Chicago Short Sales: How short sales affect home values in the neighborhood

Posted on October 8th, 2010 in All Articles, Short Selling/Buying.

Chicago IL – Short Sales and foreclosures have a big impact on home values. But, how they affect them varies dramatically. Every short sale helps stabilize the housing market.

The reason is because short sales sell for much more than a foreclosed property does. Most short sales have a homeowner who still lives there. The homeowner has kept the home in good shape.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

They mow and water the lawn, trim the bushes, and keep up on the house. Now, let’s contrast this with how banks keep up on their foreclosed properties.

A bank usually takes 2-6 months to put a foreclosed property up for sale. Sometimes they take even longer.

They usually do not turn the power until the home is listed. So the house sits empty. In the summer mold will grow on the walls inside. In the winter water pipes can freeze and break. Water may even leak all over the house.

The lawns are rarely watered or mowed. The homes are simply not kept up. As a result they sell for substantially less than a short sale or traditional sale.

Here is a good example. A house was listed for sale as a short sale. A $310,000 offer was obtained. The short sale was not approved. The home was foreclosed upon and sold as a bank owned property.

It sold for $230,000. Buyers know that they can get a better deal on a bank owned home. So they start their offers at a lower price.

The bottom line is that short sales help support home values. So the next time you see a short sale seller, thank them for supporting home values, and as a result the entire economy.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently for great information and news on Chicago short sales www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.  We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa.  Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on how short sales affect home values in the neighborhood is provided as a courtesy to our viewers to help them make informed decisions.