The Illinois Law Group

We all know that today’s economic has had near disastrous consequences for the real estate industry. Unfortunately, Chicago short sales have been a reality or serious consideration for plenty of home owners in and around the Chicagoland area.

Chicago short sales have seen a significant increase since the fall of the real estate market and plenty of people’s lives have been sadly impacted by the downturn. Although a short sale is a considerably better option than foreclosure or declaring bankruptcy (because it does much less damage to your credit score), it is still an uncomfortable position to be in.

That is why it is important for a home buyer that is considering one of these three options to consult an experienced and credible short sale attorney. Not just any attorney hat you pick out of the Yellow Pages, but one with a credible history of dealing with short sale or bankruptcy cases and one that you feel comfortable working with.

An attorney is required to explain to you all of your options and the impact that each option has on your credit score. If you decide that a short sale is right for you, the attorney is then needed to negotiate a short sale for you with the bank or the lender.

Although a short sale is much more favorable than declaring bankruptcy or foreclosure, it is much harder to get. There is no guarantee that the bank or lender will agree to the terms of a short sale since, in essence, you are asking them to accept less money than they originally lent out. If the bank or lender believes a short sale would save them more money in the long run than foreclosing on your house would, then they would agree to a short sale.

This is another reason to ensure that you choose the great short sale attorney. It is the attorney’s job to convince the bank or lender than a short sale is in everyone’s best interest. The attorney and you will work together to gather evidence that proves your financial and personal hardships and explain logically why you can no longer make the payments on your mortgage. Once the bank or lender agrees, a contract is discussed and signed by the real estate agents of the seller and the buyer, but not the bank or lender.

Tags: Chicago Short Sales, how to short sale, short sale attorney chicago

This entry was posted on Wednesday, September 30th, 2009 at 7:25 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.