Jack Lewitz's Blog

Fannie and BOA Playing a Game Hearts. Just in Time for Valentines Day

Jack Lewitz (Jack A. Lewitz) — Tue, 12 Feb 2013 10:34:45 -0800

I just finished reading an article about the recent agreement between Fannie Mae and BOA. BOA has agreed to pay FAnnie MAe $3 Billion in Compenatory Fee obligations, will repurchase 30,000 loans from Fannie and sell their servicing rights of 2 Million Mortgages.

As I read this article it reminded me of a Game of Hearts. In a game of hearts you pass 3 cards to the person next to you. Usually these are the worst cards in your hand because the objective of the game is to end up with “no hearts” or all of the “hearts” which is called “Shooting the Moon”. Shooting the Moon includes getting all hearts plus the Queen of Spades which is called ” the Bitch” in the game.

Now back to Fannie and BOA. Fannie has just passed BOA its worst cards the “ACE” and “King” of Hearts and the “Queen” of Spades (Bitch) cards to BOA. Now it is up to BOA to decide how to play the game. Do they try to win by not getting any Hearts or do they get them all by “Shooting the Moon”.

When you need to chill out I think of this....

Jack Lewitz (Jack A. Lewitz) — Mon, 28 Jan 2013 18:08:53 -0800

Here's a Product I support.... the Dammit Doll...

Jack Lewitz (Jack A. Lewitz) — Mon, 28 Jan 2013 18:05:24 -0800

How Do you Like my Post??????

Jack Lewitz (Jack A. Lewitz) — Mon, 28 Jan 2013 18:02:18 -0800

Burned by Realtor

Jack Lewitz (Jack A. Lewitz) — Mon, 28 Jan 2013 13:54:17 -0800

I must talk about an experience that was very unpleasant to me personally and professionally. I was the listing agent for a short sale condominium and the buyers were both Realtors. The buyers both worked in different offices but were buying the condo I represented as an investment property because they thought it would be aasy to manage since they lived in the next block.

Initially everything was going well with the Short Sale. After receiving the offer I put together the short sale package. I ordered Title and HUD1, contacted the HOA, and then submitted the package to the bank. The file was on its way and it took a while before the BPO was ordered but nothing unusual until the bank countered the buyers initial offer based on the BPO value.

The buyer accepted the counter terms and we were back on track with the Short Sale and all we had to do was wait for the approval letters. In this case there were 2 banks involved but we were able to get them both to agree and received their approval letters.

The problem with this Short Sale did not occur until the very end when we were tryig to schedule closing, and the buyer wanted to do a walk through. The buyer went on vacation and wanted to delay the closing. We went at great lakes to make sure we could close on time and had documents prepared by both attorneys involved.

In the end we found out my seller owed more money to the City $800 in parking ticket fines and they would not issue us the transfer stamps until these fines were paid.

My seller did not have the money and I was putting part of my commission into the deal to pay off other bills so naturally I asked the buyer to pay this fine. They would not give me an answer until they did their walk through.

I arranged for the walk through, had to hire a locksmith on the day of the walk through because the HOA had locked me out and could not find the keys. I met the buyers at the property on the day of closing and after they walked through the unit the decided they were not going to buy this unit.

So I was BURNED by a local REALTOR... in more ways than one.. but I keep telling myself Life is too Short...I am sure we have all experienced this as a Realtor working Short Sales. Working with Buyers, Sellers,Attorneys. Lenders, can al be difficult at some point in the process. I try to do what ever I can to make things happen. I never thought that this would happen. But now I realize anything can happen in a Short Sale...I have a new motto REALTORS BE WARE!!!!

What Is the Most Hated Word in Real Estate Today?

Jack Lewitz (Jack A. Lewitz) — Mon, 28 Jan 2013 13:53:16 -0800

013 categories: Ask the "Specialist", Bank Owned, Just "My" Opinion

strategic

Definition

Decisions or plans designed to impact favorably the key factors on which the desired outcome of an organization, game, system, venture, or war, depends. See also tactical.

Why do people in the Real Estate Industry today hate the word “Strategic”? We all make decisions and sometimes we make bad decisions and have to re plan and make new decisons. Our decisons have impact on others. Sometime these decisions have negative impact on others and this is what is feared the most.

I have come to realize working in the distressed Real Estate Market that Organizations all strategize. Its a game and it all depends on which strategy you use depends on whether you win the game or loose.

To say some are allowed to strategize and others are not allowed is not fair. It gives an unfair advantage to some and is almost like cheating in a game.

I have had many discussions with Banks about the word “Strategic Defaults” and everytime I use this word I get a negative response. Why do they not like this word, well for one reason, they see a Strategic Default favors the seller and not the Bank. I am not sure this is always the case but lets say “Strategic Defaults” do favor the Seller. Are there not Strategic Foreclosures being made that favor the Banks over the Seller? The answer is Yes. So if both Seller and Lender are both doing it then I say lets get this word out in the open and discuss “Strategies” together that benefit both Seller and Bank.

All of the Major Banks today favor Short Sales over Foreclosure. Why because this Strategy in the end is better for them. In most instances the Lender will net more money in a Short Sale than if it goes to Foreclosure. Yet inorder to do a Short Sale the Seller must show a Hardship. A “Strategic Default” is not viewed as a “Hardship”. Thus the dilemma.

I ask: Why is Donald Trump allowed to do a “Strategic Default” and others are not? I think the answer is because Donald Trump has money and it is better for the bank to default on one of his projects than loose the his business. In other words “Strategic Defaults” with Donald Trump actually is a “Strategy” that benefits both Donald Trump and The Banks who lend him money.

I say this concept of “Strategic Default” needs to be re-examined and allowed to happen because it really can benefit all parties in the transaction.

The Shadow Inventory... Only the Shadow Knows

Jack Lewitz (Jack A. Lewitz) — Mon, 04 Jun 2012 13:44:54 -0700

The Shadow Inventory ... Only the Shadow Knows...

by ILRealtor

in Real Estate

Sat, June 9, 2012 09:00AMAdd reminder✎
follow

Call in to speak with the host

(347) 996-5355

What affect wil the Shadow Inventory have on Real Estate? I am inviting all Active Rain Real Estate Agents to participate in the show and talk about the Shadow Inventory and the effect will have on their local Real Estate Market.

Please mark the date above and join the show.. Love to hear from you..

If your unable to join the show live then it will be available as an archive show.

Tags:buyer market,seller market,home values,Shadow inventory,foreclosures

I want to talk about something we all need...

Jack Lewitz (Jack A. Lewitz) — Fri, 25 May 2012 06:36:17 -0700

I want to talk about something we all need and that is Health Insurance.

One of my agents approached me with the idea of getting group insurance for the office and I thought I should ask some ActiveRain members what they do about Health Insurance?

My office is in the process of doing research on what is the best policy and approach to providing Health Insurance to agents in my office.

Here is one problem we all face as agents. Most agents are Independent Contractors and not Employees so Health Insurance as a group tends to be a problem.

Another problem is the NAR is not able to provide Health Insurance to its members. I think this is stupid because providing affordable Health Insurance to its members should be one of the benefits of being a member.

The Illinois Association of Realtors also does not provide Health Insurance to its members and neither does my local MLS board. We called our board and they were sympathetic to our cause and frankly told us the reason why it is so hard to get Health Insurance is because the average age of a Realtor is 54 and no health care provider wants to insure a group this old.

So here are some of my thoughts on this subject of Health Insurance. I am looking to form a Health Care Group with other Real Estate offices. They say group members have a better chance of lowering premiums than do individuals.

So why not create a Real Estate LLC with the sole purpose of providing Health Insurance to its members. The LLC would select a Health Care Plan, manage the collection of premiums, and work toward lowering costs to all members.

I think it is time to be pro active on this matter of Health Insurance because I see too many people uninsured who need to have insurance as protection to there well being and families well being.

I do not think our Government will ever be able to provide Health Care for all and i am not willing to wait. Anyone interested in forming a group in Illinois can call me or email today.

" The Lost Art of Caring" blog radio

Jack Lewitz (Jack A. Lewitz) — Sat, 12 May 2012 07:06:44 -0700

Blog radio show

Topic: " The Lost Art of Caring in Real Estate"

Date: Saturday may 19th at 9am

If you care about your profession and people you serve them I hope you will attend and participate in the discussion

BLOG TALK RADIO BROADCAST MAY 5

Jack Lewitz (Jack A. Lewitz) — Fri, 04 May 2012 18:59:07 -0700

5 Stages of Grief in a Short Sale

by ILRealtor

in Real Estate

Airdate:Sat, May 5, 2012 08:30AM Remove reminder Edit

Call in to speak with the host

(347) 996-5355

h:306391
s:3215359
upcoming

Elizabeth Kubler Ross "Death and Dying" book will be discussed

Tags:Denial,Anger,Bargaining,Depression,Acceptance

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The Early Bird Gets The Worm

Jack Lewitz (Jack A. Lewitz) — Sat, 03 Dec 2011 11:27:07 -0800

When Buying Foreclosures I often tell buyers ” The Early Bird Catches the Worm”. Buying foreclosures like any transaction can be frustrating or rewarding depending on how you go about your business. My advise to buyers is to not be afraid to write an offer because you want your offer in front of the Asset Manager before others are being considered. Next, do not get discouraged if your first offer was not accepted. Asset managers will negotiate with you and it is up to you how you negotiate but if persistant you will be successful.

In my experience working with buyers and buyer agents they tend to not understand the process of buying foreclosures and get stubborn and in the end they loose. In the end its all about your attitude and what you bring to the table when negotiating with Asset Managers and foreclosure properties.

If you get your offer in first, continue to negotiate, and keep your emotions in balance then you will be successful. If not then ” If you Dont Succeed Try and Try Again”

Team building

Jack Lewitz (Jack A. Lewitz) — Sat, 20 Aug 2011 14:51:15 -0700

I am looking to build a real estate team asy business is growing. I am actively seeking agents who have an interest in working with an experienced REO agent and Short Sale expert. I see the demands to be successful in todays real estatearket requires team building. Anyone interested can contact me. Or anyone who has a team I looking for suggestions on how to build a team and what to avoid.

Topic of Real Estate was Missing in State of Union

Jack Lewitz (Jack A. Lewitz) — Wed, 26 Jan 2011 11:03:08 -0800

Missing in the State of the Union was the topic of Real Estate and for good reason. Real Estate is the last thing to recover in a bad economy so lets not focus on it while we are trying to act positive.

President Obama decided it was best to focus on Jobs because he knows this is the number one priority of most people. With new jobs comes economic recovery and from there Real Estate should improve.

I agree with President Obama that one of our biggest problems is jobs but government cannot create jobs and this is my concern because without jobs people will not be buying homes.

It seems the future health of Real Estate is caught in the middle between the inability of government to create new jobs and the private sector not being able to borrow money to create new jobs.

I am afraid to say Real Estate in 2011 is going to look like it did in 2010. I am very cautious about what I say and predict when working with buyers and sellers these days.

I will look forward to the State of the Union in 2012 and hope we will be in a better position.

Case Shiller Report on Chicago Real Estate by Sun Times

Jack Lewitz (Jack A. Lewitz) — Wed, 26 Jan 2011 10:48:47 -0800

Home prices in the Chicago metropolitan area set a new low since prices peaked in 2006, falling 2.2 percent in November from October and 7.6 percent over the year.

That is according to the latest Standard & Poor's/Case-Shiller Home Price index, which showed prices weakening across the country and also setting new post-peak lows in eight other cities.

The annual decline in the Chicago area was the second biggest among 20 major metropolitan areas, trailing only Atlanta, which posted a 7.9 percent decline. But the drop in the Chicago area was an improvement from the 8.5 percent annual drop reported in November 2009.

The index for the Chicago area stood at 119.57 in November 2010, falling below the 119.71 level of last March, which had been the low for the year, and marking the lowest point since April 2002, when it stood at 118.97.

The 10-city composite fell 0.8 percent over the month and slid 0.4 percent over the year, while the 20-city composite fell 1 percent over the month and dropped 1.6 percent over the year. Home prices fell in 19 of 20 metropolitan areas over the month, excluding San Diego, which reported a 0.1 percent gain. Only four metropolitan areas showed gains over the year-Los Angeles, San Diego, San Francisco and Washington, D.C.

The eight other metropolitan areas that set new lows since home prices peaked in 2006 and 2007 are Detroit, Las Vegas, Miami, Tampa, Atlanta, Charlotte, Portland and Seattle.

"With these numbers, more analysts will be calling for a double-dip in home prices," David Blitzer, chairman of the Index Committee at S&P said in a statement. "Certainly nine cities setting new lows and with the only positive news concentrated in southern California and Washington, D.C., the data point to weakness in home prices."

Thirteen of the metropolitan areas and both composites have posted at least seven months of decline since the beginning of 2010. The Chicago area has posted five months of decline since then. As of November, average home prices across the country are back to the levels they were in the latter half of 2003. Since June and July 2006, the 10-city and 20-city composites are down 30.3 percent.

Home prices in the Chicago metropolitan area set a new low since prices peaked in 2006, falling 2.2 percent in November from October and 7.6 percent over the year.

That is according to the latest Standard & Poor's/Case-Shiller Home Price index, which showed prices weakening across the country and also setting new post-peak lows in eight other cities.

The eight other metropolitan areas that set new lows since home prices peaked in 2006 and 2007 are Detroit, Las Vegas, Miami, Tampa, Atlanta, Charlotte, Portland and Seattle.

Working with Banks in a Short Sale is Like Being A Parent with a Child.

Jack Lewitz (Jack A. Lewitz) — Thu, 23 Dec 2010 09:25:15 -0800

Working with Banks in a Short Sale is like being a parent with a child. You need to:

Feed Them:

Like a parent with a newborn infant, the parents role is constantly feeding the infant with information until the baby is full. The bank wants a complete Short Sale package and will not even look at incomplete file. So make sure the baby bank fills its tummy otherwise you get no rest as a parent.

Change Their Diapers:

Once the baby is full then its time to change the diapers. The bank is always requesting

new documents in the process because the old ones are obsolete.

Terrible Two's::

As babies grow up parents have to deal with the terrible two's and the word "No". If you have been doing Short Sales how many times have you heard the word "No" from your bank. I know I have heard the word "NO" many times when I asked them to confirm if they received the documents I sent.

Remember they Loose Things:

Young children are known to loose things and banks are just like young children. They banks are just like children. They are constantly loosing files so be prepared to re-send them often.

Act like Bully's and Temper Tantrums.

A big problem with children these days is they sometimes have Temper Tantrums and act like bullies. With children, parents have to be firm and in control of the situation and have consequences for children when they loose control. Banks also exhibit similar behaviors. How many times have you heard the bank say " if we do not get the documents we need in 24 hours then the file will be closed". Unfortunately for us parents working with the banks, the banks have the upper hand and we have not figured out a way to get back control.

Think they Know it All

As children grow up and become teenagers they think they know it all. The banks think they know it all too. How many times have we scratched our heads saying " the bank will net less if this goes to foreclosure" and guess what the Short Sale is denied and the property is foreclosed and the bank accepts less money in the future. With children we hope they learn by making mistakes.. I am not sure the banks are learning anything.

Is Caring a Lost Art in a Real Estate Transaction

Jack Lewitz (Jack A. Lewitz) — Mon, 20 Dec 2010 12:01:43 -0800

CARE

Webster's Definition : noun 1. the work of caring for or attending to someone or something 2. Judiciousness in avoiding harm or danger 3. An anxious feeling. 4. A cause for feeling concern. 5. Attention and Management implying responsibility for safety. 6. Activity involved in maintaining something in good working order. verb 1. Feel concern or interest.2. Provide care for. 3. Prefer or wish to do something. 4.Be in charge of, act on, or dispose of. 5. Be concerned with.

An Acrostic Poem for the word Care:

Contscientious AcoountableResourcefulExceptional.

Over the last 3 years I have been involved working with homeowners, lenders, buyers, attorneys, asset managers, investors, in the distressed real estate market. The more I work in this market the more I see the biggest hurdle as the lack of caring .

It is because we have lost sight of caring for others that we are in the mess we are in. We have also lost sight of the process of caring or making people care. I strongly believe we have to make people accountable for their actions, bring back the human element which is caring for others into the process or we are all going to be lost for ever.

When working in the distressed real estate market ther tends to be a void one feels. There is no sense of feeling good about a transaction because someones gain is someones loss. This void is compounded by the lack of caring expressed by others in the transaction.

Is the word Caring a lost art in the distressed real estate transaction? I hope not and I hope we realize this collectively as a group because I do care...

Things Work Out... An Inspiration Poem.. We All Need To Read!!!

Jack Lewitz (Jack A. Lewitz) — Thu, 16 Dec 2010 21:00:45 -0800

I am sharing this poem I found because we all need our spirits lifted when we need it the most. This is my New Years Wish to all...

Things Work Out

Written By: Praveen | Category: Life | Trackback | No Comments | 1,643 views

Because it rains when we wish it wouldn't,
Because men do what they often shouldn't,
Because crops fail, and plans go wrong-
Some of us grumble all day long.
But somehow, in spite of the care and doubt,
It seems at last that things work out.

Because we lose where we hoped to gain,
Because we suffer a little pain,
Because we must work when we'd like to play-
Some of us whimper along life's way.
But somehow, as day always follows the night,
Most of our troubles work out all right.

Because we cannot forever smile,
Because we must trudge in the dust awhile,
Because we think that the way is long-
Some of us whimper that life's all wrong.
But somehow we live and our sky grows bright,
And everything seems to work out all right.

So bend to your trouble and meet your care,
For the clouds must break, and the sky grow fair.
Let the rain come down, as it must and will,
But keep on working and hoping still.
For in spite of the grumblers who stand about,
Somehow, it seems, all things work out.

by Edgar Guest

Fewer Owners Under Water .. Fact or Crap

Jack Lewitz (Jack A. Lewitz) — Wed, 15 Dec 2010 11:37:05 -0800

I just received an email linking me to an article by RIS Real Estate article which stated that fewer home owners are underwater in their mortgages. This at first sounded like good news but then it went on to qualify that news by saying that this is more likely not the cause of an improved real estate market but because there are more homeowners loosing their home to foreclosure.

I had to stop and think about that for a moment... Is this news at all? and if it is news what is it actually saying? As I see it there are fewer home owners because of foreclosure so of course there would be fewer homeowners underwater. This is like reporting the obvious.

Now if homes are being foreclosed the negative equity in these homes is actually being transfered from the homeowner to the bank and investor and I say is this news? No because if you have been in the business the last year we can see what prices homes have dropped because of the number of foreclosures.

I think this article is a bunch of crap not fact... What do you think.

GOOD GUYS DO NOT FINISH LAST IN MY BOOK...

Jack Lewitz (Jack A. Lewitz) — Tue, 14 Dec 2010 16:24:10 -0800

(I take off my Hat to all the Good Guys out There)

I refuse to believe in the saying" GOOD GUYS finsh LAST" when it comes to my Short Sales. I will fight to the end and do whatever I can to get my Short Sales approved by the banks.

As is the case on a Short Sale I am working on right now as I right this blog. I have gone around and around with 2 banks and am 50% of the way there. I have had an enourmous amount of obsticles along the way but I am not giving up. Right now I received an approval letter from the 2nd lien holder and am waiting for the first lien holder to give their approval. I have been working on this file for almost 16 months and refuse to let it go into foreclosure.

If I can give any advise to anyone doing Short Sales today, it is don't give up because if you do the "Good Guys will finish Last" and remember its not over until the "Fat Lady Sings"

I will keep you posted and let you know if the Good Guy wins or the Fat Lady Sings...

Good Advise vs Bad Advise...

Jack Lewitz (Jack A. Lewitz) — Mon, 13 Dec 2010 12:20:10 -0800

Let's face it there is Good Advise and Bad Advise

I recently met with a Short Sale client of mine and was upset to hear my client recently received what I call Bad advise from two different people.

Both people told my client they should let their home go to foreclosure. I think telling a client to let their home go to foreclosure is terrible advise. I would never tell my clients to do when I think a foreclosure can be prevented.

A foreclosure would be the last thing I would like to see happen to one of my clients and therefore would never suggest to them to give up and let the bank foreclose on their home when I know a Short Sale would be successful.

Even if I did not have an offer I to negotiate with a bank I would still try to do a Deed in Lieu of Foreclosure with one of my clients.

A foreclosure would be the last resort so I say to people Giving Advise "Watch what you Say" and just because its FREE doesn't mean you do have responsibilities.

Look Ahead to 2011.. Do you see your Shadow ?

Jack Lewitz (Jack A. Lewitz) — Wed, 08 Dec 2010 17:38:30 -0800

2011 Shadow Inventor Hits Market

Look Ahead to 2011.. Do you see your shadow? I am not talking about the Spring Market and Ground Hog Day.. No. I am talking about the Shadow Inventory.. soon to hit the market as early as January 2011.

Ok folks get prepared because 2011 is the year when all the Shadow Inventory comes on the market. If you are not perpared for this then you better because its going to be massive.

Those of you who have been involved with distressed properties know the day is coming when foreclosures will dominate our real estate market like it never has before and those who have the experience will be busy next year and those who do not have the experience may be looking for a new job.

I suggest this is the time to create a business plan and set goals for your business. Part of that plan should be not only to understand the foreclosure market but make it a part of your business. You must educate yourself about this market to work with homeowners, first time homeowners, investors, and lenders.

Good luck and Happy New Year

I Want To Be The First To Wish All My Friends at Active Rain...

Jack Lewitz (Jack A. Lewitz) — Sun, 28 Nov 2010 14:32:17 -0800

I want to be the first to wish all my friends at Active Rain a Happy Hanukkah, Merry Christmas, and Happy Kwanza. What ever holiday you celebrate I hope it is a blessed day for all.

Sales Statistics for Cook County, IL

Jack Lewitz (Jack A. Lewitz) — Fri, 19 Nov 2010 17:14:12 -0800

The information below comes from the MLS and Relaist's data.

Sales Statistics for Cook County IL

Property Type	Month/Year	Total Sales	Median Price
SF	Sept 2010	1,428	185,000
SF	Sept 2009	1,968	210,000
SF	2010 YTD	16,158	193,000
SF	2009 Total	19,405	205,000
Condo	Sept 2010	801	175,000
Condo	Sept 2009	1,339	220,000
Condo	2010 YTD	9,515	198,000
Condo	2009 Total	12,949	220,000

Summary:

There are currently 3,243 fewer homes sold in 2010 when compared to 2009. This represents a decline in total homes sold by 17%. The Median Price of a home in 2009 was $205,000 and in 2010 it is $193,000. This Median Sale price reflects a decline in home values of 6%.

There are currently 3,433 fewer condo sales sold in 2010 when compared to 2009. This represents a total decline in total condo sales of 27%. The Median Price of a condo in 2009 was $220,000 and in 2010 it is $198,000. This Median Sale price reflects a decline in condo values of 10%.

It is interesting to note that Median Sale price of Condos is higher than Single Family Homes.

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Warning to Cats and Dogs..

Jack Lewitz (Jack A. Lewitz) — Thu, 18 Nov 2010 08:34:48 -0800

A friend of mine sent me this email ...

The following was found posted very low on a refrigerator door.

**My Dearest Dogs and Cats: The dishes with the paw prints are yours and contain your food. The other dishes are mine and contain my food. Placing a paw print in the middle of my plate and food does not stake a claim for it becoming your food and dish, nor do I find that aesthetically pleasing in the slightest.

The stairway was not designed by NASCAR and is not a racetrack. Racing me to the bottom is not the object. Tripping me doesn't help because I
fall faster than you can run.

I cannot buy anything bigger than a king sized bed. I am very sorry about this. Do not think I will continue sleeping on the couch to ensure your comfort, however. In case you didn't know dogs and cats can actually curl up in a ball when they sleep. It is not necessary to sleep perpendicular to each other, stretched out to the fullest extent possible. I also know that sticking tails straight out and having tongues hanging out on the other end to maximize space is nothing but sarcasm.

For the last time, there is no secret exit from the bathroom! If, by some miracle, I beat you there and manage to get the door shut, it is not necessary to claw, whine, meow, try to turn the knob or get your paw under the edge in an attempt to open the door. I must exit through the same door I entered. Also, I have been using the bathroom for years - canine/feline attendance is not required.

The proper order for kissing is: Kiss me first, then go smell the other dog's or cat's butt. I cannot stress this enough.

Finally, in fairness, dear pets, I have posted the following message on the front door:

TO ALL NON-PET OWNERS WHO VISIT AND LIKE TO COMPLAIN ABOUT OUR PETS:

(1) They live here. You don't.

(2) If you don't want their hair on your clothes, stay off the furniture. That's why they call it 'fur' niture.

(3) I like my pets a lot better than I like most people.

(4) To you, they are animals.. To me, they are adopted sons/daughters who are short, hairy, walk on all fours and don't speak clearly.

Remember, dogs and cats are better than kids because they:

(1) eat less,

(2) don't ask for money all the time,

(3) are easier to train,

(4) normally come when called,

(5) never ask to drive the car,

(6) don't hang out with drug-using people;

(7) don't smoke or drink,

(8) don't want to wear your clothes,

(9) don't have to buy the latest fashions,

(10) don't need a gazillion dollars for college and

AND FINALLY.....(11) if they get pregnant, you can LEGALLY sell their children .....

What is an FHA Approved Short Sale?

Jack Lewitz (Jack A. Lewitz) — Wed, 17 Nov 2010 17:38:34 -0800

What is an FHA Approved Short Sale? Well I am about to explain it to you by example. The picture below is one of my listings and it has already a Pre-Approved Short Sale by FHA.

What are the benefits to a buyer looking in today's real estate market?

1. Pre-Approved Short Sales mean no more waiting for the Bank to respond. It is ready to close as soon as the buyer is ready then a closing can be scheduled.

2. FHA has already had the property Appraised by an FHA appraiser. No guess work on what it's worth.

3. FHA has pre-determined Net to closing they want to receive at Closing.

4 FHA will assist buyers with some closing costs as long as the Net amount is within the amount approved by FHA.

What are the Qualifications and Benifits to a Seller?

1. Sellers must have an FHA mortgage and have a hardship.

2. Sellers will be given 120 days to list and sell their home and another 60 days to close after receiving an offer.

3. FHA will convert any home not sold within the above time frame to an automatic DEED-IN LIEU.

4. Sellers will receive assistance from FHA to move out the home. Most incentives are around $750.00 on the HUD-1.

Any homeowner who has a FHA mortgage should consider an FHA Short Sale.

5701 Sheridan Unit 16- R Road Chicago, Il

WOW... WHAT A GREAT PRICE

FHA APPROVED SHORT SALE!!!

List Price: $93,000

1 bedroom/ 1 bath unit with additional room which could be used as a den/office or bedroom.

Convenient location. Near Lake, Lake Shore Drive (LSD) and Beach. Deeded Parking, Full Amenity Building with Doorman, Laundry Room.

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