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 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.
- 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.
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: