Understanding the Basics
What Is a Short Sale?
A short sale occurs when a homeowner sells their property for less than what is owed on the mortgage, with the lender's approval. This is usually pursued when the homeowner is behind on payments and the property is underwater, meaning it is worth less than the loan balance.
- Requires lender approval
- Can take several months to complete
- Typically requires documentation of financial hardship
- May impact your credit score
What Is a Fast Sale?
A fast sale is when you sell your home directly to a cash buyer or investor, usually "as is," and with minimal delays. It does not require lender approval unless there is a short payoff involved. This is a great option if you need to avoid foreclosure quickly or want to bypass the traditional real estate process.
- No lender approval required
- Can close in 7 to 14 days
- No repairs, clean up, or showings
- May help you avoid further credit damage
Related: How Cash Buyers Handle Homes With High Loan Balances
Key Differences Between a Short Sale and Fast Sale
| Timeline | Several weeks to months | Often 7 to 14 days |
| Lender Approval | Required | Not usually required |
| Home Condition | Usually sold "as is" | Sold "as is" |
| Credit Impact | Moderate to severe | Minimal to none |
| Paperwork | Extensive | Minimal |
| Control Over Process | Limited | High |
See What Homeowners in Chicago, Illinois Are Saying
We’ve guided countless homeowners in Chicago, Illinois to sell their homes quickly and hassle-free. See what they had to say about working with Windy City Home Buyer:
Tomas made buying our first home a smooth and stress-free experience. He was knowledgeable, thorough, and down-to-earth—highly recommended!
Rima Paulius
Tomas guided us seamlessly through the process of finding and purchasing our dream home. His communication was top-notch, and we felt confident every step of the way!
Donnamarie Martin
We sold our first home through Windy City, and Tomas was fantastic! He listened to our concerns and made sure the process went smoothly. Highly recommend!
Suza Semilla
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When a Short Sale Makes Sense
- You are behind on payments and facing foreclosure
- Your home is significantly underwater
- You are willing to wait for lender approval and deal with the paperwork
- You want to avoid a full foreclosure judgment
Short sales can be a viable path if you have time and the patience to go through the process. Windy City Home Buyer can assist by coordinating with your lender and handling the necessary paperwork.
When a Fast Sale Is the Better Fit
- You need to sell your home quickly
- You want to avoid the hassle of listing, showings, and repairs
- You are looking to avoid foreclosure without involving your lender
- Your mortgage is current but you still want to exit the home
Fast sales offer speed, certainty, and peace of mind. With Windy City Home Buyer, you can sell on your timeline without the red tape.
Related: Can You Sell a House With Little or No Equity in Chicago? Yes, Here's How
Additional Considerations
- Financial Goals: A short sale may offer some debt forgiveness, but it comes with extensive approval requirements. A fast sale often provides quicker relief with fewer hurdles.
- Credit Score: Short sales generally appear on your credit report. Fast sales typically do not, especially if you are not in default.
- Emotional Stress: Fast sales eliminate the need to deal with agents, open houses, and waiting for buyer financing.
How Windy City Home Buyer Helps in Either Scenario
At Windy City Home Buyer, we evaluate your situation and recommend the best course of action. Whether you are a good candidate for a short sale or better off with a fast investor sale, we will walk you through the home-buying process:
- Free consultation and property review
- Coordination with your lender (if needed)
- Transparent, pressure free communication
- Offers tailored to your timeline and goals
Get Your Free Cash Offer Now!
Fill out this form to get your no-obligation all cash offer started!
Get Your Free Offer TODAY!
Fill In This Form To Get Your No-Obligation All Cash Offer Started!
Final Thoughts: Choose the Option That Protects Your Future
There is no one size fits all answer. The right option depends on your home’s value, loan balance, and how quickly you need to move. A short sale might be ideal for some, while others benefit from the speed and simplicity of a fast investor sale.
Contact us today to work with you in taking control of your real estate challenges, no matter how complex it may be.