We are trying to sell our condo and we owe $91000 on it. However, almost all the similar condos in our area is selling for about $70,000.

Asked by micheffe, Crystal Lake, IL Sun Jan 20, 2013

It has been suggested to us to get a bank approved short sale. We are not behind on the mortgage but need to move and will not be able to keep our mortgage payments when we move, is the bank approved short sale a good idea?

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Randy Schule…, Agent, Saint Charles, IL
Sun Mar 24, 2013

The bank approved short sale could be a good idea. I'd be happy to provide you a consultation with a Crystal Lake attorney for FREE to discuss whether a bank approved short sale would be the best option for you, given your current situation. You may contact me at 224-805-2616 or email me at randy.schulenburg@gmail.com.

If your condo is already listed with another real estate agent, I would recommend you contact your agent. He/She should be able to help you figure out the best plan of action.

Randy Schulenburg
Managing Real Estate Broker
Mortgage 1st Realty, Inc.
224-805-2616 Direct
0 votes
Gary Geer, Agent, Antioch, IL
Mon Feb 25, 2013

Contact a local agent and get the advice your need. They can assist you with placing your home on the market. Also, contact your lender and discuss what it takes to qualify for a short sale.

All the best,
Gary Geer
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Mary Hamrick, Agent, Naperville, IL
Mon Jan 28, 2013
In order to qualify for a short sale, you will need to prove that you have a valid hardship situation. There are about 10 hardships that the bank will consider. For example, if you have lost your job or are being relocated out of the area. Perhaps you're going through a divorce and cannot afford your home. These are a few of the situations that a bank will consider as a hardship.
It's important to have an agent who is a "Short Sale and Foreclosure Resource" and an attorney who specializes in short sales as well. I would be happy to help you.
0 votes
Craig Roe, Agent, Algonquin, IL
Sat Jan 26, 2013
Yes, if your bank has allready approved it that would be a way you can sell the property. Even if they have not pre approved the short sale you can still submitt an offer to them ans see if they will accept it.
0 votes
Craig Roe, Agent, Algonquin, IL
Sat Jan 26, 2013
Yes, a short sale in that case would be a way for you to get out from under that mortgage and allow you to sell the property.
0 votes
micheffe, Home Seller, Crystal Lake, IL
Sun Jan 20, 2013
We are not allowed to rent because of Association rules. We currently have a realtor that we are working with ... thank you for all the advise.
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Greg Olson, Agent, Arlington Heights, IL
Sun Jan 20, 2013
As Diane mentioned below if you can rent out your condo (association allows it) and it makes financial sense for you to do so than that may be your best option. If you are considering a short sale and want more details on how the process works I do specialize in short sales. Each agent, attorney and negotiating team work different strategies to get these done & I would be happy to get you the preliminary information that you need. Call me on my cell anytime to discuss at 847-977-7024.
Thanks and have a great Sunday.
0 votes
Diane Tanke, Agent, Algonquin, IL
Sun Jan 20, 2013
What about renting out your condo? The rental market is very hot right now and if your association will allow it, this may allow you to move on without tarnishing your credit. I would be happy to go over your options...short sale vs renting. Please feel free to contact me anytime.

Diane Tanke
Coldwell Banker Honig-Bell
Crystal Lake, IL
0 votes
Maria Ascenc…, Agent, SAINT CHARLES, IL
Sun Jan 20, 2013

Sounds like a short sale is your best option. I would like to offer you my assistance, I have a reputable team that can help make your sale a smooth process. Feel free to call me for more details.

Maria Ascencio
RE/MAX Platinum
0 votes
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