Plainfield Real Estate Short Sales
A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the mortgagor. A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property.
If you want more information about short sales in the Plainfield area, or are wondering about the costs involved in listing your house as a short sale, check out www.livinginplainfield.com and the article: How much does it cost to list my house if it’s a short sale? | Plainfield IL Homes
