Skip to main content
Residential Real Estate Sellers

Everything you need to know about short sales in Illinois

By March 25, 2021No Comments

The housing market and home ownership can be very overwhelming. 

At Adam Diamond Law, we help the citizens of McHenry, Illinois work through all aspects of their real estate deals — including short sales. This blog covers what a short sale is, how they can benefit you, and how to get in touch with a real estate attorney if you’re ready to move forward with this type of sale.

What is a Short Sale?

A short sale is when you sell a property for less than you owe (or need to pay off all liens). In order to do this your lender (or lienholder) needs to approve of the sale.

There are a few options for you in the state of Illinois before your home gets foreclosed. The good thing is you usually have several months after a delinquent payment before proceedings even start. 

It’s important to note that short refers to the payoff to your lender, not necessarily the length of the process. A short sale usually requires a written agreement from your lender and can take anywhere from 30 days to 6 months (or even longer) to complete.

Benefits of Short Sales

Short sales can be very beneficial to both the seller and the buyer for the following reasons: 

  • The seller avoids the negative impact of a foreclosure.
  • Short sales may do less damage to your credit score. 
  • Short sales can possibly absolve you from some or all of your mortgage debt (deficiency).

First Steps in the Short Sale Process

Short sales might not be for everyone, but they can be a win-win for all involved. 

The first step is getting someone who is well-versed and knows all the ins and outs of short sales. You will want to ensure you find a real estate attorney who can let you know all of your options.

Contact Adam Diamond Law for help with your short sale

At Adam Diamond Law, we take the time to understand your unique situation and help you make the best real estate decisions for you and your loved ones. Contact us at 773-217-9623, so we can get started working together on your short sale as soon as possible.

Skip to content