Monday, December 01, 2014

Realtor at work: Preparing a Ravenswood short-sale listing for the market

We were contacted a couple weeks ago to help a homeowner with a short-sale listing in the Ravenswood neighborhood.  The sellers live out of state and have tried unsuccessfully to sell their home for a year.  A short-sale is when the bank agrees to allow the sale of a home at a price less than is owned on the mortgage. The owners needed a plan to help get a short-sale done. 

I hired and met our contractors to start work at 1949 W Foster #1, Chicago IL 60640 just before the Thanksgiving holiday. We've repainted and freshened up the unit.  It looks great and is ready to list on the MLS tomorrow. Photos Eric Rojas, Broker, Kale Realty

We first asked the prospective seller many questions concerning the lenders on the property and the condition of the Condo Association. The lender's willingness to allow a short-sale and other factors that may be inhibiting a sale must be assessed. This will determine the likelihood of a successful short-sale. Once we know the situation in it's entirety we can then come up with a plan to get the home sold.

In this particular case we determined the Condo Association as a whole was in solid shape and should not hinder a sale of the property.
It was determined that the Condo Association was in good order and a qualified buyer should be able to get a loan to purchase in the building.  The last price of the property seemed pretty good on face value.  The owners had also received a general price range the bank was willing to accept in the event of offers.  These were all positives. 

We toured the property and quickly decided that the home needed to be completely painted and freshened up to achieve a sale price good enough for the lender.  The home simply looked tired and sad.  Our clients agreed and within the week we had one of our regular contracting crews painting the home for a terrific rate.  Although it's not a natural instinct for an owner to invest in a property that they have to short-sell we felt it necessary to get this particular deal done. 

We've just completed the painting, new photography and a video walk-thru of the property.  We look forward to listing the home this week and getting offers to the lender.

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