I would suggest you find an agent in your area that is experienced in Short Sales... If you don't already have an agent that you are working with I suggest you call Karen Prinster @ 314-267-8080. She is based out of St. Louis but is licensed in both states and can explain the process to you.
If you have any other questions, feel free to contact me at any of the links below,
http://www.NortheastDFWHomes.com - Property Search Site
http://www.FireBossRealtyAroundTown.com - Blog
http://www.northeastdfwhomes.com/cp/mobile-app/ - FREE Mobile App
In most cases, it is best if the buyer and seller have competently separate representation.
In most cases, it is best if the negotiator is NOT the REALTOR or agent of any stripe..
Not because of efficiency, but because of other administrative issues and rightful bank and investor paranoia.
How do short sales work in Illinois?
Just like they do evey place else. With great pain and suffering.