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Arlington Heights : Real Estate Advice

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  • Local Info0
  • Home Buying3
  • Home Selling1
  • Market Conditions1

Activity 5
Wed Mar 20, 2013
Debbie Scrimshire answered:
Enlisting the help of a realtor will be the most accurate method. An appraiser can be of help as well.
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Sat Mar 8, 2014
Deb Jones answered:
I have sold approximately 3 homes in the Chamberlain Arlington Heights area. I would be happy to discuss selling your father's home with you. Please email me at deb@deb-jones.com to discuss when a good time to sit down together and figure out all your options. Thank you, Deb Jones ... more
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Thu Sep 30, 2010
Patrick Thies answered:
A short sale is when the owner of the property owes more then what the property is worth.

The seller lists the property at current market value. When they accept an offer, they take the offer to the lender and ask the lender to approve the offer. If the bank chooses to accept the offer, the lender will take the amount the house sold for and forgive the difference that is owed.

For example: The seller has a $300,000 mortgage. They sell the house for $275,000. The bank gets the $275,000 and forgives the remaining $25,000 that is owed to them.

There is a little more to it then this but that's the jist. The seller needs ot be in a financial hardship position, can not have any other assets and can not receive any money or gains from the sale.

For a buyer, any offer accepted by the seller is subject to bank approval. However, all negotiations are done though the seller not with the bank. It can take months to get a response and buyers should be prepared for a long process. Usually the property is sold as-is, no credits for repairs and in some cases the buyer may be responsible for some costs needed in order to close
... more
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Wed Sep 29, 2010
Anna M Brocco answered:
Consider consulting with an attorney who specializes in real estate before signing any legal paperwork--most professionals do offer a free consultation--or if you cannot afford one, contact your local Legal Aid Society for a pro bono attorney--free. ... more
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Mon Aug 30, 2010
David Chiles answered:
Thank you for your question about whether or not to do a Deed In Liue of Foreclosure or Judicial Foreclosure. Any answer speculation without further information about your income and debt, however, I recommend staying in the home. Please be advised that you should do what is in the best interest of your family not the previous owners. A child's education is important and switching schools is hard. ... more
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