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south chicago short sales: Actually, the banks DO NOT owe us anything!!!! - 06/06/10 05:43 PM
First of all, the intention of this post is NOT to offend anyone or step on anyone's toes.
I just had to air this one out after hearing some of the most outrageous (not to mention downright FALSE) comments made by some of my clients and other Homeowners.
Myth #1: The home across the street from me is identical to mine and sold for $100K less than what I paid....so my lender has to reduce my principal to reflect the reduced value.
Fact: Many Homeowners across the country are dealing with this phenomenon on a daily basis. Values have sunk heavily … (7 comments)
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south chicago short sales: REALTORS AND BUYERS: 5 GRANT PROGRAMS YOU NEED TO KNOW ABOUT… - 04/28/10 11:27 PM
I am asked all the time about grants and other programs for first time buyers in the City of Chicago. The rest of the time, I constantly hear first time buyers complain about the lack of programs and/or the confusion involved with getting assistance. I have taken the liberty of putting together this list of grant programs which should be a great starting point for anyone interested. The next step is for you to JUST DO IT, ALREADY!
These programs are 100% FREE and they put MONEY IN YOUR POCKET! Realtors, don't continue to let your deals fall through due to … (3 comments)
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south chicago short sales: TO BPO OR NOT TO BPO??? - 04/23/10 01:43 PM
Given that I know this is a very, very touchy subject...I will tread very carefully here.
As you all know, the BPO industry has grown by leaps and bounds during the past several years, no doubt due to the continued rise in short sale and foreclosure activity.
So, many agents, myself included have become BPO vendors as a source of supplemental income. To give you an idea, I currently complete about 100 BPOs per month. So, I am very, very experienced with the BPO process.
One of the companies that I work with as a vendor, displays the previous BPO values … (8 comments)
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south chicago short sales: SHORT SALE NEGOTIATOR TO LISTING AGENT: THE PURCHASE OFFER IS TOO HIGH FOR APPROVAL! RESUBMIT A LOWER OFFER! - 02/16/10 10:11 PM
Today, I encountered something that I had never encountered nor ever heard of anyone else encountering either. I received a call from a short sale negotiator with regard to a package I submitted. List price: $75K. Offer: $79K. So, in my mind, I thought this was a slam-dunk (well as close to a slam dunk as a short sale can get, right?)
Well, I was COMPLETELY wrong!
The negotiator informed me that based on the interior BPO and their in-house appraisals, the purchase offer was too high and that the Buyer needed to submit a LOWER OFFER!
Typically, at this stage … (5 comments)
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south chicago short sales: ARE BUYER'S AGENTS ENTITLED TO THE OPPORTUNITY TO COUNTER? - 02/04/10 09:44 PM
Recently, I encountered a multiple offer situation on one of my short sale listings. Three offers came in, which were presented to the seller for consideration. After reviewing the offers, taking into account my input, the seller accepted the highest offer.
End of story....or so I thought!
I contacted one of the Buyer's agents to provide a status update and she was very upset that she was not given the opportunity to counter. (Mind you, she had submitted an offer at roughly 50% of the listing price on behalf of her client). I informed this agent that the Seller had already … (59 comments)
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south chicago short sales: TO ALL HOMEOWNERS COOPERATING WITH SHORT SALES...THANKS FOR YOUR HELP! - 01/26/10 09:20 PM
I wanted to write this blog directly to those Homeowners in the process of selling their homes via short sale. In spite of all the current and pending legislation and all the short sale gurus out there, short sales continue to be a long, draining, frustrating process far more often than not.
I think about the frustration my team and I experience in getting short sales approved and I realized that my frustration is NOTHING compared to that of the Homeowner for the following reasons:
1) The Homeowners walk away with absolutely NOTHING at the closing table. If there is even … (3 comments)
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south chicago short sales: HOW SOCIAL MEDIA MARKETING IS CHANGING REAL ESTATE... - 01/15/10 01:04 PM
With all the cheerleaders and naysayers about social media marketing, it is very easy to just not do anything at all. Or, to conveniently place it at the bottom of the to-do list and never check it off, because you need more time to "look into it."
Given all the attention SMM has gotten lately, I decided to just jump right in and get started. I am a firm believer in not knocking something until you try it. So, over the summer I signed up with Facebook, LinkedIn and Twitter and after that, I did .....NOTHING! NADA! DIDDLY-SQUAT!
A couple of … (7 comments)
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south chicago short sales: 7 COMMON QUESTIONS YOUR REALTOR CAN'T/SHOULDN'T ANSWER! - 01/14/10 01:38 PM
I am sure more could be added to the list. I provided answers to some of the questions and left some blank. I would love to hear your responses to these questions!
1) Q: How much will the seller take?
A: I do not have the answer that question. I would be more than happy to prepare a market analysis to give you an idea of what the home is worth. We won't know what the seller will take until an offer is submitted for review.
2) Q: How much should I offer?
A: What you offer on the property is … (6 comments)
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south chicago short sales: ARE YOU GUILTY OF CONFUSING ACTIVITY WITH ACCOMPLISHMENT? - 12/30/09 06:24 PM
I'll begin by saying that I am absolutely guilty of confusing activity with accomplishment. I initially heard this expression from one of my mentors in Chicago, back in 2006. I had to provide a time log for his review on a weekly basis and he would always chide me about making this mistake. He would constantly tell me that ACTIVITY DOES NOT EQUAL ACCOMPLISHMENT.
It wasn't until the beginning of 2008 (my first full year as a full-time Realtor) that this expression really hit home with me. I still struggle with it, far more than I should but I have put … (6 comments)
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south chicago short sales: SELLERS: THE 5 BEST WAYS TO NOT SELL YOUR HOME! - 12/29/09 08:40 PM
I AM SURE I LEFT OUT SOME THINGS ON THIS LIST, BUT I WANTED TO KEEP IT SHORT AND SWEET. SO, HERE IS A LIST OF THE TOP 5 THINGS TO DO TO SELL, NOT SELL YOUR HOME...(IN NO PARTICULAR ORDER)
1) IGNORE THE ADVICE OF YOUR AGENT WITH REGARD TO PRICING YOUR PROPERTY! IF YOU ARE WORKING WITH A TRUE REAL ESTATE PROFESSIONAL, YOU SHOULD HAVE EVERY CONFIDENCE THAT YOUR HOME IS BEING PRICED CORRECTLY. IF YOU HAVE QUESTIONS OR WANT JUSTIFICATION, THEN ASK. NO TRUE REAL ESTATE PROFESSIONAL WILL MIND SUPPLYING THE INFORMATION TO YOU THAT WAS USED TO … (7 comments)
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south chicago short sales: THE IDEAL SCENARIO FOR A SHORT SALE... - 12/15/09 06:34 PM
Short sales appear to be increasing at an EXTREMELY rapid pace. Until the housing market starts to stabilize, it looks as though short sales will not be going anywhere anytime soon.
Unfortunately, there are several different financial outcomes that are possible once the sale is closed. A distressed seller may encounter any of the following scenarios:
1)The lender may issue a 1099C (Cancellation of Debt) for the difference between what the property SELLS FOR and the outstanding mortgage balance. Basically, this will force the Borrower to recognize that amount AS INCOME.
2) The lender may reserve the right to sue the … (2 comments)
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Danielle Pierce, ADPR
Chicago,
IL
More about me…
Platinum Realty and Preservation
Address: 400 W 76th Street Suite 311, Chicago, IL, 60620
Office Phone: (773) 551-4769
Cell Phone: (773) 551-4769
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