Short Sale in Harwood Heights
Short Sale in Harwood Heights, Harwood Heights Short Sale Expert, Harwood Heights Short Sales Realtor, Broker, Harwood Heoghts Foreclosure, Stop Foreclosures in Harwood Heights
I am a Real Estate Agent Who Specializes in Representing The Sellers in Short Sale Transaction in Harwood Heights, Pre Foreclosure, Purchasing Real Estate in Harwood Heights, Selling Homes in Harwood Heights, Harwood Heights Real Estate Property, Harwood Heights Residential Real Estate, Harwood Heights Foreclosure and more.
If you want to avoid foreclosure and keep your home in Harwood Heights or somewhere else, your first step is to call your lender! If you are having difficulty paying your mortgage on time, it's important to act now before things get so bad that you are facing foreclosure. In a situation where you want to sell your house, but it is at risk for foreclosure, your best option is short sale.
A short sale is a way to avoid foreclosure! It's very common in today's depressed real estate market for home sellers to receive offers that are less than the amount owed to the lender. A short sale is when a bank is willing to sell for less than what is owed.
Facing Foreclosure? Don't Like Your House? Consider a Short Sale! Short Sale Expert in Harwood Heights!
DON'T LOSE YOUR HOME TO FORECLOSURE, Avoid Foreclosure! I CAN HELP YOU!
As a Licensed Real Estate Broker with over 25 years of experience
Certified Distressed Property Expert
Certified Loan Originator
I can give you the expertise necessary to save your credit, relieve the uncertainty and most of all, help your family. Don't Wait Until It's Too Late!
Foreclosure is NOT the only option!
Contact me, Regina Zak Tomas, and let's get started towards the path of recovery. 773-520-1522
SHORT SALE VS. FORECLOSURE
Current or Future Employment
Foreclosure; Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination. Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.
Short sale: A short sale is not reported on a credit report and is therefore not a challenge to employment.
Foreclosure: In 100% of foreclosure (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.
Short sale: In some successful short sales it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.
Deficiency Judgment (amount)
Foreclosure: In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sell in a declining market. This will result in a higher possible deficiency judgment.
Short sale: In a property managed short sale the home is sold at a price that should be close to market value and in almost all cases will be better than an REO sale resulting in a lower deficiency.
Future Loan with any Mortgage Company
Foreclosure: On any future 1003 application, a prospective borrower will have to answer YES to question C in Section 7 of the standard 1003 that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" this will affect future rates.
Short sale: There is no similar declaration or question regarding a short sale.
Foreclosure: Your score may be lowered anywhere from 250 to over 300 points, typically affecting your score for over 3 years.
Successful short sale: Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale's effect can be a brief as 12 to 18 months.
Foreclosure will remain as a public record on a person's credit history for 10 years or more.
Successful short sale is not reported on credit history. There is no specific reporting item for 'short sale'. The loan is typically reported 'paid in full, settled, paid as agreed'.
In Real Estate, a Short Sale - What is it?
A Short Sale is when a lender agrees to receive less than the original amount owed on the property, via negotiations, to be able to release the lien.
The Short Sale Process
The first step is to find out if a short sale is an available option for you.
Then the property is put into the market, and the Hardship Package is given to the lender.
When an offer is received it is submitted to the lender. If the lender approves the offer, the file moves to closing
The Seller's Benefits, The Buyer's Benefits
The homeowner can eliminate their mortgage debts without financing repairs for the purpose of the selling the property
The lender pays for commissions and closing costs.
The seller's credit report is not negatively affected by a foreclosure
Bankruptcy can be prevented.
The homeowner can stay on the property until the procedure is finished.
Buyers can buy property that has a below-market price. Also, the short sale properties are usually in better shape than foreclosure properties (don't need as many repairs).
Work with a Real Estate Agent, Broker
A short sale has the potential to become very complicated. Lenders prefer to deal with a realtor instead of with the buyer. As a real estate agent, I am very persistent and patient with the short sale, using my abundant amount of experience to make the process as smooth as possible.
There is no cost for professional representation! The lender covers the costs of the real estate commission. Make sure a qualified real estate professional is representing you!
Other things to know about short sales:
- The short sales procedure can and does vary from lender to lender.
- Seller will not receive any excess funds.
- Seller may not remain in the property after the sale even with permission of the new owner.
- Seller will not receive a refund of any escrow accounts.
- Seller may be asked to sign a note for the deficiency at closing.
- There can be no substitution or assignment by buyer.
- Even though a short sale is pending, the lender can still foreclose on the property
- Buyers must be patient because the short sale process can take several months.
REO, definition of REO - Real Estate Owned. Property which is in the possession of a lender as a result of foreclosure or forfeiture.
Foreclosure, definition of foreclosure - The legal process by which an owner's right to a property is terminated, usually due to default.
Definition: BPOs are often associated with foreclosures and short sales. A BPO, or broker price opinion, is a broker's opinion of the value of a property in the current market.
Make sure a qualified real estate professional is representing you!
A short sale is not a regular transaction, and hiring an inexperienced Realtor you are risking foreclosure. Do not make this mistake.
There is no cost for professional representation! The lender covers the costs of the real estate commission.
Do not hesitate to call me for free service in Harwood Heights and for more information, or if you have any questions about listing and selling your short sale property in Harwood Heights for free!
I don't charge any fees for short sale listing and service! In a successful short sale your bank pays for the Realtor commission, attorney fees, title company fee, and any other closing costs.
Simply list and sell your short sale property for free!
But I'm not only a short sale specialist. I also work as a listing real estate agent and Realtor who works with many types of transactions. So don't hesitate to call me for any questions you have. 773-520-1522
http://www.Regina.IllinoisProperty.com Professional real estate services for buyers and sellers, Harwood Heights and Suburbs.
VIEW MY LISTINGS Here are some great properties that I would like to bring to your attention. Please see these select homes offered by me for sale.
WHY IS IT WORTH IT TO WORK WITH ME?
1. I have over 25 years of experience working full time as a Real Estate Broker.
2. I am a Licensed Real Estate Broker.
3. I am a Certified Loan Originator.
4. I am a Certified Distressed Property Expert.
5. I work with the best law firms in area.
6. I finished Law School at the University of Warsaw, which enhanced my negotiation skills with the law firms, and real estate agents, and results in successful transactions.
7. I am bilingual - I speak both English and Polish.
8. I am available any time, almost 24/7.
9. I know that the online marketing is key to real estate success. You can see my website on many front pages like Google, Yahoo, etc. In addition, I advertise listings in various websites like Craigslist, Oodle, HotPads, Zillow, Backpage, Vast, etc.
10. I am the Top Agent Broker, with many satisfied clients!
11. I do not use other agents, teams, or assistants. Each of my clients is treated personally and with professional care, which combined with over 25 years of experience and collected certificates, causes former clients to eagerly return to me for business and to recommend me to their friends.
REGINA ZAK TOMAS, 773-520-1522, Re/max City
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Short Sale In Harwood Heights And Suburbs