Short sales
A short sale requires the lender's written approval of the price and net proceeds. The approval letter's terms matter: whether the lender waives the remaining balance, what the seller must contribute, and the deadline to close. Tax consequences should be reviewed with a tax advisor.
Properties in foreclosure
In Cook County, residential foreclosures proceed in the Chancery Division of the Circuit Court. A sale may still be possible while the case is pending, and timing matters.
Buying distressed property
Bank-owned, vacant and estate properties often come with open violations, title issues or as-is terms. A buyer's attorney reviews those risks before earnest money goes hard.
Questions clients ask
How long does a short sale take?
It depends on the lender and any second mortgage holders. Plan for a longer timeline than a standard sale.