Shorties in Avondale

3423 W School St

The “short sale” is somewhere between a sale and a foreclosure. Similar to a common sale, a short sale is listed and marketed by a homeowner or broker. The home’s lender, facing a delinquent mortgage, agrees to accept less money for the sale of the home than the amount of the loan given to the current owners. This can be preferable to a foreclosure, because the homeowner has the burden of marketing and selling a home, while the lender avoids the hassle of eviction and a foreclosure auction. For homeowners, the less offensive “short sale” will appear on their credit reports instead of the dreaded “f-word.”

A buyer can snag a deal with a short sale home but should be prepared for a lengthy closing process. If you’re up for it, here are three options representing some of the biggest reductions and lowest prices for short sale condos, townhomes, and single-family homes in the Northwest Side community area of Avondale.

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