According to ChicagoMag, a certain 16-room house sold in November for $1.05 million.

“That’s the largest loss I’ve seen a bank take [in the western suburbs],” says Bert Gor, the short-sale specialist and Re/Max agent who handled the sale.

It originally sold for more than $2.7 million [estimated], so the homeowners also lost the $700,000 down payment they had made on the house.

In approving the short sale—where a property is sold for less than the outstanding mortgage amount—the lender, IndyMac, accepted a loss of over $1 million.

jgaffney@housingwire.com