Nancy Karp

Nancy Karp

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Short Sale Basics

Short Sales 101

April 24, 2009

Over the past several months I have had a lot of first-hand experience with short sales.  So now I am ready to share what I've learned with my readers.  I am not a lawyer, so don't take any of this as legal advice (I can refer you to a couple of terrific lawyers who can help you with your specific situation).  I have consulted with several lawyers that are experts in this area - so I will share with you what I have learned from them and from the school of hard knocks.

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Short Sale Basics for Sellers

May 5, 2009

The first thing you need to do if you want or need to sell your home is to determine the likelihood that it will be a short sale.  The formula for this rather straightforward – the difficulty lies in determining how much your home will sell for in this situation.  

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Short Sale Advice for Buyers

June 13, 2011

Most home buyers right now are looking for bargains.  And, there are plenty of them in the Chicago area - the North Shore is no exception.  The best bargains are "distressed" properties, here are the most common situations: 


  • Bank-owned properties - These are homes that the banks had to foreclose,  and yes the North Shore is not exempt from foreclosures.
  • Short sales -When the owner owes more to the bank than the property is worth on the current market it is a short sale.  The owner must either come to the closing with money to make up the difference, or they must prove to the bank that they have a hardship and cannot make up the difference.  If the seller cannot make up the difference, then the sales contract and all terms of the sale must be approved by the bank.  Since the banks really aren't in the real estate business, depending on the bank, the purchase process can be lengthy.
  • Bankruptcy - The homeowner has declared bankruptcy and the sale of the home is being directed by the court system.

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