Plainfield IL Short Sale and Foreclosure Homes For Sale Snapshot for 7/28/10
Currently, there are 1397 homes for sale in Plainfield, Illinois according to MLS data. In the past month, 93 homes were sold with a median sales price of $189,000. The average sales price was slightly higher at $218,000. List prices for both median and average sales prices were approximately $10,000. Average market time is 193 days, but is likely higher as MREDLLC does not use total days on market, but only listing market time.
Of these homes for sale in Plainfield, 364 are distressed homes. This calculates out to 26% of the real estate market in Plainfield is short sale and foreclosed homes. Another interesting statistic is that 41 of the 93 closings were short sales and foreclosed homes (44%). These types of sales dominate the Plainfield real estate market.
Short sales (21 closed homes) averaged 264 days of market time vs. 134 days for foreclosed homes. This indicates that short sales take nearly twice as long as foreclosures to get from listing to closing.
Short sales take much longer due to the fact that many banks will only review short sale documents after an offer has been made, whereas foreclosure banks have already completed appraisals and are much faster at accepting offers. Foreclosure sales are lower priced (median foreclosure price is $155,000 vs. $184,000 for short sales in Plainfield) because they are often abandoned and need more repairs than short sales and traditional sales.
Buyers are beginning to differentiate between foreclosures and short sales and tend to prefer foreclosed homes because of the lower prices and ability to close much quicker than with short sales. The only drawback for most buyers is the condition of the home. Many people do not have the time or resources to do major repairs to a home they just purchased.
If you are facing foreclosure of your home there are many available to you. Short sale is often the only option as many people wait too long to find help. Sellers considering a short sale should find a qualified real estate agent. The Short Sale and Foreclosure Resource (SFR) designation may help you identify REALTORS who have completed specialized training.
The main advantage to a short sale vs. foreclosure is that it will not stay on your credit report for as long. There is also the possibility that the lender will forgive your debt (also not taxable through 2011, consult your tax pro for details). Another advantage is that you may be eligible to receive money to help with moving expenses.
Please consider calling Steve Roake if you are considering a short sale of your home. I am SFR certified and have closed short sale transactions both for buyers and for sellers. I may have other options available to help you regain some control over your home. I can usually help all the way up until the week prior to the sheriff's auction.
In addition to Plainfield, IL, I also focus on helping buyers and sellers in Shorewood, Oswego, Joliet, Crest Hill, New Lenox, Mokena, Lockport and Homer Glen. No matter your location, I will help you understand your options.
Originally posted to http://placesinplainfield.com/Today_s_Blog.html on 7/28/2010. All information was retreived from MREDLLC via ConnectMLS on 7/28/2010.