Today I showed houses in Des Plaines to a couple. Most of the homes I showed were short sales. A short sale is a situation where the sale proceeds are less (short) of what is owed on the mortgage.
Probably the biggest difference between a short sale and a regular home sale is that the process can take much longer. Since the decision to accept an offer is being made at least in part by a financial institution, it can take weeks or even months to get an answer. If you want to be in a new home fairly soon, don’t waste your time considering short sales. If you can wait, a short sale can be a good deal.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
