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Observations and insights into real estate happenings along E. Randolph St. in downtown Chicago

East Randolph Street, Chicago

U.S. Treasury set to finalize home “short sales” plan

October 6th, 2009 · No Comments · Uncategorized

Not so many people understands “short sale”, when I ask my clients if they understand the meaning of the words and the process, very seldom could tell and for those who understand very well, they have specifically mentioned that they do not want to bid on any “short sale”. I do not blame them, I had some very bad experience with “short sale” myself, such as it took lots of energy to put down an offer amount, then it is sitting with the bank for a few months without any news. In the mean time, the buyer is obligated to the offer so that they could not bid on any other properties without having a formal written withdraw offer letter.

Now the US treasury is planning to give some incentives to the financial institution and the seller for the amount of $2,500 total, due to just 12 percent of homeowners eligible have had their loans reworked, leaving millions more foreclosures to come, the Treasury said on September 9. Hope this could help more “short sales” to close and to move faster, then the agents and the buyers would be interested in the “short sales” again.

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