(312) 607 7928info@tkghomes.net

Charles Rutenberg Realty
3135 Book Rd
Naperville, IL 60564

Real Estate Group
Thekellergroup-Short Sales

Short Sales

In today’s world, we have seen first-hand what financially challenging times can do to families and the turmoil and strain it puts on relationships. There is no doubt that facing a foreclosure is a frightening experience. You may be feeling frustrated and confused right now. However, if you surround yourself with the right people and a professional team whose focus is on you and your family and not a commission, it makes all the difference in the world.

Whether you are 30-days behind or have a scheduled Auction Date on your property, we can help! You have options! We have the solutions. The Keller Group has successfully helped hundreds of families avoid a full foreclosure through a Short Sale. A majority of their business is Short Sales. We will sit down with you one-on-one and discuss your options that are most beneficial to your situation. Call us now and speak directly to Heather at (312) 607.7928.

Time is of the essence when it comes to a Short Sale. There is a lot involved and we need to ensure there is enough time to complete the Short Sale, which can take months, depending on how many mortgages you have and you bank. Typically, each bank has a slightly difference process. Our goal at The Keller Group is to help you avoid foreclosure and move on with your life.


Patricia called The Keller Group in a panic because she had no idea there was an upcoming Auction Date on her home. Patricia received one of our marketing pieces in the mail. How did she now know? How did The Keller Group know and not her? She had a lot of questions and we were able to answer every single one.

While it is public record, most Sellers do not know when they have an upcoming Auction Date, which can be daunting and frustrating. After about an hour of chatting with Patricia, she realized she needed to sell the house as a Short Sale since her 5 attempts at a loan modification had failed. At this point, she really didn’t have any other options. Because her Auction Date was only a couple of weeks away she met with one of our bankruptcy attorneys and filed for a Chapter 7 which temporarily stopped the Auction Date. Days later and she cleaned and prepped her home for a Short Sale, since first impressions make a difference, we listed her home!

It took a while to sell her home due to the condition. It needed a lot of work and had been neglected over the years. After her income reduced drastically, she didn’t have the energy to keep up with the home and all she could think about was not going to foreclosure and how she was going to stay afloat.

After her Chapter 7 was discharged, her bank turned around and set another Auction Date on her home. But we were able to get a Short Sale Offer and The Keller Group was able to postpone the Auction Date allowing us enough time to complete the Short Sale and close on the property. A couple months later, we did finally close and Patricia received $10,000 in Relocation Assistance. Her testimonial is below…

“The Keller Group is the best. They always accomplished everything I needed quickly and effectively. Their team is amazing! I felt so comfortable and was amazed by their hard work and dedication. They never let me down. If they said they were going to do something they did it and much more. We truly believe we would have not been able to do a Short Sale successfully if it was not for the professionalism and determination of The Keller Group. We were treated as if we were their only client. We loved working with them and will refer everyone in our similar situation. We are so thankful we opened that letter they mailed us. Because from that day forward everything made sense and everything worked out perfectly. Thank you! God bless! ~ Patricia

Patricia’s story is common for hardworking folks who suffer a job loss, a divorce, an illness or any major life event that affects your financial well-being. It is important for you to know that you do have options. Releasing the burden of unpaid mortgage debt may be the solution you need. Many Sellers, like Patricia, prefer to Short Sale their home to get out from an underwater mortgage and completely re-boot their lives. A SHORT SALE CAN HELP YOU JUST LIKE IT HELPED PATRICIA AND HUNDREDS OF OTHER CLIENTS FROM THE KELLER GROUP. CALL US TODAY AT (312) 607.7928.

FAQ – Short Sales

What is a Short Sale?

Short Sale means that your bank agrees to accept less than the full balance due on the mortgage. The “short” is shorting the bank the full money owed on the mortgage, allowing the homeowner to be released from the financial burden. For example, if the outstanding balance is $100,000 but the home sells for $75,000, the bank agrees to Short Sale the property and takes less than what is owed. In some cases, the Seller is released from the debt, however, some Sellers may be required to pay taxes on the unpaid balance. This can be discussed with a CPA, certified public account, or a bankruptcy attorney. Both of which we have on our team at The Keller Group.

Who Can Qualify?

Sellers who are at behind on their mortgage at least 30-days (one late payment) may qualify for a Short Sale.

Does It Affect My Credit?

Yes, a Short Sale will affect your credit. Banks have the option of submitting the Short Sale to the credit bureaus as “Paid in Full” or “Settled for Less than Full Balance.” If you are currently behind on your mortgage or facing foreclosure, the Short Sale can actually help your credit. How? Once a Short Sale is approved and it closes, you avoid foreclosure. A Short Sale is less damaging to a Seller’s credit, as compared to a foreclosure, which can take many years to recover. Many times, Short Sale Clients may be able to purchase a new home within 2 to 3-years from the close date.

How Much Does it Cost for a Short Sale?

NOTHING! All the closing costs, attorney fee, and commissions are paid by your bank. Sellers do not pay anything out of pocket for the Short Sale of their home, with the exception of outstanding HOA dues. Most of the time, banks will not pay for this nor any costs related to association documentation for closing. We highly recommend you stay current with your homeowner dues.

How Long Does a Short Sale Take?

Far from being short, a Short Sale can take anywhere from 3 to 8-months, sometimes more and sometimes less depending on how many mortgages are on the property as well as who is your mortgage bank. Each bank and each Short Sale situation is different. An estimated time frame of the Short Sale can be discussed when you sit down with one of The Keller Group Short Sale Specialists.

Does a Bankruptcy Affect the Foreclosure?

Yes, if you file for Chapter 7 or Chapter 13 it will temporarily stop an upcoming Auction Date on your property, which allows you more time to proceed with a Short Sale. At The Keller Group, we have several bankruptcy attorneys on are team that will sit down with you at no cost to discuss the option of a bankruptcy.

Can I Keep My Home?

If you desire to keep your home and can afford to make the monthly payments, then YES you should try to keep it! In order to qualify for a loan modification, you will need to demonstrate to the bank that you are generating more income than your current monthly expenses. With that said, unfortunately, more than 91% of all loan modification applications are denied. If you are approved for a loan modification, we can move forward ASAP with a Short Sale.

Do I Qualify for Relocation Assistance?

In many cases, Sellers may qualify for Relocation Assistance, depending on if their mortgage is FHA or conventional. With an FHA mortgage, you may qualify for $3,000 of Relocation Assistance if you still live in the property. With a conventional mortgage, you may qualify for $3,000. Relocation Assistance is not something we can negotiate. You either qualify or you do not qualify.

Need More Information?

Contact us for a personal, free, consultation to discuss your options. Our Chicago based Short Sale Team of Broker Specialists, Real Estate Attorneys, and Agents are ready to talk with you, show you what comes next, and take care of any concerns you may have to move forward. Find out today what the next steps are to getting back to living your life.

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