A short sale can be a powerful tool for selling your house if you are upside down in Illinois; that’s why it is essential to truly understand everything that goes on to make a short sales in Illinois happen.

Essentially, a short sale is when a property sells for less than what they owe on the mortgage. In this event, a “short sale” happens. 

To better understand this process, we will review all of the information you need to know in this article.

Available Programs for Short Sales in Illinois

There are two primary programs that you can look into when you are considering “short-selling” your home.

Home Affordable Foreclosure Alternative (HAFA)

HAFA is one of the best programs available if you are going through financial stress. This program allows you to transfer to more affordable housing without worrying about the burden of carrying a deficiency.

Benefits of HAFA:

  • A full release of deficiency
  • Less impact on your credit
  • $3000 cash relocation assistance payment for closing

Make sure to visit the HAFA website for more information about this program.

Lender Fast Track Program

There are many benefits of going with a lender to help you with the Short Sale process. These benefits even provide you with more cash assistance than HAFA Provides. That’s why it’s crucial to know about your foreclosure options.

Popular Fast-Track programs that lenders provide:

  • Wells Fargo Wachovia Loans (up to $20,000 for relocation assistance)
  • Bank of America Equator
  • Wells Fargo World Saver Loan (up to $30,000 cash at closing)
  • Chase Washington Mutual Loans (up to $30,000 cash at closing)

These are only some of the loans that you can access. However, it’s always a good “rule of thumb” to see what else is available to assist you.

The 4 Steps of a Short Sales in Illinois

One of the best ways to avoid foreclosures on your home is by considering the possibility of a short sale. The short sale process is not complicated when you use the right professional for the job. We will go over the four steps of a short sale process so you can know everything that will entail when considering going through a—short sale.

Pre-Listing

The pre-listing phase is when the Realtor gathers all your information. They will also assess your home to see what the Market Value is to list it. You will also sign paperwork to begin listing your home “Short-Sale Packet” and “Listing Agreement.”

Listing & Sale

The agent will list your home at a competitive but aggressive price to attract as many buyers as possible to generate a great offer on your home. They will also have to disclose that your home is in foreclosure to the buyers.

Negotiation

In this phase, negotiations happen between Realtors, Attorneys, and Lenders. We highly recommend you look for someone who specializes in dealing with Short Sales so your process runs smoothly.

All parties need to remain in communication throughout the whole process.

Closing

Once the lender approves your foreclosure, your attorney will schedule a closing date to sign the final paperwork.

A Short Sales in Illinois doesn’t have to be complicated

The foreclosure process is not rocket science. However, it’s easier to have the right professionals at your side. With this, you will have access to the knowledge and guidance you need. If you have additional questions about using a short sale in Illinois to sell your home, call us at 847-710-7093 for help.