Property Q&A in Naperville>Question Details

Dr. Earnesti…, Both Buyer and Seller in Naperville, IL

Interested in property but would love to see more pictures of inside this property. Is this property bank own or foreclosed property?

Asked by Dr. Earnestine Clayton, Naperville, IL Sun Oct 10, 2010

This question is about this property:…

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Hello Earnestine,

I've attached a link with more property information and photos. It is a short sale which means the seller still owns it but needs bank approval to move forward. The bank needs to approve the sale because the seller is selling it for less than they owe on it. Length of time for this process varies depending on the seller & the bank. To make the short sale process as smooth as possible on your end you have to put together a good team yourself. Make sure your own interests are protected.

Great location over there and easy access to I-88. Let me know if you'd like to take a closer look or need additional information.

Mike Long
Long Realty
1 vote Thank Flag Link Sun Oct 10, 2010
Hi Earnestine,

I believe you have received many responses to your initial question. The home is a short sale which is different than a bank owned propery but generally speaking would be available to you at a significant savings (below market value). My name is Eva Burns and I am a Broker with RE/MAX Professionals Select in Naperville. Let me know if I can assist you with this or any other properties of interest. I would be happy to be your real estate resource. You can contact me directly at 630.846.1819 or at
0 votes Thank Flag Link Mon Oct 11, 2010

Please send me your email address and I will send you the additional photos on this home. This property is a short sale.

Thank you, Jim Starwalt
0 votes Thank Flag Link Mon Oct 11, 2010
As the other agents mentioned, this is a short sale. Some additional information you should know is that, as Eric mentioned, there could be a 60 day wait for an answer from the bank, and after waiting that long the answer from the bank could be "no, we won't accept that amount, you have to offer more".

Depending upon your situation, short sales can be a good deal or a real pain in the neck. I was just talking to a new client who had 5 short sale "deals" fall apart in the last year. If you need to move by a certain date, I would recommend looking for a traditional sale. While the prices on a non-short sale may be higher, keep in mind that the short sale may never go through at the listing price.

Mike Hagen
Investment Property Specialist
Evergreen Real Estate
0 votes Thank Flag Link Mon Oct 11, 2010

As Michele said earlier this property is a "short sale". The remarks say to allow for 60 days or more for a response from the bank. I have experience with both buying and selling short sale properties. If you would like to know how this process works in more detail please don't hesitate to call or email me. I you would like to see this property in person or others like it let me know.

Good Luck with your home search, there are a lot of great properties out there.

Eric Hall

Realty Executives Service
0 votes Thank Flag Link Sun Oct 10, 2010
Hi Earnestine,

This property is a "short sale". There are actually more pictures available. I'd be happy to send you the listing with all 9 photos for you to see. Then, if you're not working with another Realtor, I'd be happy to show you the home and assist in your purchase.

Let me know!

Michele Nixon
0 votes Thank Flag Link Sun Oct 10, 2010
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