foreclosures: Foreclosures are a goldmine for villages with Transfer Taxes!
- 10/16/13 12:34 AM
Foreclosures are an 'unpredicted goldmine' for villages and here's why! The other day while talking with the village about a totally different matter it dawned on me how much the village is collecting in transfer tax stamps with foreclosures in our area. It is staggering the amount that is generated into the village coffers over the last few years alone. Foreclosures are seen as blight, hassles, etc. to villages but let's face it, they are also a jackpot in fines and fees! Most local villages here in my area charge $1 to $3 per $1000 on every closed transaction. I'm … (5 comments)
foreclosures: The foreclosure & the insane listing agent .....
- 08/24/13 11:23 PM
The foreclosure & the insane listing agent .... They don't always go together but lately I'm not so sure. Let me entertain you with a little story about a poor little house that's been vacant for years and neglected. One day the poor little house finally came on the market for a ridiculous price! There were plenty of other foreclosures or short sales that sold in the area in much better condition for less. My investor wanted to see the house and thought it would be the perfect place just down from his office so he could keep an eye … (9 comments)
foreclosures: Train Wrecks and Accurate Feedback
- 12/31/12 03:33 AM
Giving Accurate Feedback Showed one foreclosure the other day and decided that completely accurate feedback was called for. Listing said 'move-in ready'. Now I know that can mean many things to many people but let's assume that 'in my book' you could live there with minor painting changes. WELL I GUESS I'M WRONG. Picture Perfect it Ain't Who'd a thunk ...... that I was a prissy realtor that wanted everything picture perfect. I'm just a 'Barbie' with a lockbox key. Problem was, my buyers also thought that meant a home in better condition than the property was actually in. Not without work, but better … (2 comments)
foreclosures: Foreclosures are sad ...
- 08/06/12 01:45 AM
Foreclosures are sad and we've all been through one form or another of sadness where homeowners are concerned. But let's ramp it up a bit shall we? Would it resonate differently if it was your childhood home? That strikes a different chord doesn't it? What kind of feelings does that produce in you? Some of you 'tough guys' out there would just say a 'house is a house'. But there are others out there, like me, that it brings up things that are totally indescribable. Well, as you might have figured out it recently happened to me. Actually about … (25 comments)
foreclosures: Cook County Sheriff's Office says Foreclosures need re-review
- 10/21/10 06:31 AM
The Cook County Sheriff Tom Dart said 2 days ago that he will stop all foreclosures until the banks re-review current foreclosure files in the his system so the Sheriff's office is only enforcing legally obtained foreclosures. It's about time someone does something proactive!Here's a couple of things I've weeded out from the interviews and articles so far:Does the words 'review and remediate' in bank speak mean - yes, we've rubber stamped those foreclosures submitted to the Sheriff's office. I'm sorry we got caught. I think it does!Does the words 'has not found alot of errors' in bank speak mean - yes, … (6 comments)
foreclosures: Trash Out - The World of Foreclosures
- 06/23/10 03:29 AM
Foreclosed Homes - What's a 'Trash Out'? A 'Trash Out' is often a gut wrenching clean out of a home where the owners have left their belongings behind. Often valuables, cherished family items, important paperwork are just left where they are. The people vanish and move quickly on to their new location. Poof.
I think personally one of the most heart wrenching is when you find family photos that should have been taken. Why not? It would only take a minute to throw these into a pile for future memories. The last 'Trash Out' I attended the owners left … (8 comments)
foreclosures: The vultures have landed .......
- 04/01/10 05:58 AM
The vultures have landed near my house ...... and I don't like it one bit. Who are the 'vultures?' Well the companies that you see currently circling neighborhoods all around the country - 'Asset Management or Asset Securing Companies'. AKA the ruffians that break into a house and 'secure' it for the bank. I witnessed one yesterday while out walking my dog. (I told my dog - go tinkle on their tires they are not nice people BTW). But then, there is a need for these vultures isn't there?I've been trying to track down the seller of this house who now lives … (15 comments)
foreclosures: Foreclosures - Such a DEAL! . . . Maybe It Really Isn't
- 01/29/10 02:31 AM
Ahhh the lure of foreclosures! To some buyers it's like the smell of hamburgers on the grill when you've been stranded on a desert island! They gravitate towards 'the deal' (not the Donald). It's like Homer Simpson and his 'donuts' mantra, they just can't help themselves. This post is from a successful buyers agent, Carla Muss-Jacobs from Portland, and what she finds when she shows foreclosures to overly eager buyers. You better know what your 'in for' and go in with both eyes open! In fact, get as many eyes as possible to help you out (inspectors, contractors, etc) if this … (7 comments)
foreclosures: Foreclosure Basics - Fannie Mae and the Home Steps Program
- 12/23/09 10:45 AM
Home Steps Smart Sell Program Looking to purchase a foreclosure or REO property? Here is a short explanation of how Fannie Mae foreclosures are handled.Home Steps is the real estate unit of Fannie Mae and handles all their foreclosed homes. Home Steps markets a nationwide selection of Fannie owned properties. Home Steps works strictly thru Realtors® and are available in the local MLS system of your area.Items required on every offer: Sales contract Pre-approval Letter from Lender Proof of funds for cash sales Earnest Money Check (possible certified) Home Steps will not agree to the following: Offer contingent on sale of buyers current home … (13 comments)
foreclosures: First Time Home Buyers...Are You Sure a HUD or Foreclosed Home is What You Really Want??
- 09/13/09 08:56 AM
Dear First Time Home Buyers: Do you want a deal? Do you want a HUD home? How about an REO? Are you really sure you know what you are getting yourself into? The best way to find out is to decide how capable you are and what monies do you have to help you succeed. Don't know the difference between a hammer and a nail? The foreclosure is not for you. Don't want to break your nails pealing wallpaper? Then a home in much more updated condition is for you. The price of a home reflects the work done - period. … (2 comments)
foreclosures: Disclosure in a REO transaction
- 07/13/09 12:53 PM
Disclosure in a REO transaction? What to do if your REO client is not providing the lead based paint disclosure forms? This was a recent discussion in the Illinois Realtor Magazine that caught my eye. According to the attorneys and 'in an abundance of caution' they are saying that the REO/bank/seller is not exempt from providing the Lead Based Paint Disclosure. In all the REO's that I've recently sold, I've never gotten a disclosure from them. "Given that the federal lead based paint regulations do seem to impose a duty on agents to assure forms are given on pre-1978 properties, … (11 comments)
foreclosures: The Princess and the Foreclosure
- 05/15/09 04:12 AM
The Princess and the Foreclosure The story begins in a far away place called the 'Northwest Suburbs of Chicago' just down the street from a great cul-de-sac called 'Never never land' (and not Michael Jackson's place). It's a story about a girl, a Princess actually, trying to buy her first home and having totally unrealistic expectations as to what will occur. The Princess is just beginning her chosen career and just can't afford too much at this juncture. But even though her pocketbook is less than full - her expectations are that of Beverly Hills! The Princess is prequalified by her trustworthy … (2 comments)
Lyn Sims offers market observations, housing industry updates and real estate news about the surrounding communities near Schaumburg IL in the Chicago Northwest Suburbs.
Foreclosures are an 'unpredicted goldmine' for villages and here's why!
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