Chicago Short sale homes for sale
Short sale homes for sale have become a common occurrence in the Chicago real estate market. A short sale is defined as when a lender accepts a lesser amount of money than what is currently owed by the borrower when the home is sold. Hence, the home is sold at a price short of what is actually owed. A short sale has its benefits in the real estate market. It can help a seller who is in financial trouble to sell a home that otherwise would go to foreclosure. Secondly, it helps the buyer purchase the home at a price more in line with the current market. Lastly, it removes a non-performing loan from the books of the financial institution.