Barrington IL Real Estate : Illinois: Schaumburg

Another Short Sales Contract Fails in Schaumburg Illinois

This short sale listing of a condo in Schaumburg had everything going for it. The owner was pro-active about taking steps to try a short sale as soon as distress loomed on the horizon.

• The condo was listed for sale at market value-well maybe just a little under.
  
• The owner made the condo available for showings.
• The Home Owners Association fees were being paid every month.
• Time passes but both the owner and I, her Short Sale Realtor, keep the bank up to date on progress.
  
• During the listing we were contacted by FHA as the owner qualified for their HAFA equivalent approved short sale program. Yes they contacted us!
  
• The condo and client were approved for the short sale program within a few days; we just needed an offer for a set amount.
• Offer was received for full asking price.
• Short sale documents sent to bank along with HUD-1 showing net proceeds just above what the bank wanted.

This is like a text book short sale, albeit it little odd in progression. So what went wrong?

Simple; at some point the owner decided not to pay the Home Owners Association Fees anymore. There were 4 missed payments of just less than $300. The HOA sent us the bill-$4000 and change. (We had assumed they were up to date-until the bill arrived.)
Because the owner had not paid the monthly assessment there was interest charges and late fees added, plus for some work the owner called to have fixed those were added as full bills for the owner to pay.



The owner did not have $4000. So the short sale has failed when we were so close to saving the client. Could the owner afford the monthly fee? Yes. So why on earth did payment stop? I guess I will never know but now this client is moving out of the condo which will be foreclosed on next week.

Could the HOA have helped, maybe but they will get all their money at sale after foreclosure so why should they help? The owner started out the right way but did not think to ask before stopping payments and did not tell the Realtor.

If you need a short sale on a condo ownership property do not take any action with-out first asking your Realtor or your Attorney how it might affect you. In this case the price is a heavy one. Foreclosure could have been prevented-we were so close to a succesful short sale.

Call me today! I do short sales in Schaumburg for owners willing to do as they are told.  Corinne: 847-363-3686.

Copyright 2010 Corinne Guest All Rights Reserved - * Another Short Sales Contract Fails in Schaumburg Illinois *

Short Sales Schaumburg Illinois - Condo Price Reduction - 631 Derry Ct - Schaumburg - IL - $75000

Just reduced from $85000 to $75000 this is a 3rd level - top level 1 bedroom 1 bathroom condo in the Lakewood subdivision of Schaumburg Illinois. The kitchen and black appliances were all new just 3 years ago. The living room has a wood burning fireplace and the master bedroom has a huge walk in closet and an in unit laundry with appliances.

This condo is for sale as a short sale - so allow time for acceptance of your offer by the bank. If you make an offer quick you can close in time to get the first time buyers tax credit.

For a showing call your Realtor or call Corinne today. Make 2010 the year you become a home owner and get a great price on a short sale condo in Schaumburg Illinois. For more short sales in Schaumburg email your information and I will create a ustom list of short sales or foreclosures for you to look at.

Are you struggling with your mortgage? Are you facing foreclosure? Do what this owner did, take the pro-active approach and put your home on the market for sale. I promise it'll take a weight off your mind. A problem shared is a problem halved. Call or email me today about listing your Schaumburg home as a short sale!