phone 630.836.9030

direct 630.842.6000

e-mail  bert@bertgor.com

Real Closed Short Sale's in 2008

Reason in Foreclosure:

Taxes became too high and “ARM” adjusted.

• Loans:  

Purchased as “new construction” in 2-2-04. Seller had 1 loan. At the time  of sale she owed $216,456 & $1500 in assessments that were past due.

• What Happened:  

Bert Gor got multiple offers on their home and had it under contract in 29 days.  Seller has not had to file Bankruptcy. 

 Seller has avoided Foreclosure & Eviction. Bert Gor has negotiated a payoff for the Seller $76,456.00 less than they owed!

 Bottom Line:

• 1^st MTG Company agreed to accept a SHORT SALE.
• 1^st MTG Company did NOT pursue deficiency.

Seller paid a total of $0.00 for the total transaction.

Example #2 – Closed 4/2/2008

743 Biloxie Ct., Carol Stream IL

•  Reason in Foreclosure:

Seller had death in the family.

• Loans:

Seller had 2 loans. Seller had a 1^st MTG w/a balance of $170,936 and a home equity in the amount of $40,000.

• What Happened:

Bert Gor got multiple offers on their home and had it under contract in less than 90 days.  Seller has not had to file Bankruptcy.  Seller has avoided Foreclosure & Eviction. Bert Gor has negotiated a short sale $59,736 less than owed & 2 years worth of  unpaid taxes also got paid off in short sale.

• Bottom Line:

Seller got a FULL RELEASE from both lenders at the end of close.

Example #3 – Closed 4-8-2008 for $210,000

5213 Belmont, Downers Grove IL

Reason in Foreclosure:

Both wife & husband lost long time jobs within 1 year. Also, balance due compared to current resale value was upside down.

Loans:

Seller had 2 loans. Seller had a 1^st & 2^nd totaling over $418,343 + unpaid taxes for 2 years.

What Happened:

Bert Gor sold their home in 66 days. Seller did not file bankruptcy. Seller avoided foreclosure & eviction. Bert Gor negotiated a payoff for the seller $229,343 less than they owed.

• Bottom Line:

Both lenders agreed to a short sale and gave the seller a full release.

Example #4 – Closed 3/29/08

1874 Windette, Oswego IL

• Reason for Foreclosure: 

Seller lost her job & home values dropped drastically.

• Loans:

Bought house on 8-23-2006 for $336,000. Seller had 1 loan that she owed $356,301 by the time she came to Bert Gor.

• What Happened:  

Bert Gor sold her home in 71 days. Seller did not file bankruptcy. Seller avoided foreclosure & eviction. Bert Gor got the bank to agree to a sales price of $249,000.  The bank accepted a short sale $132,201 less than owed & did NOT pursue her for the balance owed. 

Bottom Line:

Seller received a full release.

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