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Chicago Foreclosures - Falcon Living

Falcon Living is the premium source for foreclosures, short sales and REOs. Keep in mind, to get a good deal on a real estate, it does not have to be a foreclosure. The prices in the Chicago area have come down significantly in traditional sales as well. Feel free to use are search engine to search for homes.

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The difference between a foreclosure and a short sale?

A foreclosure means that the property went back to the lender. Technically there is a sale of the house. It is offered in public. In some states the offering is done by a court ordered auction in a process called judicial foreclosure. In other states the sale is done privately as a trustee sale.

Now, let's compare that to a short sale. In a short sale, the owner finds a buyer, just like they would with a regular sale. Except now the seller can sell the property for less than the amount of mortgage owed on it. The buyers can come in and buy the property at a very good price, even in a terrible real estate market. The lender gets all the proceeds. The seller does not get a dime of the buyer's money.