This property is a two level, three bedroom, two bath home with a basement and a two car garage located on Langley Circle in Southgate. The residence is a short sale (see below) in The Glen in Glenview.
This home enjoys an excellent location in Southgate, close to shops, restaurants and parks. It is close to schools and sits on a great street with townhomes and villas.
This home was listed 5 days ago with misinformation about the size of the property, the levels and the square footage. This property is listed by a representative of the bank who has limited knowledge of homes and living in The Glen in Glenview.
This property is priced at $479,900 and the taxes are $7,636.
What is A Short Sale?
If you’re looking for a bank property this is a short sale. A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property. The home owner cannot afford to repay the liens’ full amounts.
What does Lis Pendens Mean?
Latin for “a suit pending,” it’s a written notice that a lawsuit has been filed which concerns the title to real property or some interest in that real property. The lis pendens (or notice of pending action) is filed with the clerk of the court, certified that it has been filed and then recorded with the County Recorder.
The reason I gave you these definitions is to understand the situation the owners of this home are in at this time. In 2009 they were served with lis pendens which is also the start of foreclosure proceedings. Somehow they escaped going into foreclosure. They went to their bank and told the bank they cannot afford to pay the mortgage and also gave a letter of hardship. The bank is allowing them to sell in short sale which today most banks forgive the balance of what is owed but the home owners’ credit will be hit for seven years.
Unusual For Homes in The Glen
It is unusual that homes in The Glen in Glenview have had a low rate of foreclosures and short sales. It is a much better situation for banks to let sellers go through a short sale instead of foreclosure.
I have not seen this property from the inside and the listing agent has not posted any pictures. It’s a bit underpriced but not significantly priced based on the last two closings on the block.
For more information about this neighborhood, please visit our Southgate in The Glen page.
Please call me at 847-921-1666 to discuss your needs or email me at www.BarryNewman@atproperties.com