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.
- 4005 W Wellington Ave #1 (map): a one-bedroom / one-bath condo priced in the $50s. The current price represents a reduction of $115,000, or 65 percent. Marketed by Solfire Realty.
- 3464 W Diversey Ave (map): a 100-year-old, five-bedroom / three-bath single-family priced in the $200s. The current price represents a reduction of $80,000, or 28 percent. Marketed by Ruiz Realty.
- 3423 W School St #1 (map): a three-bedroom / 2.5-bath townhome priced in the $270s. Marketed by Goral Real Estate.