Short sales are nothing new to the real estate industry. However the volume of short sales today is something that is new, where as 10 years ago a lender may have a few short sales annually. One of the larger lender such as Country Wide which was bought out by Bank of America earlier in 2009, could have as many as 500,000 in 2009 and maybe more. The simplest definition of a short sale is where a lender agrees to receive a lesser amount of an owed debt in exchange for the sale of the property to a third party. The seller of the property must be insolvent. There is no guarantee that the lender will release the debt owed to them from the seller. In some cases the lender will release the lien on the property but not the debt. That is where it helps to have a savvy real estate sales agent & attorney on your side to negotiate the lender into releasing not only the lien but also the debt. As you will see on my home page, I have recommend Hal Stinespring of Lake In The Hills IL. Mr. Stinespring and I have negotiated the sale of more than 25 Short Sales together in a 12 month period! Hal is quite a knowledgeable real estate attorney and is outstanding with Short Sales. |
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