short sales: Foreclosures/Short Sales Within 10 Miles of Oswego, IL
- 02/25/16 06:17 AM
With all the positive housing news in the media lately you would think that distressed home sales are not an issue. A quick search on my MLS for a 10 mile radius of my office showed over 100 bank owned property listed. Short sales were even less with only 70 showing in a 10 mile radius. Aurora, IL had 38 REO's with the highest priced at $408K in prestigous Oakhurst North and onl 27 short sales . From Aurora to Yorkville, almost every single area town had some foreclosures or short sales and this was a very quick search. Even Naperville showed 11
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short sales: Short Sales Vs. Foreclosure - Options in Oswego, IL
- 12/13/14 04:50 AM
Many believe that the short sale is no longer needed as the market is "recovering". Although nationally that is the case we still have many markets that have barely started to see price appreciation. Even without the extension of the Mortgage Foregiveness Act by Congress, for many this is still the strongest option depending on their personal financial situation and tax situation. In fact, when we started 2014 according to industry expert, CoreLogic, approximately 6.3 million homes or 12.7% of all residential properties are still underwater—meaning borrowers owe more on their mortgages than their homes are worth. A year ago,
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short sales: Is the Mortgage Foregiveness Act Extension Totally Dead?
- 10/07/14 05:39 AM
Here we are heading towards what real estate agents in my part of the country consider "our slow season". The urgency for most buyers to buy a home has slowed down. Many homeowners that are still upside down on their mortgage (i.e. owe more than than their homes are worth) are scared to move out of their homes and start fresh because of the perceived IRS tax penalty if they do a short sale. Without the retroactive extension of the 2007 Mortgage Foregiveness Act some homeowners may face an IRS tax penalty - paying taxes on "forgiven debt" even though
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short sales: Losing a Client the Hard Way
- 07/29/14 01:51 PM
It's been a over a month since I received a call from a former classmate regarding one of my sellers who had also graduated with us. Apparently, no one had heard from this person for several days. An avid poster on Facebook, those in the group page had not heard any post or recieved any direct messages. The homeowner had posted that I had listed thier house and was their realtor so they contacted me. Since I had seen my client on Saturday I was not worried. Although, like myself, my client lived alone, my high school classmate didn't have
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short sales: Not Qualified for Short Sale but Qualified for Deed In Lieu - Why?
- 03/21/14 10:18 AM
I have been working on a short sale with PNC Mortgage with Freddie Mac as the investor and have finally reached an en passe. Trying to dispute the value I was told that there was more to the evaluation than just the value - that homes prices were going up, that the hardship - family member has medical issues, homeowner is pregnant with another child, home is too small for the growing family and the additional medical issues are putting a strain on the family budget yet they went into their savings to stay current. Perhaps that was their mistake - perhaps
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short sales: Help Get Mortgage Tax Relief Act Extended - Sign the Petition!
- 01/24/14 01:51 AM
Debt Relief Act) Although I keep hearing that the Mortgage Tax Relief Act (aka The Mortgage Forgiveness) which expired in 2013 will be extended the more pressure we exert on Congress the better! With short sales still at least 1/4 of the short sales in my area and more in surrounding communities we still need this! As professionals that are still trying to help those who are unable to continue in their homes for a variety of reasons this will help us as well as homeowners! Sign the Petition now by clicking on Petition.
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short sales: What a Difference a Year Makes for Short Sale Sellers
- 01/04/14 08:45 AM
Did you sell your home in a short sale in the last couple of years in the western suburbs of Chicago? Are you renting now but looking at an upcoming rental increase? Do you wish you could buy another home soon....perhaps this year! Well, I have good news for you! In August of 2013, FHA announced that they have a new loan product that would take care of those sellers that sold their homes in a short sale or foreclosure situation due to economic or other extenuating circumstance. Youd might be eligible to buy after only a year from your
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short sales: Bayview Financial - False Hope and Double Work for Realtors
- 07/15/13 01:18 AM
Sometimes we end up with a short sale listing that just will not sell no matter how hard you try. I have one that has been listed for 940 days! I spent over a year with Bank of America trying to get it approved as an FHA short sale. Before we got the approval it was serviced released to Bayview Financial. They seemed to be easy to work with and I had high hopes. I resubmitted the short sale package and then the trouble began. In less than two months according to the BPO done by Bayview the property had increased
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short sales: Over Promise and Under Deliver - New BOA Short Sale Motto?
- 04/02/13 02:16 AM
It's been over a year of delays, delays and more delays with my Bank of America FHA short sales but the misery was almost over when I finally got a verbal approval early last week. No later than Monday will you have the short sale approval letter. Well Monday came and went and no letter! Sent negotiator an email and no response this morning so I called. Unable to reach her I called her supervisor who was kind enough to conference her in and drop off the call. Well, the latest is that so sorry but not its 3-5 days!
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short sales: Bank of America Backs Down on Short Sale Request Due to Blogs!
- 03/14/13 06:10 AM
The power of social media has been proven again as I posted on my Active Rain blog and several other short sale specific blogs about Bank of America's ridiculous request to have the individual real estate agents sign the purchase contract and also our individual names on the Hud-1. Although I informed the negotiator that it would be breaking current State of IL contract law for signatures on the purchase contract and IL Real Estate Act 2000 on the Hud-1 since Realtor must be paid directly by the sponsoring broker. You can read my original blog here! As I was
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short sales: Will 3rd Buyer be the Charm on Bank of America Short Sale?
- 02/13/13 03:14 AM
FHA Short sales are always a challenge, more so than other short sales I have come across. I didn't realize what a challenge they would be when I combined the FHA short sale with Bank of America as the servicer. Back in April of 2012, I thought I had hit the jackpot after having 3 offers come in on my 3 FHA short sale listings. Little did I know that I would be spending the majority of my time on these 3 files for almost a year. I was able to get one of them to the closing table in
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short sales: Non-Traditional Lien Holders Listen UP!!
- 10/05/12 10:46 AM
Short sales are hard enough to process without having parties to the transaction making it more difficult. With some 2nd lien holders not being 2nd mortgages or HELOC's sometimes we have to call those who are unfamiliar with the rules that servicers have in doing a short sale. So if you have a secondary lien for services rendered or for a large ticket item or credit card entered on someone's home start taking notes if you want to get paid. When someone is doing a short sale for the most part they have no funds or very little. If you want
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short sales: Undecided on Doing A Short Sale? Good Reason to Do One This Year!
- 10/01/12 06:56 AM
As a housing professional I try to keep up with the latest in the industry especially when it pertains to short sales. Just the mere mention of those two little words puts fear in most housing professionals heart. Not only are these transactions difficult and sometimes lengthy but they are full of misconceptions to the average homebuyer. To add more fuel to the fire the possibility that our current administration may not extend the Mortgage Foregiveness Act of 2007 puts even more pressure on the average short sale that is currently in progress to close....just in case its not extened. That's right
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short sales: The Year of the Short Sale - 2012! Are You A Good Candidate?
- 05/31/12 03:05 AM
If you have been looking for a home or thinking of selling your home in the western suburbs of Chicago, you probably have run across articles that 2012 is the "Year of the Short Sale"! So why all the fuss? Here are a few possible reasons that you as a home seller or as a buyer may want to reconsider a short sale as an option: 1. Top banks due to results of various lawsuits have amped up their short sale process promising improvements and quicker decisions on submitted short sales. Whether Bank of America, Wells Fargo, Chase, Citigroup or Ally...improvements
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short sales: Gloves Are Off! - PNC Mortgage Is It Greed, or Lack of Training???
- 06/22/11 03:40 PM
This is a blog that I wrote about PNC Mortgage back on June 11, 2011. This was my first experience in doing a short sale with PNC Mortgage and I was able to eventually close it but it was one of the most difficult that I have had to do. It's now March 17, 2014, St. Patrick's Day and also my birthday! Different short sale and 3 years later. Freddie Mac short sale denied because PNC claims that the "investor" needs to "net" $25K more than current offer. This despite the fact that the highest sold was a "move in ready,
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short sales: Low Ball Offers on Short Sales in a Buyer's Market
- 04/23/11 07:57 AM
As a professional I really value teaching my buyers and sellers information on how to price or offer on a home. Yes, it's a buyer's market! Seller's know it and buyer's definitely know it. But does it mean that you submit low ball offers on homes hoping that people are so desperate that they will take it no matter what? I have done it on foreclosures with investors that just finished a course with Robert Allen or some other late night get rich scheme. Although I tell them that chances are they will not get the home when its already
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short sales: Stand Behind California Association of Realtors - Spread the News!
- 03/11/11 04:20 AM
As Realtors we must stand together to face the onslaught of housing issues we are currently experiencing to help the country get back on its feet. If you have ever been touched by a short sales whether you are a listing agent, buyers agent or know someone that has you should reblog this, tweet or use whatever form of social media at your disposal to let the banks, servicers, investors, and government officials know we need to take a united effort to take control of this issue. Please click on this to read the open letter from the California Associaton of
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short sales: End of Month Closings....Holding Your Breath....and Exhale!
- 10/28/10 11:14 AM
When I first started in the business I used to lose sleep the night before a closing...tossing and turning I thought about all the things that could go wrong. I look back on those days and smile with nostalgia. Now I don't lose any sleep because I know that the chances of actually closing are about 50/50...so why lose sleep! I go into the closing with a positive attitude and hold my breath because I have been through enough closings where I thought it would be a breeze and they have turned into nightmares. I have so little control over what
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short sales: Not Knowing the Facts Can Cost You - Thanks For the Buyer & Listing!
- 10/20/10 10:04 AM
Earlier this year I wrote a post regarding a fellow Realtor making a moral judgment on one of the housing portals after I answered a question. You can see my original post here! This is a follow -up to that post. In September I closed on a home with the buyer that made the inquiry on Trulia. He contacted me via my post and his wife and him found a large home in a wonderful neighborhood where they plan on living for many years. They also listed the townhome the wife owned before she got married. Unable to rent it out
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short sales: So What the Heck is a Short Sale??
- 07/06/10 08:36 AM
Every business has its own special language - when I worked for an airline related company I had to memorize all the 3 letter codes used by the airlines for the various airpors - so O'Hare became ORD, Midway MDW and my favorite city - San Juan became SJU. Real estate has its own unique verbiage and "short sales" are something that we seemed to be constantly talking about and assuming that the general public should know about. The term "short sale" refers to a sale where the lender will be accepting less than what is currently owed on the mortgage
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