MICHAEL SORENSEN - REALTOR, BROKER, ABR, SFR, CDPE
> Top Ranked RE/MAX Lister: 150+ Listings Closed Since 2009
> 11+ years of experience.
> Park Ridge Resident
> English, Polish, Spanish
7020 W. Higgins Ave
Chicago, IL 60656
(773) 987-8224 - CELL
(847) 696-1664 - DIRECT
(773) 775-0600 - OFFICE
(866) 640-7160 - FAX
TEL 773-987-8224 - Chicago
TEL 847-696-1664 - Suburbs
www.Chicago-Short-Sale-Experts.com < view my 100+ recent sales
Work with the Best.. Top Producer.. Top Results.
Serving Chicago & Suburbs
Representing homebuyers and property sellers in all types of residential real estate transactions: houses, condos, townhouses, multi family/ investment properties, luxury homes, short sales in Chicago & Suburbs - Illinois Free Pre Foreclosure Real Estate Listings (no charge to sellers), Conventional Sales, Estate Sales, Bank owned foreclosed properties (REO) - Chicago Real Estate, Chicago Homes For Sale - REMAX Chicago Illinois.
Frequently Asked Short Sale Questions
Q: Who do you represent in a Short Sale, the Seller or the Bank?
A: We represent the property seller.
Q: Who pays the seller's closing costs, real estate broker commissions, attorney fees, back taxes, unpaid assessment dues and other fees?
Q: Do I have to pay taxes on the cancelled mortgage debt?
A: No. Mortgage Forgiveness Debt Relief Act - Bill HR 3648 was signed by President Bush on December 20, 2007. This Act ensures that any deficiency written off as part of the Short Sale will not be treated as taxable income. "When your home is losing value and your family is under financial stress, the last thing you need is to be hit with higher taxes" - President Bush.
Q: Will my Credit Score drop due to the Short Sale?
A: Yes. You should be able to rebuild your credit within 1 year. A ‘short sale' shows up on the credit report as a ‘settled debt' and is a neutral item. The negative points are from missed or late payments.
Q: Can I do a Short Sale if I have a Conventional Loan and a Home Equity Line of Credit or the 2nd mortgage?
A: Yes. The first mortgage will offer money to the home equity lender (or the 2nd mortgage) to obtain a release. The second mortgage may ask for additional funds, that we will negotiate at a substantial discount for the seller. We may also attach the contract addendum and ask the buyer to pay part of the seller's closing costs not covered by the seller's bank. This is necessary because the Foreclosing Lender is usually not willing to pay more than $1,000 to release subordinate liens.
Q: What forms do I have to sign?
A: You will be asked to sign a listing agreement with RE/MAX CITY (so we can start marketing your property right away), authorization form, write a hardship letter to your lender explaining your situation (samples available), provide some financial information to justify your hardship: bank statements, pay stubs, etc..
Q: Can the seller live in the property during the Short Sale?
A: Yes, a homeowner can continue to live in the property until the short sale is completed.
Q: Can the Seller profit from a Short Sale?
A: No. Lenders will not allow the seller to profit from the short sale while they are losing money at the same time.
Q: Can I short sell my property to a family member?
A: No. A short sale must be an "arms-length" transaction. The property may not be sold to anyone the seller has a relationship with.
Q: Can I do a Short Sale myself?
A: Banks prefer to work with reputable professional REALTORS specializing in Short Sales and Foreclosures to ensure the property receives necessary marketing and exposure, instead of dealing directly with unlicensed individuals. Properties listed with Realtors tend to sell close to the current market value.
Q: I'm not selling this house for under $400,000!
A: The listing price needs to be set according to current market value not based on what you owe to the bank. If you overprice your property, you are only helping sell other properties in your area, as they will "steal" your buyers. The listing price should be adjusted by about 2% every 2 weeks or so, until interest and offers are generated. You don't want to run out of time with no offers at hand and the bank to foreclose on the property. Offer must be sent to bank prior to the sheriff sale date (auction) in order to prevent foreclosure.
Q: I owe $600,000 but the house will probably sell for $300,000. Will the bank accept such a huge loss?
A: It typically has nothing to do with the loan payoff. It is about the value of the real estate today, which is based upon bank appraisal of the property.
Q: My lender said they are going to go ahead and foreclose on the property, can I still do a Short Sale?
A: Yes. You can do a short sale until the actual foreclosure sale date (auction) takes place. In Illinois, you would have to have missed about 10 mortgage payments before the property can be auctioned off. You should list the property as a short sale and continue showing it until one of the offers is approved by the bank. It's possible to get the last minute short sale approval from the lender just before the property goes to the auction.
Q: Bank has changed the locks on my property, what should I do?
A: Change them back. Many banks try to preserve their assets, properties that appear to be abandoned by changing property locks, boarding up or winterizing them to prevent damage. You may be evicted however 30 days after the foreclosure sale date (auction). Contact us and we will check on the foreclosure status.
Q: Can I do a Short Sale if I applied for a Loan Modification, Forebearance or filed for Bankruptcy?
A: First, you need to decide whether you want to keep the property or not. You should apply for a Short Sale only if you don't intend to keep the property. If you want to keep the property but need assistance from your lender, you should request a Loan Modification or a Forebearance Plan. Short Sale process will be stalled and can not be completed if you apply for a Loan Modification or file for Bankruptcy at the same time. You may want to wait until the short sale or foreclosure is completed and then file for Bancruptcy.
Q: Do I have to pay my utility bills if the property is vacant?
A: The property owner is responsible for maintaining and securing their property. If your heating gas and electric bills are not getting paid, your property could get severely damaged/ flooded due to frozen and burst pipes in the winter months. We can provide you with referrals to companies that will help you get the property secured and winterized in order to prevent damage.
Q: Where will my closing take place?
A: We have over 150 closing locations throughout the state of Illinois.
Q: Do I have to go to the closing?
A: The seller is not required to attend the closing.
Q: How much does it cost to do a Short Sale with Michael Sorensen Team?
A: NOTHING! You will never be asked to pay us any money! Michael Sorensen Team will spend countless hours working for you, without any out of pocket expenses to the seller, regardless if the deal closes or not. We negotiate all of our fees directly with your lender.
Chicago Short Sale & Pre Foreclosure info:
Visit my main website for more info on short sales:www.msorensen.illinoisproperty.com
TEL 773-987-8224 ..call me anytime!
Why choose Michael Sorensen Team for your Short Sale service?
- there are no out of pocket expenses to property sellers for any of our short sale service. We are paid by the bank, at closing.
- we are Short Sale and Pre Foreclosure specialists. We help property owners avoid foreclosure and walk away with no obligations. Short Sale prevents Foreclosure.
- we have partnered with the largest short sale negotiation firms and real estate attorneys specializing in short sale and foreclosure law, who close more short sale transactions than anyone else in Illinois.
- we have established relationships with virtually every lender, so we are able to properly 'package' the short sale and get it to the right person in the right format in the right time for a prompt response.
- A Short Sale is a real estate sales transaction where the bank agrees to sell the property to a third party, for less than is owed in mortgages, if the seller is in financial hardship or must relocate.
- we don't charge any upfront fees and you will not be asked to bring any money to the closing. The Realtors' commissions, the Lawyers fees, our Short Sale negotiators and the Seller's closing costs are paid by the bank, at closing.
- Beware of "Mortgage & Foreclosure Rescue" scams, we will never try to buy your property from you, and we will never ask you to sign the deed over to us. We just want to help you short sell the property. Only do business with reputable and established real estate brokers that you know and trust.
Links. Loss Mitigation. Short Sale:
Chase Bank Short Sale: www.chase.com/shortsale
Bank of America Short Sale: http://homeloanhelp.bankofamerica.com/en/short-sale.html
Citi Bank Short Sale: https://www.citimortgage.com/Mortgage/displayHomeOwnerAssistance.do?page=foreclosure
Wells Fargo Short Sale: https://www.wellsfargo.com/homeassist/shortsale
PNC Short Sale: https://www.pncmortgage.com/MyMortgage/Account_Center/Having_Trouble_Making_Payments/OtherHardshipOptions.aspx
GMAC Short Sale: http://www.gmacmortgage.com/mortgage-information-short-sale.html
HSBC Short Sale:
US Bank Short Sale: https://www.usbank.com/mortgage/learning/payment-help.html
HAFA Short Sale: http://makinghomeaffordable.gov/hafa.html
Michael Sorensen Short Sale Group @ RE/MAX CITY
Search MLS Listings from 6 different MLS Systems Participants on my Re/max website & Find Homes For Sale in the Chicagoland area by map, city, zip, mls number, house number, street name, school or neighborhood, on the Best Re/Max Property Search Engine. Sign Up For "My Property Finder" and receive new and updated daily MLS property listings by email. Click Image below to start your search or request a free market evaluation of your property:
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www.SuperDomy.com => Mowimy Po Polsku (Chicago Polish Speaking Realtors, Real Estate Agents)
Polish speaking realtor, Polish real estate agents in Chicago, Illinois Best and Top Producing Polish speaking real estate brokers
Remax City Realtors - I represent the Northwest Chicago land property buyers & sellers: Edison Park real estate, Norwood Park real estate, Jefferson Park real estate, Portage Park real estate, Dunning Belmont Cragin real estate, relocating to the Chicago's North & Northwest Suburbs (Park Ridge, Des Plaines, Niles, Glenview, Northbrook, Wilmette, Arlington Heights, Mt Prospect, Schaumburg, Streamwood, Hoffman Estates) in all types of residential real estate: Chicago condos for sale, Chicago town houses, Chicago single family homes, Chicago luxury homes, Chicago estate sales, Chicago investment property, Chicago multi unit apartment buildings, Chicago new construction, Chicago mixed use developments - MUD (i.e. business - store - apartment), Chicago vacant land, Chicago pre-foreclosure, Chicago short sales & Chicago foreclosure, foreclosed bank and corporate owned real estate - REO.
Pre-Foreclosure & Foreclosed Property Listing Service. Maximum Exposure - Maximum Results! Showcase your REO properties on my Top RE/MAX Websites! BPO (Broker Price Opinion) plus Multiple Photos delivered to you within 24 Hours. Buyers - buy a pre-foreclosure or foreclosed properties and save Thousands. Request a free list of Chicagoland bank foreclosure, HUD foreclosure, Chicago short sale listings, today.
I specialize in the Chicago's North and
Northwest side, North Suburbs, Northwest and Western Suburbs of
Addison, Arlington Heights, Algonquin, Alsip, Antioch, Aurora, Bannockburn, Barrington, Bartlett, Belvidere, Bensenville, Bloomingdale, Bolingbrook, Buffalo Grove, Bridgeview, Burbank, Burr Ridge, Carol Stream, Carpentersville, Cary, Cicero, Crystal Lake, Deerfield, Deer Park, Des Plaines, Downers Grove, Dundee, Elgin, Elk Grove Village, Elmhurst, Elmwood Park, Evanston, Fox Lake, Franklin Park, Geneva, Genoa, Glencoe, Glendale Heights, Glenview, Grayslake, Great Lakes, Gurnee, Hainsville, Hampshire, Hanover Park, Harwood Heights, Hawthorn Woods, Highland Park, Hinsdale, Hoffman Estates, Huntley, Ingleside, Inverness, Island Lake, Itasca, Ivanhoe, Kenilworth, Lake Bluff, Lake in the Hills, Lake Forest, Lake Zurich, Lemont, Libertyville, Lisle, Lincolnshire, Lindenhurst, Lombard, Long Grove, Marengo, McHenry, Melrose Park, Morton Grove, Mount Prospect, Mundelein, Niles, Naperville, Norridge, Northbrook, Northfield, North Chicago, Norwood, Northshore, Oak Brook, Oak Lawn, Oak Park, Orland Park, Palatine, Park Ridge, Plainfield, Prairie View, Prospect Heights, Richmond, River Grove, Riverwooods, Rockford, Rolling Meadows, Roselle, Round Lake, Schaumburg, Schiller Park, Skokie, Sleepy Hollow, South Barrington, South Elgin, Spring Grove, Spring Grove, St. Charles, Stone Park, Streamwood, Summit, Sycamore, Tinley Park, Vernon Hills, Winnetka, Wadsworth, Wauconda, Waukegan, Wayne, Westchester, Wheaton, Wheeling, Wilmette, Winthrop Harbor, Wonder Lake, Wood Dale, Woodridge, Woodstock, Zion.
Call 773-987-8224 ..anytime!
Chicago & Northern Illinois Real Estate Property Listings, Search MLS listings and Homes For Sale, Sign Up For "My Property Finder" & Get New MLS Listings emailed to you as soon as they hit the market, Buyer Rebate, Seller Discount MLS Listings :
Tel 773-987-8224 Tel 847-696-1664
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Mire un vídeo para obtener más información sobre los servicios gratuitos de los asesores de vivienda aprobados por HUD.
- Aquí puede descargar una guía con más información sobre el programa Making Home Affordable.
- Solicite una Modificación Home Affordable
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- Tenga mucho cuidado con personas u organizaciones que le pidan dinero para darle asesoramiento o para modificarle un préstamo moroso. No pague - ¡Aléjese de esta persona!
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- Nunca haga sus pagos hipotecarios mensuales a nadie que no sea su banco hipotecario sin que ellos lo aprueben de antemano.