What is a Short Sale? Short Sale VERSUS Foreclosure

A SHORT SALE refers to situations where:

• A property owner does not have enough equity in the property and not enough liquid assets to be able to sell the property, pay off liens and sale expenses such as closing costs, property taxes, transfer fees and taxes, title charges, real estate commissions, etc. In other words, there is more owed on the home than what it will likely sell for on the market to break even or have positive proceeds due to seller

• A short sale can also occur to a seller who purchased at a peak of real estate market or took out a lot of equity and might be forced to sell due to a divorce, job transfer or a relocation

• If a homeowner facing foreclosure is not able to negotiate with the mortgage company a loan modification or a refinancing, a short sale can be a viable option.

Realtors at Apex Real Estate Brokerage have assisted many BUYERS and SELLERS in short sales. We understand the process, stay abreast of new laws and regulations relating to short sales and provide the best service we can to sellers in such difficult transactions as well as buyers who are looking to purchase a short sale. Apex Real Estate Brokerage works with a professional attorney firm that specializes in short sales and helps negotiate short sales in a shortest time possible.

Ironically short sales could be the longest type of sale in terms of the time between the contract execution and the actual closing date. A short sale may take anywhere from 7 days to a year, depending on the bank, number of mortgage liens involved as well as how prepared the seller to start the process. On average most of the short sales typically get concluded within 3-6 months depending on the bank.

APEX Real Estate Brokerage, Inc., 2718 Caton Farm Road, Joliet, IL 60435

Phone: (708) 408-4934, Fax (708) 777-6085