Selling Short Sale Property
After 2008 when real estate values plummeted, many American homeowners found themselves in a difficult position: they owed more on their mortgage than their house was worth, commonly known as “being upside down in one’s mortgage.” While housing prices are on the rise, some Americans are still faced with this precarious situation. There are three basic ways to deal with being upside down in a mortgage:
- Stay in your home until the market value is at or above the amount you owe on your mortgage. Unfortunately for many people, it isn’t a realistic solution. If a homeowner finds they can’t afford their mortgage or they need to relocate and sell quickly, they will need to find other options.
- Go into foreclosure. But foreclosure can have serious repercussions. While sometimes foreclosure is the only option, there is a better option available.
- Investigate whether or not you qualify for a short sale. The best way to do this is to contact a real estate attorney who is veteran in the short sale process, like our real estate attorneys at Chang Legal.
Buying Short Sale Property
Short sales are becoming harder and harder to find in the Chicago area. A recent article in Crain’s Business Chicago reports that, in our area, short sales peaked at 18.6% of the market in January of 2012. This summer, short sales represented only 2.7% of home sales in Chicagoland.
But that doesn’t mean you should ignore the short sale housing market if you are looking to buy. Short sale homes are generally sold at or below market value, so buyers often get a good deal on the property. However, buying a short sale property can be far more complicated than buying a non-distressed property and having an experienced real estate attorney can make all the difference.
Chang Legal Can Help Short Sale Sellers & Buyers
That’s where Chang Legal comes in. We have attorneys who are experienced in all areas of real estate law and know how to navigate the complex paths of selling or buying a short sale property.
To learn more about the support we can offer you in regards to short sales, contact Chang Legal today.
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