A short sale is called a short sale, because the current owner owes more to the bank than he is able to
sell the house for in that particular market, so the bank will have to be ready and willing to accept a short sale, basically get some of the loan amount back through the short sale but not all of it......i.e they will
be short and take a loss, the bank that is!
Now it will make sense to you, that if the offer comes from a family member that the bank may not be
so sure that someone else would not pay more, or that this family member is just doing a kind of bail out
to help the current owners.... So careful....
Work with a Realtor who is experienced with Short Sales and knows all the local rules and ins and outs
Also make sure you get well informed about what your own options are after and if a short sale goes through...
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE ïŠ
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties ---- EdithSellsHomes@gmail.com
Check out my website at htttp://tinyurl.com/YourRealtor4Life
HAVE THE MOST WONDERFUL DAY :)