Chicago Real Estate Leader’s Web Site Help Sellers Avoid Foreclosure By Connecting Them To Short Sale Experts

“Short sales” have emerged as a preferred alternative to foreclosures, and now RE/MAX, the Chicago real estate leader, offers property owners who may need to complete a short sale of their home or investment property, a fast way to find the real estate expertise they’ll need to achieve that goal. The regional RE/MAX Web site, www.illinoisproperty.com recently added a special portal on its home page that makes it easy for Chicago real estate and northern Illinois real estate property owners to contact a RE/MAX agent with the specialized knowledge required to handle a short sale. To navigate directly to the portal, go to www.illinoisproperty.com/shortsale.aspx.

“Short sales are definitely more complex than a traditional real estate transaction,” said Jim Merrion, regional director of the RE/MAX network in northern Illinois. Short sales usually come into play when homeowners find that the apparent value of their residence has fallen below the total amount owed on their existing mortgage loans. “Many lenders will agree to accept the proceeds from a short sale and forgive the rest of what is owed because it lets the lender avoid the lengthy and costly foreclosure process.

“The seller’s agent has to work with all parties to the transaction and facilitate obtaining the lender’s approval of the sale,” said Merrion. “In fact, it is not uncommon for a seller to have both a first and second mortgage, which means two lenders are involved and the situation becomes even more challenging. Finding an agent who understands how the process works is an essential first step for any homeowner facing a short sale situation.”

Not long ago, short sales were relatively uncommon, and only a small minority of real estate agents had experience in handling them, but according to Merrion, the number of agents familiar with short sales has expanded substantially in the last two years.

“Starting in the fourth quarter of last year, we have been offering training to our agents in how to handle short sales and foreclosure property. RE/MAX International now provides a similar course through RE/MAX University, a global education source that makes educational programs available via television, the Internet and even hand-held devices,” he said. “Innovations and resources of this type help us maintain the reputation of having the most experienced and educated real estate professionals in the industry.”