finding solutions for even the most complex problems. Get in touch with the Orrico Team today.

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