Colleen's Blog

Visit My Open House & Register for a Chance to Win $50K

Colleen Basinski (McColly Real Estate) — Thu, 23 Oct 2008 23:25:32 -0500

~~OPEN HOUSE~~Stop in and Register for $50,000 Sweepstakes!Sunday October 26th from 1-3pm See this AMAZING Condo & Register for a Chance to win $50K!~Tinley Condo w/ Private Balcony~Private Beach~Wooded Lake Views~=6015 Lakeside Place, Tinley Park=Spacious 2 Bed/2 Bath 2nd Flr Condo~New Wood Lam Floors~Brick Fireplace~Flexicore~Private Balcony feat.Gorgeous View of Lake & Woods~Eat-In Kitchen w/Oak Cabinets & Newer Appliances~Plus Dining Room~Large In-Unit Laundry Room~Huge Master Bedroom w/Updated Private Master Bath & Walk-in Closet~Large 2nd Bedroom~Updated Bath~Extra Storage~New Furn & A/C~Immaculate Clean & Move in Ready~Close to Metra, Shopping & X-ways!PRIVATE BEACH, TENNIS COURTS & MORE! LIVE LIKE YOU ARE AT A RESORT!!Call Today! Colleen Basinski - McColly Real Estate, Tinley Park - (708)802-6685

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Penthouse Living in Tinley Park at 7935 Trinity Circle - A Luxurious Condo waiting for You!

Colleen Basinski (McColly Real Estate) — Sun, 05 Oct 2008 18:53:35 -0500

This huge 1600 square foot penthouse in Tinley Park has soaring ceilings, fireplace, hardwood floors and a fantastic floor plan. The large gourmet kitchen has granite counters, stainless steel appliances and a porcelain tile floor. The living space is open and perfect for entertaining; the master suite includes an enviable walk-in closet, marble & travertine bath, Jacuzzi tub and separate shower. The second bedroom includes a walk-in closet, as well as a large guest bathroom featuring pedestal sink, marble tile floor, and nickel fixtures. Garage parking is included in the price. This wonderful property is not to be missed!

This Penthouse features AMAZING views & natural light from the large living room windows or relaxing balcony. It is situated in a perfect location in Tinley Park, in the Brookside Place community. There is ample guest parking, secured entry and elevator service included. And it is so conveniently located close to I-80 expressway, the Metra rail, a variety of shopping including, Target, Kohls, & Best Buy.

Read more information about this Tinley Park condo by clicking here or contact me at 708-802-6685 or colleen@soldbycolleen.com.

Posted By: Colleen Basinski

Click Here for More Information or to See More Photos

Visit My Website www.SoldByColleen.com or www.TeamBaz.com

Colleen & Bart Basinski | McColly Real Estate | mail@soldbycolleen.com | (708) 802-6685

7935 Trinity Circle, Tinley Park, IL

AMAZING Views from this Tinley Penthouse Condo!

2BR/2BA Condo

offered at $275,000

Year Built	2001
Sq Footage	1,600
Bedrooms	2
Bathrooms	2 full, 0 partial
Floors	4+
Parking	1 Car garage
Lot Size	Unspecified
HOA/Maint	$150 per month

DESCRIPTION

Penthouse w/AMAZING Views~TONS of UPGRADES~Hardwood Floors~Stainless Steel Appl~Granite Cntrs~Maple Cabs~Porcelain Flr~Volume Ceilings~White Trim~6 Panel Drs~Guest Bth w/Marble Flrs~Master SUITE w/Travertine & Maple Vanity~Whirlpool+Sep Shower~Walk-in Clsts-BOTH Bdrms~InUnit ldnry(full size)~Heated Att Garage~ELEVATOR~Flat Scrn TV mstr bd & Custom Pool Table neg.w/full price offer! LUXURIOUS HOME! Minutes from Metra!

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Hardwood floor
Tile floor	Living room	Dining room
Breakfast nook	Dishwasher	Refrigerator
Stove/Oven	Microwave	Granite countertop
Stainless steel appliances	Attic	Washer
Dryer	Laundry area - inside	Balcony, Deck, or Patio
Jacuzzi/Whirlpool

COMMUNITY FEATURES

Garage parking	Guest parking	Laundry on-site
Storage space(s)	Secured entry	Elevator

Visit Our Websites! ~~~ www.SoldByColleen.com or www.TeamBaz.com

ADDITIONAL PHOTOS

Contact info:

Colleen & Bart Basinski

McColly Real Estate

mail@soldbycolleen.com

(708) 802-6685

For sale byMcColly Real Estate

www.SoldByColleen.com

Equal Opportunity Housing

Whats with these Short Sales Anyhow?

Colleen Basinski (McColly Real Estate) — Sun, 28 Sep 2008 20:04:43 -0500

Lets start with the first question that most people have, "What is a Short Sale?" A short is essentially just what it sounds like, the seller is "short" of what they owe their lienholder in the "sale" of their property.

Why would a homeowner want to do a short sale on their property and secondly, why would a lender want to accept less than what is owed?

Short sales are not for everyone. And contrary to popular belief, just because you owe more than what you could sell your property for under current market conditions and want to sell does not mean that a short sale would be a reasonable answer. In order for a lender to consider a short sale, the homeowner must have been faced with some sort of hardship or mitigating factors. Instances which might qualify as a hardship are divorce, illness, death of a spouse or child, job loss, or in some instances a mortgage in which the interest rate is scheduled to adjust up. Basically, the ability of the homeowner to continue to make regular monthly mortgage payments is no longer feasible. From the homeowner's point of view the short sale is not as devastating as a foreclosure with regard to both their credit report and emotional health. From the lenders point of view the short sale alleviates the time and money for legal fees, the foreclosure process, and eviction, in addition to possible damage to the property from a distressed homeowner. Often times, the loss realized from the short sale could be much less than any profit realized after these factors. You should, of course, consult with your attorney to determine if a short sales makes sense for your situation.

Why would a buyer want to buy a property listed as a short sale and what is the process?

In many instances a buyer could catch a bargain or gain instant equity in purchasing a property that is listed as a short sale, but they must make sure to do their homework first. If you are not familiar with market values in the area of the property you are looking to purchase the short sale, have your Realtor provide you with a "buyers CMA (Market Analysis)" to determine if you are making a good investment decision. You should also consider how long you are looking to keep the property and if you are going to occupy the property or use it for investment. If you are looking for a quick close on your purchase, then a short sale is definitely not for you. The amount of time it takes to close or even the amount of time it takes to find out if your offer has been accepted or rejected by the bank can vary significantly. It is not unusual to wait 90 days or longer for a response from the seller's lender. It is also important to know that your short sale will almost always be an "as - is" purchase, since the lienholder will be reluctant to negotiate once they have issued an approval. If they are willing to do so, you could be back to square one waiting another 90 plus days. The general rule of thumb is that if you have plenty of time to work with and are looking to get a bargain then a short sale might work for you.

What other things should I be aware of regarding purchasing a short sale property and what will increase my chances of having the offer accpeted?

There have been instances in which some lenders have accepted short sale purchase contracts on a property in shorter periods of time. I personally had one lender approve and close a sale in less than 30 days. This, however, is not the norm. It is also important that the listing agent or sellers attorney has provided the all of the requested documents to the lienholder for them to process the short sale. Each lienholder has a different procedure and time frame which they follow. Generally, the lienholder will request all of the following before making a determination: the executed purchase contract, the listing agreement, market time and property price history report, hardship letter, last two months bank statements, last two check stubs, and last two years tax returns. Once these documents have been received the lienholder assigns the short sale to a "negotiator" who will evaluate the package and at this point often orders an appraisal or BPO (broker price opinion) of the property. Having a properly prepared and organized short sale package sent to the lienholder increases the chances of success. It is also important to note that in most instances a property that has had a significant drop in price below market value without incremental price reductions over an extend time on the market, may very likely be rejected by the lender.

If I am buying a short sale property, when should I apply for my loan and can I still have a home inspection?

When purchasing a property listed as a short sale, a buyer should be aware that once the short sale has been approved the lienholder will want to close relatively quickly. I recommend that buyers formally complete their loan application and have their mortgage company completely approve them subject only to title and appraisal. It is not a good idea to allow your mortgage company to order your appraisal in advance of the approval from the sellers lienholder, or you might be stuck paying for an appraisal on a property you cannot buy. A home inspection is always recommended, even when you are purchasing a property as-is. The home inspection could reveal major structural defects, making your bargain purchase not such a bargain. It is well worth the few hundred bucks for the home inspection, when you are going to be investing several thousand dollars.

Whether you are a Realtor, Buyer or Seller you should educate and familiarize yourself with the short sale process. With all of the changes in the economy and housing market, "short sales" will be a predominant part of the real estate market for quite some time to come.

Colleen Basinski - Managing Broker, McColly Real Estate, Tinley Park, IL

www.SoldByColleen.com

Short Sales - To Buy or Not To Buy That is The Question