I agree with Seniker. I am a local Realtor and familiar with that property. I represented a client on a bid on that property and it was turned down due to the short sale process. Sometimes the lenders will have the listing agent put a price on it but other outstanding loan show up further down the road of the process of foreclosure, which is higher than list price.
It all depends on the bank that holds first lien on the property if it will be sold as a short sale.
You have to understand that the bank is taking less than the balance due on the mortgage if it is short sale, many times the bank holds out until the foreclosure process is finished because they can write off the expences differently.
Landmark Realty, Inc.
Godfrey, IL... more