Chicago IL – Many people don’t think they are eligible for a short sale because they have unpaid homeowner’s association dues. Don’t worry about paying them yourself. When you short sale your home the association dues will be paid by your lender.
A homeowner’s association is a very small percentage of the overall short sale value. Lenders know that a short sale will net them substantially more money than a foreclosure.
I had an example in the post below. I showed a house that received a $119,900 short sale offer. The lender rejected that offer. The home was foreclosed on and sold for $96,400. That means that lender lost $23,500 by rejecting that short sale offer.
The short sale lenders have ran all the numbers on a short sale versus foreclosure. They have high paid actuaries who go through everything.
If they have to foreclose, then they want to make sure they get the most amount of money possible. They know that they can recoup their money faster with a short sale versus foreclosing on a house and then reselling it.
Because of that they are willing to pay your delinquent homeowners association dues. In addition, the bank pays the real estate agent (they will have to hire a real estate agent when they sell the house.)
They also pay the title insurance and property taxes, because they must be paid in order to sell a house. They have to pay all those costs when they sell a bank owned property.
The Bottom Line: All of the costs are borne by the bank in a short sale. You pay nothing.
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 email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then 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 tips and advice on short selling in Chicago 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. firstname.lastname@example.org.
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 thinking about a short sale, but can’t pay your homeowner’s association dues is provided as a courtesy to our viewers to help them make informed decisions.