chicago foreclosures: Short Sales in Chicago Should Speed Up (actually everywhere)
- 05/06/12 04:48 AM
Short sales have earned the reputation of taking a long time to be approved. There have been a few announcements made this year which should help speed up short sales. One thing to understand about all these announcements is that each applies to specific loans. The Federal Housing Finance Agency (FHFA) recently announced that banks will be required to respond on short sales within 30 days with a final decision within 60 days. Banks and servicers who don’t reply will face monetary and other penalties. After 30 days, the banks would be required to send weekly updates telling you … (2 comments)
In some markets, the majority of homes actually selling are foreclosures. The following tips will keep the frustration level down when purchasing your foreclosure but they are also relevant for a traditional home purchase. 1. Work with a buyer’s agent. The listing agent for foreclosures typically has a very high inventory of homes he/she is managing. Sometimes these are smooth transactions. However, often there are glitches and you want a buyer agent who will be more invested in your purchase succeeding.
2. If financing your home, make sure you are familiar with the mortgage process. FHA has … (9 comments)
chicago foreclosures: A Market To Dream In
- 05/01/11 12:23 PM
This is a tough market especially on the listing side. However, on the buyers' side, it can be really satisfying . Yesterday morning, I met with a couple looking to take advantage of the market to "trade up" into their dream home. In the afternoon, I worked with a young man to buy his first home (a Fannie Mae property). The commission statements don't always make me want to break out in song but as I told my client yesterday this is the market to "dream in". Starter at $28,800
Dream Home at $184,900
What a … (2 comments)
chicago foreclosures: Buyers - Lower Is Not Always Better
- 04/05/11 08:06 AM
I wanted to create a visual aid for my buyer clients that are shopping for those "deals" at the lower end of the market. I wanted something that would drive home how competitive the market is for these lower-priced homes. Some of these homes are listed up to $100,000 less than where they were a few years ago. The deal is already reflected in the list price. The focus has to be on determining if the price is fair for the specific home you're considering not "beating the bank" on price. I think one of the biggest misperceptions with buyers is … (5 comments)
chicago foreclosures: Foreclosure Activity - Greater Chicagoland
- 03/13/11 10:23 AM
Foreclosures for the state of Illinois declined 27% in February compared to January levels. Foreclosure levels were also 45% lower than February 2010. Illinois currently has the 11th highest rate nationally. Foreclosure filings also fell significantly in Illinois (33% lower than January levels). It should be noted, however, that IL still ranks third in the nation due to high unemployment and a lagging economy. The lower foreclosure rate appears to be having a positive impact in a number of communities in the greater metropolitan Chicago area according to MLS data for Northern Illinois. Overall, the average and median sales price … (3 comments)
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