Short Sale Pre-Approval

Many lenders are now pre-approving short sales, allowing people to close on short sales much faster.  Be sure your broker or real estate lawyer contacts your lender prior to the beginning the short sale process to inquire about pre-approval.

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Wiring Finds to Real Estate Closing

Federal law requires that when a buyer or seller has tp bring more than $50,000 to closing, the entire amount must be wired prior to closing.  The title company will not accept checks of any kind as payment, even for a portion of the amount.

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Marc Trestman Selling House in Chicagoland

Marc Trestman is selling his house in Winnetka for a reported $3.8M less than a year after purchasing it.









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Inspection on Foreclosured Properties

Banks selling foreclosed properties usually won't address inspection items that buyers would like repaired/replaced.  We would still recommend conducting an inspection and requesting these items, although, in exchange for the reduced purchase price for which the property is selling, banks will likely reject any repairs to the property.

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Short Sale Time Frame

Typical short sales can take between 6 weeks and 6 months to close from point of offer.  The average time frame is around 3 months.  The length will depend on the lender review process, among other things.

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Mortgage Payoffs at Closing

Prior to closing, a seller's real estate lawyer will order payoffs for any mortgages or liens on the property so these items can be paid off at closing.  This will allow the seller to transfer clear title at closing.

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Lifespan of Surveys

Surveys older than 6 months are usually not sufficient at closing.  In a cash transaction, this may not be an issue pending buyer's approval.  Ask your real estate attorney for more info.

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Tax-Exempt Proceeds from Sale of Property

Proceeds up to $250k for an individual or $500k for a married couple is tax exempt from the sale of a primary residence, assuming the property was not used for business or rental purposes and it was occupied by the seller for at least 2 out of the last 5 years prior to the sale.

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