Chicago Real Estate - Homes For Sale in Chicago:

4323 N Narragansett Ave, Chicago, IL 60634 MICHAEL SORENSEN - REMAX CITY CHICAGO TEL: (773) 987-8224 - TEL: (847) 696-1664 I SOLD 200+ HOMES SINCE 2006 www.msorensen.illinoisproperty.com 4 Bed 2 Bath Single Family House     Year Built 1911 Sq Footage 2,000 Bedrooms 4 Bathrooms 2 full Floors 2 Parking 3 Uncovered spaces Lot Size 5,320 sqft Property Taxes $3,016 DESCRIPTION FOR 4323 N NARRAGANSETT AVE Virtual Tour for 4323 N. Narragansett Ave: www.tourfactory.com/996261   LARGE BUNGALOW WITH MANY RECENT UPDATES INCLUDING NEW KITCHEN AND BATHROOMS. 4+ BEDROOMS, 2 BATHROOMS, PARTIALLY FINISHED WALKOUT BASEMENT WITH GUEST BEDROOM AND FULL BATH. POSSIBLE IN-LAW ARRANGEMENT. 1ST FLOOR BATHROOM W/ JACUZZI, 2ND FLOOR CURRENTLY USED AS OFFICE AND STORAGE CAN BE EASILY CONVERTED INTO BEDRMS. OUTSTANDING BACKYARD WITH LARGE PATIO, OUTDOOR FIREPLACE, KOI/FISH POND. 40 WIDE LOT. MUST SEE! REGULAR SALE/ NOT A SHORT SALE OR FORECLOSURE/ QUICK CLOSING AVAILABLE. 4323 N. Narragansett Ave google map   ADDITIONAL PHOTOS OF 4323 N NARRAGANSETT AVE Photo 1 Photo 2 Photo 3 Photo 4 Photo 5 Photo 6 Photo 7 Photo 8 Photo 9 Photo 10 Photo 11 Photo 12 Photo 13 Photo 14 Photo 15 Photo 16 Photo 17 Photo 18 Photo 19 Photo 20 Photo 21   Contact info for 4323 N. Narragansett Ave   Michael Sorensen RE/MAX CITY (773) 987-8224

MICHAEL SORENSEN | RE/MAX CITY CHICAGO
TEL: 773-987-8224 | TEL 847-696-1664
I SOLD 200+ HOMES SINCE 2006
www.msorensen.illinoisproperty.com 

Granted, this time of year people's attention turns to holiday and shopping for clothes, toys and electronics.  Yet, not all shoppers were focused on those items.  Several people took note of real estate deals and showed up ready, willing and able to avoid a 'missed opportunity'.  In talking to Bardan Azari, of Cherry Picker Investments, there are a lot of holiday real estate shopper.

According to Mr. Azari, for real estate investors, another shopping opportunity was siezed.  The property at 5107 W. Grace, Chicago was being foreclosed on due to nonpayment of the first mortgage and there was a second mortgage. 

The interesting thing was, most people didn't realize that second mortgage was 10-15x larger than the first mortgage....$30k (first mortgage) versus $400k (second mortgage).  As a result, many potential real estate investor shoppers did not show  up because of the large second mortgage.

Surprisingly, the second mortgage holder did not show up to the Cook County Foreclosure Auction to bid their debt position, so, those investor shoppers who were prepared to buy indeed did so. 

And, from initial reports, it seems that the property was likely occupied by at least 2 tenants....so when the bidding opened up for less than $20,000.  A ridiculously low opening bid.  Bidding was eager, active and heated. 

Ultimately, the prevailing bidder got this 2 Flat for $141,700 at the Cook County foreclosure auctions.  Zillow said it was worth slightly more than $300,000.  Granted, whether you agree with Zillow or not, it is a starting point...but half of Zillow....seems intriguing.

So, who said you can't get a great deal at a foreclosure auction?

Michael Hobbs, PahRoo Appraisal & Consultancy

THIS WEEK IN MONEY MATTERS, I WANT TO ADDRESS WHY UNDERSTANDING HOW A HOMEOWNER WENT INTO A DEFAULT ON THEIR HOME IS SO IMPORTANT TO THE HOMEOWNER.

Perry Mason, was an attorney in a television series back in 1957 to 1966.  He took on clients that always needed to be defended in court for murder usually.  This is a different type of murder case here in Chicago, IL that I tried to figure out exactly what had happened to the homeowner that they would have to do a Chicago Short Sale.

The Case opens up with a Chicago Mother of five children lost her husband to cancer years ago.  She realized that she needed to sell the family home and downsize.  And so she did.  Everything seemed to be going along fine as this Mom put 20% down on her new home, a condo.

That was three years ago and today she has defaulted on her mortgage.  I ask for the usual documents required by the banks/loan servicers when getting ready for submission into the loan servicer for review.  I saw that this Mom had a loss of income and while that should be enough the previous two years she was stable in income and when looking at the file, there are ways that she could have and can tighten up to possibly make it work, if she didn't breath.

I called two lenders today and asked them one question based on these statements:  She paid "x" amount of dollars for it.  The down payment was 20%.  The real estate taxes are "x" a month.  Her monthly assessment is "x" a month but she got slapped with a small special for 6 months this past year.  She was making "$x" gross a year with no other debt.  Could she afford her Chicago Condo three years ago?

The Answer from two Chicago lenders:  Yes, but she was at her max on mortgage amount.

Then I told them "But three months later she pulled a equity line out on her condo to equal the full down payment.  She said that they told her it was only 3.5% interest.  CATCH:  What this mother didn't know was yes, the rate was 3.5% interest but it was 3.5% interest per day. Instead of a payment of $120 a month, her monthly payment for that second mortgage was $475 a month!  OUCH!!!!

There Answer:  She's dead.  That line of credit regardless of the rate and terms, automatically sent her into foreclosure from the get go because of her income.

So, the case has been solved.  The homeowner now knows that she shouldn't have been approved for that second mortgage/HELOC as she didn't qualify for it.  Granted, I have suggested that she go get some counseling to understand her finances better as she also maxed out her credit cards in order to survive. 

Sometimes, while some may think it is not necessary to understand the background of a file, I have seen the emotional side and self-destruction that homeowners put themselves through when defaulting on their mortgage.  Just like a car accident, there are certain percentages of blame that are involved and while this homeowner is guilty, herself, it does stop alot of the guilt so that the file can move forward.

Do I do this with every Chicago Short Sale file?  No.  Only the ones where I see them beating themselves up. 

I want to Stop Foreclosure.  Sometimes, understanding a file helps me to make to get the Chicago Short Sale closed.

Yesterday's Charm with Today's Amenities featured in this Two Bedroom, 1 Bath Top Floor Unit.  Well maintained unit is a Short Sale and is SOLD "AS IS".

View details and PHOTOS here.

Lowest Price Foreclosure Deal Sold in Portage Park Chicago - May 9th 2011

If you were wondering if there really are foreclosure deals out there the answer is Yes! This home sold in Chicago's Portage Park neighborhood  on May 9th 2011 for $77,000. It's a 1,056sf home with 3 bedrooms and 1.5 baths. Full listing details for this Portage Park foreclosure deal here.

Buying a foreclosure could save you thousands of dollars on your home purchase. You can read more tips on ...how to find the right Northwest Chicago foreclosure

Foreclosure deals are out there, you just need to have the right tools and resources to better your chances of getting the foreclosure deal that's right for you.

If you have been thinking about buying a foreclosure property in Northwest Chicago or suburbs you need to get this list NOW! Currently there are 13 new foreclosures on the market in Portage Park ranging from $39,900 - $210,000. Get Your List NOW BY Clicking The FREE FORECLOSURE ALERTS Link Below.

OPEN HOUSE:: short sale opportunity


4007 N. Leamington #3, Chicago, IL  60641

Sunday, April 17th, 2011
from
12:00 to 2:30 p.m.