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http://www.khaley.illinoisproperty.com | KOROLL HALEY | RE/MAX Partners | TEL 708-288-8383

River Forest Short Sale Agent, River Forest Real Estate, River Forest Homes For Sale, River Forest Pre Foreclosure Help.

River Forest Foreclosure update for October 2010.

26 bank owned properties in River Forest (repossessed)
54 foreclosures pending in River Forest (mortgage defaults)
9 properties were listed as Short Sale in the MLS in River Forest.

Short Sale Houses in River Forest.
2 Single Family Homes were listed in the MLS as Short Sale in River Forest.

Short Sale Condos in River Forest.
7 Condos were listed in the MLS as Short Sale in River Forest.

Chicago Foreclosure update:
14,873 bank owned (repossessed) properties in Chicago, IL.
22,654 foreclosures pending (mortgage defaults) in Chicago, IL.

Related Terms and Definitions:

Short Sale (Pre Foreclosure Workout Solution)
Definition:A Short Sale is a real estate sales transaction contingent upon successful negotiations with the seller's lender(s), lien holder(s), and/or other third parties, to obtain approval to sell the property for less than is owed on the mortgage. The purpose of a short sale is to settle the mortgage with the lender and avoid foreclosure. Generally, a short sale seller should have a legitimate financial hardship (job loss or substantial reduction in income, business failure, divorce/ separation, medical reasons/ health problems, military service, etc..) and there is not enough equity in the property to sell it and pay back what is owed on the mortgage, back taxes, closing costs. 

Why is it called a Short Sale? - The proceeds of the sale fall short of the property owner's real estate debt obligations (mortgage loans, real estate taxes, real estate commissions, etc..).

Why Banks agree to do Short Sales? Banks agree to do short sales when a short sale makes more financial sense to bank than foreclosure. Short Sales usually sell 10% below the current fair market value. An average loss per foreclosure is 65%. An average loss on a Short Sale is 40%, that is a savings of 25% on average Short Sale versus Foreclosure Sale (REO).

Who pays the seller's closing costs in Short Sales?
The lender. Realtor's commissions, seller's attorney legal fees, title insurance, property taxes, are paid by the seller's lender from the proceeds of the short sale, at closing.

What is a HAFA Short Sale?

Definition: Repossession of a real property. A legal process by which the lender forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. In Illinois, a borrower would have to miss at least 3 mortgage payments before the lender can start the foreclosure. The foreclosure process takes at least 7 months to complete, in most cases longer.

Definition: Real Estate Owned. Refers to Bank or Corporate owned property aquired through foreclosure. If a property does not sell at the sheriff sale (auction), it converts back to the lender and becomes an REO (bank owned).

Definition: Broker Price Opinion. Lenders order BPO's or property appraisals in order to establish FMV (Fair Market Value).



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