What is Short Sale?

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.[1] In order to make sure that borrower is not left with the deficiency borrower should use real estate agent that specializes and have experience in short sale. There are currently two types of shorts sales Traditional short sale and HAFA Short Sale.

SHORT SALE RULE #1:  Banks do not care about you or your family. They only care about what is best for their own bottom line.

It is critical that you understand your options, and speak with someone who represents YOU and your best interests. The bank does NOT represent you. They are NOT obligated to explain your options. They are only interested in what is best for their stockholders. Anything you say to the bank over the phone is being recorded to use against you. The Jakub Chybowski does NOT represent the bank. I represent YOU and ONLY you. I am an expert in negotiating with banks, to find the best solution for you and your family.

SHORT SALE RULE #2: As long as you "continue" to make the monthly mortgage payment, the bank will not take your "hardship" seriously.

So why do a short sale? It's simple. The difference between a short sale and a foreclosure is substantial. At the conclusion of a well executed short sale, you will be allowed to walk away from the home, without owing the difference between the original loan amount and the current market value of the home. Additionally, banks typically report to all three credit reporting agencies that your account has been "legally settled short of full payment." A short sale shows responsibility on your credit because you made a choice to cooperate with the lender, versus abandoning the property and allowing the home to foreclose. After the completion of a successful short sale, you may be able to purchase another home in as little as one year, compared to a foreclosure or a bankruptcy which can have a negative impact on your credit for 7-10 years.

SHORT SALE RULE #3: Using an inexperienced Realtor to negotiate a short sale can be disastrous.

There are tens of thousends of real estate agents in Illinois and if you ask 10 of them what is a short sale and how do you successfully execute one you’d probably get 10 different answers. Then if you ask another question, that being, how many of them have actually successfully completed one you’d be very surprised. Jakub Chybowski has been doing Short Sales for many years.  You may have friends or family who are Realtors, and you may feel a sense of loyalty to use them, however, do they have the experience to represent you properly? Jakub Chybowski with Century 21 McMullen is Chicago Short Sale Specialists with many certifications. A short sale is NOT part of the Realtor "basic training" and most Brokers lack the experience and skill required to execute one properly. Short Sales aren’t tough at all…if you know what you’re doing. I have a very specific system that I have implemented and have been using with great success.  Banks take advantage of Realtors who are inexperienced and unfamiliar with the short sale negotiation process. Using an agent inexperienced with short sales could end up costing you tens of thousands of dollars, wage garnishment, or even a lawsuit by the bank called a "Deficiency Judgement." When interviewing Realtors, don't be fooled by agents who claim to be "Short Sale Experts" or "Short Sale Specialists." The proof is in the results. You should be able to verify how many short sale listings a Realtor has actually closed. With short sales, experience counts! When you're ready to sell, it's important to have an experienced Real Estate professional handle the details involved in the successful short sale of your home. As experienced professional who have helped many Chicagoland residents avoid foreclosure, I know how to handle every aspect of the sales process, from strategically marketing and showcasing your home to making sure everything's signed, sealed and delivered by the closing date.