Merritton Ct
Frankfort, IL 60423

Overview

This Single-Family is located at Merritton Ct, Frankfort, IL 60423. This listing is NOT an active listing. Updates to this listing have stopped. This listing may be off the market. No further information is available at this time. It has 4 Beds, 3 Baths.
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Status: Inactive

Listing ID: 59937337

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Learn about Merritton Ct in Frankfort, IL

This single-family property is available as a short sale at Merritton Ct. Based on our analysis of the current market conditions in Frankfort for Merritton Ct and comparable listings, the estimated market value is $550,143. The property located at single-family has potential equity of $-13,643. If purchased for rental purposes, the monthly rental rate could range between $2,340 and $3,160. For those interested in resale, the estimated profit from selling is $-13,643. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Merritton Ct are updated daily along with others in Frankfort, Illinois.

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Property Information

Price: $574,900
Bedrooms: 4
Bathrooms: 3
Full Baths: 2
Half Baths: 1
Total Square Feet: 3,977
Lot Size: 0.37 acres
Air Conditioning: Central A/C
Year Built: 2004
Comments: Listing Status: Pending
Source ID: 11742321
Day(s) On Site: 63
Subdivision: Misty Falls
School District: 210
Elementary School: Grand Prairie Elementary School
Junior High School: Hickory Creek Middle School, Hickory Creek Middle School
Senior High School: Lincoln-Way East High School
Property Type: Single Family Dwelling

Public Records

APN: 19-09-31-203-041-0000
Property Type: Single Family Residence
Township: FRANKFORT TWP
Subdivision: MISTY FALLS PH 01

Short Sale

The property located at Merritton Ct in Frankfort, IL is listed as a Short Sale

Short sale properties like Merritton Ct in Frankfort, Illinois represent tremendous opportunity to you as a buyer because they are aggressively priced to sell well below or just at fair market value. Existing homeowners are typically distressed and eager to sell for less than what is owed on their mortgages. They are "underwater" and either can no longer afford their mortgage payments or are simply unwilling to continue to make them for various reasons.

First Steps to Buying a Short Sale

Short sales often present opportunities for real estate investors to purchase property at below market prices. A short sale occurs when the mortgage lender on a property agrees to give a release for less than the amount owed on the loan. This usually occurs when the loan on the property becomes delinquent and is headed toward foreclosure. An alert property owner who knows he is facing foreclosure is well advised to keep an open line of communication with his lender. And the lender is well advised to keep an open mind to the consequences of a loan default and the benefits of agreeing to a short sale. When the lender and property owner can agree on a short sale price, the owner can advertise that the property is a short sale and can list it accordingly. Such listings attract a lot of attention and can expedite the sale of the property.

Here is how to proceed:

Contact the property owner and get as much information as you can about the sale. How much is owed on the loan? How much is the lender willing to accept for a release? How much time do you have before the property is no longer available because of foreclosure action?
If these questions are answered favorably, you will structure a tri-party contract so that you, the property owner, and the lender are all in agreement. You need to agree on when the closing will occur, how much is being paid, and how the money will be distributed at closing. Such agreements may be complicated and should be drawn up by an experienced real estate attorney.
Just because the lender is agreeing to a short sale, that does not necessarily mean that the amount it is willing to accept is a good price. Some properties have been over-financed and the short sale amount could be higher than the property value. For this reason, you still need to hire a qualified real estate appraiser so you will know for certain the deal is a good one for you.
As in any real estate transaction, the property should be inspected at least for the soundness of the roof, electrical and mechanical systems, mold and other environmental concerns, infestations, and air conditioners and heating systems. (Please keep in mind that the owner may still be living in the property and their privacy should be respected)
Also, because the short sale is being structured between yourself, the property owner and the lender, you still need to have the title checked to make certain your interest and the interest of your own lender are protected. Short sales occur out of a hardship on the part of the property owner and motivation of the lender to not take title to the property. The property owner’s financial distress may have resulted in other liens, so it is important to know the condition of the title.
At least sixty days prior to the closing date get your mortgage financing secured so you will be ready with the funds when it is time to close on the sale.

Short sales can create opportunities to save big on the purchase of a property. Such agreements are entered into between a purchaser, a property owner, and the lender. Even though by definition a short sale means the lender is accepting less than the amount owed on the mortgage loan, it is not a certainty that the property is being purchased at a below market price. For that reason, you must still perform the same due diligence as you would on any other real estate transaction. The professional services of an appraiser, property inspector, and title agent are advised when structuring a short sale.

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Rental Value

The estimated rental value for Merritton Ct located in Frankfort, IL is $2,750/month. Comparable homes around Merritton Ct that are rentals have monthly ranges starting as low as $2,340 per month and as high as $3,160 per month. An owner looking to use this property as an investment could bring a return in the area of $2,340 - $3,160 a month based on the many factors which include the properties condition, type, amenities, etc. Sign in to view a full two years of rental information as well as the Average Market Value (AVM) of this property.