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reo: Does the Lender know you're doing an Office Exclusive on that REO? - 10/12/10 10:54 AM
Does the Lender know you're doing an Office Exclusive on that REO? One reason that I use Google Alerts is to see what is coming on the market and what other agents are doing to advertise their listings. Keep a sharp eye on that competition! So while perusing the area alerts I happen to see a property at a very, very good price. Must be an REO? Why haven't I noticed it before?Check in the MLS and there is nothing for sale in that town for that price, hmmmm? You know what I'm thinking here right? Yep, it's an office X … (17 comments)
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reo: What happened to the price difference between a Foreclosure and a 'Regular Sale'? - 12/07/09 05:09 PM
Recently I have been noticing a disturbing trend in low appraisals all across my area and I'm sure you have too. We are all having a hard time having a 'regular sale', if there is such a thing, get appraised out to the purchase price. There are many of you out there, mostly buyers agents, that don't seem to see a problem with this trend. I DO and here's why - no where in the appraisal guidelines do appraisers have to use REO's and foreclosures in an appraisal. Yep, that's right. By their own guidelines and policies the REO's and foreclosures … (149 comments)
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reo: I know Those Homes Sold For That Much...But They Were Foreclosures and My Home Isn't - 09/11/09 02:57 PM
This post serves as an answer to a question I've been receiving alot lately: Are foreclosures effecting my property value? Well, in a nutshell, yes. Foreclosures are priced to sell quickly and as we say in the market - 'gimme that 30 day price.' That's the top market time that's expected for a foreclosure/REO.
This is written by a gentlemen in South Carolina, JL Boney and would give you a great prespective on today's market thruout the country. Because foreclosures/REO's are everywhere - even in your neighborhood!
Via JL Boney, III Columbia, SC Real Estate (Russell and Jeffcoat):
So you've decided … (7 comments)
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reo: When a legal right is still wrong! Foreclosures in Illinois - 08/31/09 07:31 PM
When a legal right is still wrong!
More and more of my clients are running into problems with the Illinois Condominium Property Act and the Associations when they purchase foreclosures. Even though these foreclosures are 'deals' it is imperative that you contact the association BEFORE you make an offer on the property to see how much you will be paying.
The buyer paying? What? Lyn, are you sure?Yes, the buyer pays some back association fees and some legal fees for the association. The Illinois Condominium Property Act states that if you buy foreclosed property from the bank, you are … (4 comments)
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reo: Disclosure in a REO transaction - 07/13/09 07:53 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)
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reo: Buying a Bank Owned Home - the REO - 05/15/09 02:49 PM
Lately with all the media flurry about REO's (Real Estate Owned Properties) and Foreclosures I wanted to send my readers some really good basic tips on buying one of these beauties for themselves. Tips on what you should know and just common sense advice on the procedure.
Everyone wants one - but is it really a good idea for you?
This post is from a very knowledgeable gentlemen and top producer in the Massachusetts area named Bill Gassett. Since I couldn't explain it any better - I will present his post as one of the best examples I could find on the subject.
… (2 comments)
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reo: The Princess and the Foreclosure - 05/15/09 11:12 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)
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reo: Schaumburg Illinois Homes - FREE Home Buyers Seminar on January 20th 2009 - Lyn Sims (847)230-7324 REMAX Suburban - 01/07/09 03:09 PM
Free First-Time Homebuyers Seminar
Did you pay someone else's mortgage payment again last month! Like your Landlords!
Start down the road to financial freedom today! Register today for our First-Time Homebuyers Seminar on January 20, 2009 at the Schaumburg CRC (Community Rec Center, 505 N. Springinsguth Rd, Schaumburg, IL) from 6pm to 8pm.
This seminar is a joint event by RE/MAX Suburban and Wells Fargo Home Mortgage. RE/MAX Suburban has been in business for over 30 years, has seven offices and has sold over 1 Billion Dollars in real estate for five consecutive years. All of our agents are … (1 comments)
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reo: Short Sale Statistics - Lenders are giving themselves another black eye! - 04/07/08 03:16 PM
This is a short reprint of an article submitted to me from a short sale attorney in my area. Check out the statistics - it's unbelievable!
Short Sale Statistics: I recently became aware that in 2007 the lenders accepted approximately 43% of the short sales submitted. This was based on a test market of 500 short sales. In this test, the 285 REJECTIONS were NOT purchased by 3rd parties at the sherriff's sale. They all became REO's. Fifty of the 285 are still for sale and the other 235 were sold for purchase prices BELOW the previous short sale offers that were … (21 comments)
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reo: Why Banks do Short Sales, Lyn Sims (847)230-7324 RE/MAX Suburban - 03/13/08 09:57 AM
Why Banks do Short Sales
Illinois placed in the top 10 nationally in foreclosure filings for 2007 at 90,782 posted filings. The 2006 figure was 64,310 which is up dramatically. The 2007 number represents 1.25% of the total households in Illinois. The national average is 1.03%. The good news is that 98.75% of all Illinois households are NOT in foreclosure.
The high foreclosure numbers are causing fewer people to offer up bids at the sheriff's sale. The large mortgage amounts, along with back taxes, attorney's fees and other liens are making it impractical for third parties to pick up any bargains. The bank … (0 comments)
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reo: Overleveraged? Behind on Payments? In Foreclosure soon and need to sell? - 03/12/08 03:08 PM
Want to sell your home but you owe more than what it's worth?
Are you trying to sell your home by taking what you owe + Realtor Fees?
I speak to homeowners daily that just want to get out but don't know of a solution. The hard reality is that most homeowners today have zero equity and have a loss on their property if they bought recently. It takes 8 to 10% appreciation to "break even" on the sale of a home in our area.
PUNCHING UP THE NUMBERS AND NOT SEEING THE MATH WORK NO MATTER HOW YOU TRY? The answer just might … (0 comments)
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Lyn Sims - Schaumburg Homes
Schaumburg,
IL
More about me…
Schaumburg Real Estate - Northwest Suburbs - RE/MAX Suburban
Address: Schaumburg | Hoffman Estates | Elk Grove Village | and Roselle, IL in the Northwest Suburbs of Chicago
Office Phone: (847) 230-7324
Cell Phone: (847) 230-7404
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