Bank Loses Over $1 Million in Naperville Ashwood Park Short Sale
Chicago Magazine reports that California-based lender IndyMac recently accepted a loss of more than $1 million during a short sale of a western Naperville home.
A California-based bank recently accepted a loss of more than $1 million during a short sale of a 16-room home in a western Naperville subdivision, Chicago Magazine reports. The 5-bedroom, 11,000-square-foot home in Naperville's Ashwood Park had an estimated original cost of $2.717 million, but was sold for $1.05 million in a short sale - in which a property is sold for less than the amount owed by a borrower, Chicago Magazine reports. Lender IndyMac accepted the loss and the Re/Max agent who handled the sale told Chicago Magazine the homeowners also lost a $700,000 down payment they made on the house. According to listing information, estate taxes on the property were $52,889 in 2010. Amenities include an elevator, game room and theater…
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