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short sales: Plainfield IL, Naperville Illinois Real Estate - Do I qualify for a short sale? - 09/03/08 09:38 AM
Do I qualify for a Short Sale? Do You....
Owe more on your Naperville or Plainfield area property than what you could sell it for, especially after real estate commission, closing costs, late payments, interest, etc? Have difficulty covering your expenses each month? Not have money in the bank to cover the difference of what you could sell your house for and what you owe the bank? Are You Having Trouble Making The Payments? Are You....
Feeling the stress mounting with each missed payment and phone call from your bank? Have difficulty covering your expenses each month? Getting confused as to … (0 comments)
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short sales: Plainfield IL, Naperville Illinois Real Estate - 10 Things to Expect Going Through a Short Sale - 08/20/08 09:59 AM
10 Things to Expect Going Through a Short Sale
The bank is going to what to see your entire financial picture. This means you will need to provide copy of back taxes, paycheck stubs, bank statements, personal financial statement, etc. They will want to know what all your assets are. The bank may want you to sign a promissory note for the difference, now it will most probably be at a hugely reduced amount and may include monthly payments. When the bank gives the final approval of the short sale, they may request that the escrow close in as little as … (0 comments)
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short sales: Do I Qualify for a Short Sale on my Naperville or Plainfield Home? - 08/14/08 09:12 PM
Do I qualify for a Short Sale? Do You....
Owe more on your Naperville or Plainfield area property than what you could sell it for, especially after real estate commission, closing costs, late payments, interest, etc? Have difficulty covering your expenses each month? Not have money in the bank to cover the difference of what you could sell your house for and what you owe the bank? Are You Having Trouble Making The Payments? Are You....
Feeling the stress mounting with each missed payment and phone call from your bank? Have difficulty covering your expenses each month? Getting confused as … (0 comments)
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short sales: Plainfield IL, Naperville Illinois Real Estate - Why selling now makes sense - 04/29/08 10:01 AM
Why selling now makes sense
Homeowners reluctant to sell because prices have fallen should do the math and realize that the market downturn could work in their favor."People are finding houses at prices they thought they'd never see again," I would like to point out that to potential sellers that if the house a buyer covets used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if the buyer's own home also has lost 20 percent of its value.In general, the toughest will be for people who bought within the last three years, at … (0 comments)
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short sales: Plainfield IL, Naperville Illinois Real Estate - Short sale advantages - 04/07/08 01:16 PM
Short Sale Advantages:1. Short sales appear on your credit report as "pre-foreclosure in redemption", not as "debt discharged due to foreclosure"2. Less impact on your credit score
About the author:
Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit http://www.cherylbowers.com/ for your real estate needs. Please give me a call if … (0 comments)
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short sales: Plainfield IL, Naperville Illinois Real Estate - Top 10 Short Sale Questions Answered - 04/04/08 05:57 AM
Top Ten Short Sale Questions Answered
Number 10
I can't make my house payments, but I do have an ability to pay back all or part of the negative equity. Also, I want to preserve my credit score...is a short sale right for me?
Probably, not. In cases where the seller can pay back all or part of the negative equity (usually to the 2nd lien holder), it makes sense for them to work out a repayment plan. The lender will then release the lien and allow the home to close.
Number 9
If I pay mortgage insurance and default on my loan, why wouldn't … (0 comments)
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short sales: Plainfield IL, Naperville Illinois Real Estate - Capital gains taxes and short sales - 03/21/08 08:27 AM
Will I have to pay capital gains taxes if I sell a property as a short sale?No. If your bank suggested that, they are ridiculous. Capital gains would indicate that you are in some way "better off" financially because of money you have made. In a short sale, you lose and owe money. The only thing the bank could possibly mean is that the deficiency will be reported as 1099 income and you will have to pay taxes on that, but not as capital gains.
… (0 comments)
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short sales: Plainfield IL. Real Estate, Naperville, Illinois Housing - Short Sales - 03/01/08 08:51 PM
What is a Short Sale?
A short sale is a negotiated settlement. This is when the lender agrees to accept less than the amount owed as a payoff on a loan.
Why would my Lender want to allow a Short Sale to help me?
The reason is simple; a short sale often has a better return on investment to the lender than a foreclosure. The average savings a lender sees from a short sale property compared with a foreclosure property is $14,000. Not only does the lender receive this savings, they are also paid on the loan 6 months earlier than in … (1 comments)
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Cheryl Bowers, Plainfield, Naperville, IL. Real Estate
Plainfield,
IL
More about me…
Keller Williams Realty
Address: 608 S. Washington Street, Suite 100, Naperville, IL, 60540
Cell Phone: (630) 712-1921
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