As you may be aware, any sale where the seller's proceeds are not enough to cover all of their liens would be considered a short sale.
That doesn't always mean that a potential buyer would be subjected to the short sale process, if the seller is going to be making up the short fall.
E.g. if you're buying a house for $100,000 and the seller owes $110,000, there is no reason (other than not having the cash, of course) why they couldn't pay the $10,000 to the bank to satisfy their mortgage, along with any other closing expenses, out of their own pocket. While this would meet the definition of a short sale, this wouldn't be a typical short sale where the buyer is expected to patiently wait months to get an answer from the bank either accepting or rejecting the short sale.
Since this home is not being marketed with any disclosures regarding short sale, if I had an interested client, I would be sure to raise this issue (the apparent $569,000 in liens on the house vs. an asking price of $499,000) with their listing agent before submitting an offer, just to determine the truth of the situation.
Now, I know you're asking this question because the asking price, for a reasonably new home, in Glen Ellyn, sure seems like a bargain. Remember the first rule of real estate: location, location, location. Deer Glen Court is very close to the high tension power lines that run across Swift Road. That being said, compared to the sales that have taken place on Deer Glen Court, this home is aggressively priced, even in this market.
If you are not already working with an agent, I'd be more than happy to meet with you to show you this home or to discuss other homes in the area that meet your needs.
441 Taft Avenue
Glen Ellyn, IL 60137
(630) 790-1776 x 231 â€“ office
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