foreclosure: Home Buying: The Difference Between a Short Sale Home and a Foreclosure Home - 03/11/13 05:17 AM
Home Buying: The Difference Between a Short Sale Home and a Foreclosure Home
Watch my short video below for an explanation on the difference between a short sale and a foreclosure.


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foreclosure: Can You Buy a Home After You've Had a Short Sale or Foreclosure? - 06/25/11 04:32 AM
Can You Buy a Home After You've Had a Short Sale or Foreclosure?
Have you been wondering if you might be able to buy another home after you had to sell your home as a short sale or lost your home to a foreclosure?
Here is a link to an excellent article on how long you may need to wait before you can buy a home again:
REALTOR® Magazine-Daily News-How Long Is the Wait to Buy After Foreclosure?
"Daily Real Estate News | June 24, 2011 |
How Long Is the Wait to Buy After Foreclosure? … (0 comments)

foreclosure: The Number One Factor in Buying a Short Sale Home - 02/16/10 08:06 AM
When you're looking for a new home, you may be wondering about buying a short sale home or a foreclosure home.
There are some good deals and great prices on these type of homes.
If there is any secret to buying a short sale home, this is it:
The Number One Factor in Buying a Short Sale Home is TIME.
You need to be willing to wait for a response from the bank for your short sale offer.
It is not uncommon to wait 90 to 120 days before receiving bank approval on a short sale … (1 comments)

foreclosure: Foreclosures and Short Sales - 09/17/09 09:30 AM
If you are looking for a home and have considered buying a foreclosure or short sale home, it benefits you to work with a Certified Distressed Property Expert (CDPE).
As a CDPE, I have the training to guide you through the process of buying a distressed property.
An important factor in purchasing a distressed property is to have a flexible time frame for moving. Although the seller may still be living in the home and available to sign the contract, a short sale contract is still contingent upon final bank approval.
The bank approval process varies from bank … (0 comments)

foreclosure: And Then We Wait ... - 01/21/09 09:11 AM
As your buyer's agent, I will let you know right upfront that if you would like to make an offer on a foreclosure property - it will take awhile to get a response from the seller.
Each foreclosure sale is unique. I have sold some foreclosure homes in the Northern Illinois area where the negotiating process went fairly quickly.
The other side we are negotiating with is typically a mortgage company or bank and their response comes during business hours only. And usually a response takes several days from when the offer is first presented.
Once a response … (0 comments)

foreclosure: Short Sale versus Foreclosure: What's the Difference? - 01/14/09 09:03 AM
Many people are interested in the possibility of buying a "foreclosure" - but not all foreclosure homes are the same.
Some homes are in the process of being foreclosed on by the mortgage company. If a sales contract is presented to the mortgage company for less than the seller owes, then the home is considered a "short sale". The seller is still the owner at this point, and the seller negotiates and signs the real estate contract with the contingency of final bank approval needed.
If the home has already been foreclosed on, the mortgage company or bank is … (0 comments)

foreclosure: Do You Have The Time? - 08/01/08 07:51 AM
There is a lot of interest from buyers for foreclosures homes or "short sale" homes.
One of the biggest obstacles in buying one of these homes, is the amount of time it takes for a reply from the bank.
Typically, we present a written contract offer along with your pre-approval letter ... and then we wait.
The banks are not held to a deadline for a response time. Even if we wanted to write into the contract that a response must be received within a certain time frame, the banks are not controlled by that. We must be … (0 comments)

foreclosure: Explaining a "Short Sale" - 06/06/08 03:06 AM
With so much information in the media about foreclosures, I thought I would take the time to offer some helpful information on the subject.
From the Illinois Association of Realtors, the IAR Legal Hotline:
What is a short sale?
A short sale is a situation in which the real estate seller owes more money on the loan(s) secured by the real estate than the sale of the property will likely produce on the market. The seller is in a distressed situation, but the bank/lender has not yet taken title from the seller through the foreclosure process. At this … (0 comments)

 
Jim Starwalt, A Name You Know and The Brand You Trust (Better Homes and Gardens Real Estate Star Homes)

Jim Starwalt

A Name You Know and The Brand You Trust

Grayslake, IL

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