June 2008

Short Sale Story From the Buyer's Side

Thursday, June 12th, 2008 at 9:07pm. 336 Views, 0 Comments.

I've written about my Chicago short sale experience on one of my listings.  It was a valuable experience having been on the listing end as I learned all about how short sales work.  However, trying to share that experience with buyers isn't as easy as it sounds.

I was working with one couple that finally settled on a beautiful Orland Park home for sale that was a short sale listing.  I wasn't completely sure if it was a short sale as it wasn't explained that way on the MLS print-out.  However, it did mention that lender approval was necessary so I figured it was a short sale and the listing agent confirmed it with one phone call. 

I was told there were 2 other offers in already so our's would be the third.  We were around $40,000 under asking

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Don't Blame Investors for Declining Prices

Sunday, June 1st, 2008 at 8:46pm. 481 Views, 0 Comments.

I rarely cite other blog posts even though I read quite a few and many of them are good.  But I usually have enough to write about so don't need to talk about other people's blog posts.  However, once in a while I find a gem that moves me.  I recently read a post about Real Estate Speculators Establishing Bottom-dollar Price for Lender-Owned Homes in Phoenix written by Greg Swann of Bloodhound Realty.  That's not even the whole post title.

Of all the good blog posts I read, why would I share one talking about the Phoneix market?  Aren't they worse off then we are?  Maybe, but I'm seeing our prices in the southwest suburbs continue to decline.  The inventory of available properties far outweighs the amount of available buyers.  And sellers

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