Northern Illinois Real Estate – Can you buy a home after a Shortsale, Bankruptcy or Foreclosure on your home?

Short Sale house for sale Mt Prospect

Mt Prospect Shortsale property for sale

 

Contrary to what most believe many can purchase a home after they do a short sale on their home, file for bankruptcy or foreclose on their home?   This is a question most people think the answer is œno.   I attend an investor™s mastermind one time a month at my Keller Williams office run by Tyler Lewke, who I think is one of the most knowledgeable agents I know in real estate.   We are following the Millionaire Real Estate Investor book written by Gary Keller.   After any of these three there are some options that may be available to the seller to purchase a new home.   Some of the options would include a Lease purchase, Lease with option to buy, land contract or articles of agreement for deed.

Many people when filing for bankruptcy, their home being foreclosed on or selling their home via short sale feel humiliated, ashamed, angry ,frustrated, don™t see the light at the end of the tunnel.   Well you get the picture.   Having the ability to purchase another home or to have a contract on one make many feel much better and bring back hope.   The American Dream¦.Owning your own home.

Just a brief summary of the options are for a Lease purchase, the buyer and seller agree on the price and the buyer signs a contract to purchase the property.   With a Lease with an option to buy, the buyer has the option to purchase the property at the end of the lease.   With a Land contract, the seller does the financing for the buyer and the buyer is signing the contract to purchase the property and makes payments to the seller until a specific date or it is paid off.   The articles of agreement for deed allows the buyer to put down money and makes payments to the seller and the seller pays the mortgage if there is one.   If the buyer defaults then the seller can take back the property with no money back to the home buyer.

For more explanation of your options contact me and I would be happy to help.

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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

847-370-4509      julie@homesbyjulieanne.com

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