Homes For Sale in Palatine IL - Why Buy Short Sales?

By
Real Estate Broker Owner with Managing Broker-Barrington Realty Company 471.000044

There are over 500 homes for sale in Palatine IL, in fact today as I write this post there are 525 single family homes, condos and town-homes. How many of those are short sale listings and should you buy them? As of today 142 of the listings are short sale listings. That's 27%.

Searching Homes For Sale in Palatine IL

Should You Look At Short Sales?

It isn't for me to tell you yes or no to this question, but you need to know the facts so you can make an educated decision. Of course if you decide yes, then without a doubt you need to work with a Palatine Realtor that has experience with short sales. Fighting your own battles on a short sale is not a very good idea, especially as most likely all you know is what you have read or heard in the media and that frankly is usually tainted or generalized. I have been working with short sale buyers and sellers now for five years, I would be more than happy to be your advocate.

Back to that search. By all means search all the listings but bear these things in mind:

  • Short sale listings are not a good buy if you have a property to sell.buying Palatine short sales
  • Buying a short sale means your contract, after agreement from the seller, needs the lenders approval.
  • Relevant to the above, there may be more than one lender.
  • Lender approval can take a long time, often months not weeks.
  • That approval has to be accepted by the seller, they may not like it's conditions.
  • In some cases sellers have little money to maintain their homes.
  • You have to incur costs upfront, like your home inspection.
  • You will be tied to this contract while you wait, 90 to 120 days, so you cannot go and find another house if you get impatient.
Now for some good things.
  • You could get a very good deal. Don't expect big discounts but homes for sale in Palatine IL as short sales are probably discounted.
  • Not all short sales are due to financial difficulties, you could find a perfect home, upgraded and cared for until you close.
  • Financing short sales does not itself cause any issues.
Oh by the way, do not ever work with the listing agent in Palatine or anywhere in Illinois for that matter, on a short sale! Ask me why when we meet.

Request a List of Homes For Sale in Palatine IL.

Homes for sale in Palatine IL that are short sale listings are supposed to say so on the listing information. However there is a lot of information on that sheet and it can be hard to identify which ones are short sales.  The easy way is to let me know you are looking at homes for sale in Palatine IL, and whether you want to consider short sales, regualer sales or only short sales and foreclosure listings and I can send you a more precise list.

If you are a seller and considering selling your Palatine home:

selling your Palatine homes

 

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Topic:
Real Estate General Information
Location:
Illinois Cook County Palatine
Tags:
buying a short sale home
palatine short sales

Comments 3 New Comment

Rainmaker
749,991
Marte Cliff
your real estate writer
Marte Cliff Copywriting

Smart advice. If you want to get a bargain on a short sale, the trade-off is that you have to possess a patient attitude.

By the way... Love that hook you included at the end. :-)

February 28, 2012 01:17 PM
Rainmaker
545,079
Corinne Guest
Find Your Barrington Dream Country Suburban Home
Managing Broker-Barrington Realty Company

Gosh Marte, you must the chosen one, I have not been able to comment in days, only one squeezed in this morning. Glad you liked my hook :)

February 28, 2012 01:28 PM
Ambassador
1,776,024
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC

This is a nice post, Corrine. You have shared some helpful and beneficial information. Thanks for sharing.

March 08, 2012 09:46 PM
Rainmaker
545,079

Corinne Guest

Find Your Barrington Dream Country Suburban Home
An Independent Barrington Real Estate Brokerage
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