There are no guarantees when it comes to short sales, but I've got an excellent record of having my short sales get approved. I hire professionals to negotiate my short sales and work hard to make sure my sellers have the best opportunity to avoid having a foreclosure, and to keep from having their defaulted loan affect their credit any further.
Short sales in Plainfield IL take anywhere from 3-6 months to get bank approval. My quickest response being just 4 weeks, while my longest negotiation took just over 6 months. Negotiations not only depend on the lender, but also on the individual investor who financed the loan through the mortgage servicer.
I take the stress of facing foreclosure off the shoulders of homeowners. There are no guarantees in dealing with short sales, but I've got a great record. With the exception of one home in Oak Park, I've gotten approvals on every short sale listing I've ever taken. The only reason the home in Oak Park did not close was due to zoning and appraisal issue with the village, that ultimately prevented the sale.
I have a system that takes the guess work out of getting the bank to see the value in accepting less than what is owed to them vs. waiting until an auction date is set, especially in the Midwest where winter can reek havoc in a non-winterized property that sits vacant through harsh climates like here in the Plainfield IL area.
Call me at 630-673-6233 to confidentially discuss your situation. Feel free to ask questions and see if a short sale makes sense for you and your family. I'm here to help, and I have answers for those tough questions.
Time is running out in Plainfield IL for buyers to take advantage of the first time buyers tax credit of up to $8,000. If you are a first time home buyer you need to close by November 30th, 2009. This poses a big problem for buyers that are tangled up in short sales because there is no guarantee of if and when those contracts will close.
The inventory of homes available has dramatically decreased in the last 3 months since the details of the first time buyers tax credit were announced, but there are still great opportunities for home ownership available.
I can help you take advantage of the first time buyers tax creditby searching for homes that are not short sales and that are available for a quick close in Plainfield IL,by sellers who are motivated for an offer on their property! I’m clearing my schedule for qualified buyers to take advantage of this amazing opportunity before time runs out.
Call me today so you can get into your new home in Plainfield IL by November 30th… and get your first time home buyers $8,000 tax credit!
Ugh, I HATE short sales…and no, it’s not because of the all the extra paperwork or problems that come with the process. It’s heartbreaking to see families have to leave their homes behind and start over.
I have 5 kids, and because of what I do, I lay awake every night wondering what we would do if we had to pack up everything we have, and give up everything my husband and I have worked for simply because our house was no longer worth what we paid for it, and we could no longer afford it.
I have listed 4 homes this year for friends who are behind in their payments. Friends, who 18 months ago… would never have imagined themselves in this situation.
Children my kids went to school with last year won’t be returning to their schools this year.This is incredibly sad. Neighbors are abandoning their homes. My subdivision is lonely, and it’s all because the government screwed up.
When this all started last year, I was bitter because I thought that short sales were the “get out of jail free” card that homeowners who “bit off more than they could chew” were getting away with, but that view point has changed dramatically over the last few months.
I’ve been showing homes for the last 3 months to buyers and it’s becoming increasingly difficult to not notice the personal touch of happier times of these abandoned homes.
Sports themed or Disney Princess decorated bedrooms, abandoned toys, swing sets in the back yard… and of course, the family portraits. That’s what kills me the most. I can only imagine the pain contained with the walls I am peddling.
“The American Dream”.Abandoned. Given up on.
I never finished college, although I’m close, I always imagined myself in a position of helping others. By doing short sales, I give people hope in getting closure in their current financial situations… and I do it with compassion.
If you are behind in payments, I can help… and I can do it with dignity! Call me.
Julie Ferenzi | Realtor® Plainfield IL Homes for Sale 630-673-6233
There were 60 home sales in Joliet IL over the last 30 days. Of those 60 homes that sold 43% of them were short sale or REO properties.
The difference in the number between short sales and bank owned properties in Joliet IL is somewhat alarming. 40% of the homes were actual bank owned foreclosure sales, while only 3% of those sales were short sales.
The discrepancy in this number can either be attributed in the difficulty of getting a short sale accepted by the lender, or because more and more homeowners are simply walking away or giving up on trying to avoid a foreclosure.
The range in home prices that closed in Joliet IL over the last 30 days was $26,500 - $479,000
If you are looking for a home in the northwest side of Joliet IL, call me at 630-673-6233. I can help you get the best deal on a new Joliet IL home with my experience of the current real estate market, including my experience with short sales.
If you own a home in Joliet IL and you are behind in payments, call me about doing a short sale on your home at no cost to you to avoid a foreclosure.
Julie Ferenzi | Realtor® Joliet IL Homes 630-673-6233
The Plainfield IL home sales for the last 30 days from April 15th, 2009 through May 15th 2009 are now more than 50% short sales or foreclosure sales.
That's great news for buyers... but it's bad news for the economy and the real estate market in general. It means things aren't getting any better for homeowners in foreclosure, and homeowners who are current on their mortgages are losing the value of their homes at warp speed.
The price of homes sold in the last 30 days ranged in price from $119,000 to $430,255. Surprisingly the home that sold for $119,000 wasn't actually a distressed property. It was a small 2 bedroom ranch, sold by a motivated seller. The bulk of the short sale and bank owned properties that sold were definitely in the lower end of the price range, and the homes that sold in the higher price brackets were regular residential home sales, which makes sense.
Buyers have a great opportunity to purchase a lot of home for the money in Plainfield IL right now. The downside to making an offer on a bank owned home or a short sale listing is that there are often multiple offers on these homes, (especially the ones in great condition) and the wait time on a response for a short sale can take anywhere from 4-10 weeks to get approved.
There is definitely an upside to buying a foreclosure or short sale is priceless in a market like this. Buying below market value, while prices are still declining, offers a little more protection from depreciation than paying retail prices. The biggest difference will be in the amount of work you may need to put into the house to make it compare to some of the retail priced homes.
If you want to buy a home in Plainfield IL and are interested in purchasing a short sale or bank owned home, call me at 630-673-6233. It's important to work with an agent that not only has performed short sales, but understands the process involved.
Call me at 630-673-6233 and I can put you in touch with my mortgage broker who can help you determine what kind of a loan you qualify for.
This weekend is the Plainfield Spring Fest, starting this Friday May 15th and running through Sunday May 17th.
I saw a sign as I was driving through the downtown area this weekend with the dates and times:
Friday May 15th from 4:00 -midnight Saturday May 16th from 10:00-midnight Sunday May 17th from 12:00- 6:00 pm
Now don’t quote me on the times I’ve posted here… I was driving at the time, but I’m pretty sure this is what I stored in my brain from my photographic memory!
There will be a carnival, a craft show, food vendors, a beer garden, and live entertainment. One of my favorite booths had always been the fresh strawberry shortcake stand, but I haven’t seen it there for the past 3 years. I remember when we first moved to Plainfield that this Spring Fest was once called the Plainfield Strawberry Festival. I wonder why they changed the name, and where did those delicious strawberry shortcakes go?
Here is the schedule of events for the 2009 Plainfield IL Spring Fest:
Friday, May 15th 6:00-9:30pm Plainfield’s Biggest Open Mic Jam 9:30 -11:30pm Echo Son
Saturday, May 16th 11am - ATL Youth Cheerleaders 12:30 Elite Martial Arts 1:30-3:30pm Hot Hot Robot 4:00-6:00pm 40 Miles to Chicago 6:30-8:30pm The Catch 9:00-11:30pm Velocity
Sunday, May 17th 12:00-2:30pm The Debe Welch Band 3:00-6:00pm Beat Apple
If you’re able to make it out there this weekend, have fun! I know we are looking forward to it. The Plainfield Springfest is being supported by the MainStreet Plainfield Organization and it’s sponsors.
Julie Ferenzi | Realtor® Plainfield IL Homes for Sale 630-673-6233
In hopes of keeping my readers up to date on the rental market in Plainfield IL, I will start listing the properties that have rented month by month. Hopefully this will give anyone considering a rental home in Plainfield IL an idea of the price ranges of homes available for rent.
The following properties rented in Plainfield IL in the month of April 2009:
2 Bedrooms Single Family Plainfield IL Rental Homes:
13918 S. Oakdale Ct. rented for $1,200
2414 Millpond Ct. rented for $1,230
5007 Elmira Ct. rented for $1,300
16250 Fairfield Dr. rented for $1,350
5102 Edgewater Ct. rented for $1,395
21316 W. Douglas Ln. rented for $1,500
13212 Lake Mary Dr. rented for $2,100
3 Bedroom Single Family Plainfield IL Rental Homes:
14052 Edgewater Ln. rented for $1,275
5520 Stonybrook rented for $1,275
21512 S. Empress rented for $$1,300
14219 S. Napa Cir. rented for $1,300
4920 Montauk Dr. rented for $1,375
21252 Edison Ln. rented for $1,395
23814 Mistwood Dr. rented for $1,400
14624 Samuel Adams Dr. rented for $1,500
2018 Alpine Way rented for $1,550
5307 Riviera Blvd. rented for $1,595
1304 Broadlawn Dr. rented for $1,700
12925 Tipperary Ln. rented for $2,175
4 Bedroom Single Family Plainfield IL Rental Homes:
1617 Brighton Ln. rented for $1,625
2817 Stonebridge Dr. rented for $1,850
6307 Ventura Ct. rented for $2,000
13358 Wellesley Ct. rented for $2,250
If you or someone you know are thinking of renting a home in Plainfield IL call me at 630-673-6233. I’ve been working the rental market in Plainfield IL since the beginning of the real estate market decline. I’ve placed 7 families in rental properties in the last 2 months. No one works harder when it comes to placing families into new homes!
If you are behind in payments you may qualify for a loan modification or a short sale. Contact me to find out if you might qualify for one of these options to avoid a foreclosure.
Julie Ferenzi | Realtor® Plainfield IL Homes for Sale 630-673-6233
Short sales offer a pretty fair discount on single family homes in the area and right now there are many homes in Plainfield IL available to chose from, but the banks aren’t going to give them away for pennies on the dollar.
Here are a few things you can expect when writing an offer on homes that require 3rd party lender approval:
Short sales take time. If you are not willing or able to wait the 6-10 weeks required for lender approval, a short sale is probably not the right choice for you.
The lower the price, the less likely your offer is to be accepted. The further your offer is from the list price on the MLS, the less interested the bank will be in your offer.
Be prepared to submit a counter offer. Lenders always counter the original offer, so be prepared to increase the ante, even by a little or the lender will close the file and wait for another offer.
Cash offers don’t always entice lenders. If the offer is too low, it doesn’t matter how it is financed or paid for.
The homeowner is still in control of all decisions regarding the property, with the exception of requiring lender approval to sell the home for less than what is owed. The submission of all offers to the bank is at the discretion of the homeowner, not the Realtor® or bank.
A general rule of thumb for acceptance on a short sale is about 70-80% of the fair market value. The lender will order a Brokers Price Opinion or BPO on the property to determine fair market value. While the bank will usually not disclose the determination of that report, I can provide a market analysis of the area and provide a reasonable value for the property.
If you are buyer or investor looking for a great deal on Plainfield IL real estate, call me at 630-673-6233 for your complimentary list of short sale listings available now.
With all of the news on t.v. and talk on the radio, you might be wondering how the value of your Plainfield IL townhouse or duplex is doing. Many homeowners today are keeping a close eye on their Plainfield IL property values with good cause.
While there is definitely depreciation going on in the market, there are other factors contributing to the health of the Plainfield town home and duplex market.
The volume of sales for the attached single family market in Plainfield IL is down drastically from March of 2008 when compared to March of 2009 by approximately 72%. There has also been an increase in market times of about 26% for those sales on average, meaning it’s taking about 26% longer to sell 72% less homes.
The townhome and duplex market in Plainfield IL has suffered an approximate 19% decrease in property value on average in March 2008, when compared to the same month in 2009.
Homes are still sold at approximately 95% of their asking price in both 2008 and 2009, meaning that for reasonably priced townhomes or duplexes, homeowners could expect to get about 95% of their list price and concede about 5% in the process of negotiation.
Plainfield IL Townhome and Duplex Market Data For March 2008:
Plainfield IL Townhome and Duplex Market Data for March 2009:
If you or someone you know has a property to sell in Plainfield IL, call me at 630-673-6233.
If you are behind in payments or in foreclosure, you may qualify for a loan modification or short sale. Call me to confidentially discuss the possibility of avoiding a foreclosure through one of these options.
Julie Ferenzi | Realtor® Plainfield IL Homes for Sale 630-673-6233
Comparing the 4th quarter of 2008 to the first quarter of 2009 in Plainfield IL:
There were 197 new filings in the 4th quarter of 2008, compared to the 250 filings in the first quarter of 2009 for an increase between the quarters of 21.2%.
In comparing the number of newly filed foreclosures in Plainfield IL from the 1st quarter of 2007, 2008, and 2009 there is a steady increase in the number of foreclosures each year.
1st Quarter Figures for newly filed single family Plainfield IL foreclosures by year:
2007: 116 new filings
2008: 218 new filings
2009: 250 new filings
There was a 12.8% increase in foreclosures from 2008 to 2009 There was a 46.8% increase in foreclosure from 2007 to 2008
As you can see from these figures, Plainfield has not seen the bottom of this market yet, though it does seem to be slowing down. The second quarter of 2009 will paint a better picture of the trajectory of the market, and the time frame in which we can expect to see a recovery in the market values of Plainfield IL.
Subscribe to my site through e-mail subscription and never miss a post. Stay tuned for more Plainfield IL market reports.
Julie Ferenzi | Realtor® Plainfield IL Homes 630-673-6233
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Time is running out in 
gh, I HATE short sales… and no, it’s not because of the all the extra paperwork or problems that come with the process. It’s heartbreaking to see families have to leave their homes behind and start over.
Short sales take time. If you are not willing or able to wait the 6-10 weeks required for lender approval, a short sale is probably not the right choice for you.
;)
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