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Short Sale Condos What’s a short sale condo?

If you have a condo you must sell for a variety of reasons in a declining or stagnant market, consider a short sale.

Or, if you’re a potential buyer and you’d like to save money on the road to owning your very own Chicago condo or suburban Chicago condo, you may also be interested in exploring a short sale.

Short sale condos in Chicago and the surrounding area have been getting a lot of attention. Selling a condo “short” has benefits for the seller, the lender and the purchaser.

Simply stated, a short sale occurs when a property is sold for less than what is owed. The sputtering economy and other factors have led many condo owners to consider a short sale. Buyers, too, have become interested in short sale condos.

Condo owners might find themselves owing more money than their condo is currently worth because they bought at the peak of the market and prices have since come down. In a market cycle such as this, a condo owner often decides to stay put for the time being and not consider selling. But there are a variety of scenarios that might cause the condo owner to need to move, including:

  • Adjustable mortgage resetting to a higher, unmanageable rate
  • Loss of employment
  • Illness and/or accident that have cut into income and/or resulted in large bills
  • Denial of a refinance to reduce the monthly mortgage payment
  • Job move or other reason that requires relocation

Condominium or house sellers who are facing these problems, coupled with a property on which they owe more than is currently worth, might be looking at foreclosure, possible eviction and almost certain ruin of their credit rating. Short selling offers an alternative to this ugly scenario.

For those people buying, a Chicago short sale condo or suburban Chicago short sale condo can be had for a lesser price. This benefits not only the seller, and of course the buyer, but also the lender. Why? The lender typically does not want to bear the expense of evicting the owner and foreclosing on the property. Nor does the lender want to hold onto the property indefinitely with no income generated until it eventually sells. Accepting a price less than what is owed can be a welcome alternative.

Whether short sale condos interest you from a selling perspective or a buying perspective, the caring, dedicated Chicago condo specialist Realtors® at OwnACondo.com can help. We have the knowledge and experience to help you. Contact us today at 866-896-2266.

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