Northern Illinois Real Estate – New guidelines for shortsales – they are getting easier to close.

 Short sale listing in Northern Illinois

New Short Sale Listing – Great looking!

The Obama administration  outlined these guidelines on December 1st to hopefully roll out in the next few months for Short Sales.   Typically a Short Sale (when the lender accepts less than what the balance is on a mortgage as paid in full) takes a long time (months) to accept from the lender and is very labor intensive as far as guidelines and paperwork from each individual lender.   Sometimes the offer is not accepted and all the work is for nothing.   The new guidelines will help the process tremendously in my opinion and many others.

New guidelines:

Sellers that successfully sell their homes through a Short Sale are awarded $1500 to help pay for relocation costs.

Up to $1000 per case awarded to the lenders if they successfully close

Up to $1000 for investors per closing

Up to $3000 for 2nd lien holders per closing

Realtor commissions will not be negotiable (banks cannot cut in order to accept the deal)

Many bigger banks are implementing changes to get in line with the guidelines.    My real estate team and I  have already experienced some of the bigger banks changing their systems to smooth out and shorten the process of the Short Sales.    This will allow us to do more Short Sales and less foreclosures.    Now all we have to do is educate the  general public on what a Short Sale is and how it can benefit them over a foreclosure.  

If you are looking at your options and want to know what this all means, contact me and I will help you in whatever way I can.

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Posted By:   Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty

Northern Illinois Real Estate AgentBarrington – Deer Park Real Estate Expert and surrounding areas


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