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        <title>Chicago Suburb Real Estate &amp; Area Guide</title>
        <link>http://www.cook-county-real-estate.net/blog/news-and-articles/</link>
        <description>New real estate listings, entertainment, recreation, news and things to do in Chicago and surrounding suburbs.</description>
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            <guid>http://www.cook-county-real-estate.net/blog/negative-home-equity-by-state.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/negative-home-equity-by-state.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Negative Home Equity by State</title>
            <description> <![CDATA[ 



I rarely give out links to other websites as I usually present local real estate statistics and things that I can write a full blog post on my own without outlinking to other sources.  But I happened to find an interesting article with a map showing negative home equity in all 50 states.


Since I own an Orland Park home (a Homer Glen home with an Orland Park address) plus own a 2nd home in Scottsdale, AZ, it was interesting to see how those states stacked up.


When you link to the map, you'll notice that Illinois has 21-30% of negative equity mortgages.  This means that 21-30% of Illinois home owners that have a mortgage owe more than what their home is currently worth.


In Arizona, that figure jumps to 41% and up, which was not surprising.  That was the highest percentage and was shared with Florida and Nevada, three of the hardest hit states when the real estate boom went bust.


What surprised me the most was the amount of states with very few home owners that were under water.  Check out the map here.
 ]]> </description>
            <pubDate>Thu, 02 Feb 2012 15:47:52 -0600</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/lots-of-news-for-2012.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/lots-of-news-for-2012.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Lots of News for 2012</title>
            <description> <![CDATA[ 
Lots of "News" for 2012


For the first time in a while I feel optimistic for the upcoming year.  We are busier than normal at this time of year, so I feel 2012 will be even better, and might show a quicker start to the selling season.  We have some new things coming up and I'd like to briefly go over them here.


There's a new team in town


I have already introduced my husband Jimmy Herter and my son Matt Orr.  Jimmy got licensed last year and is now a Broker.  My son Matt has helped us out on and off over the years and he has committed to giving us more time.  Matt is our "new" photographer with his new camera.  Our photos have always received compliments from happy sellers, but we've now kicked them up a notch.


We have a new newsletter


Every year I start out writing my custom newsletters and do good sending them out until things get busy and I can't keep up.  I've actually gotten phone calls asking me where the newsletter is?  I was happy that they were missed, but I felt guilty not being able to keep up.


We have decided to set a goal of a quarterly snail mail newsletter and we will keep in touch with our friends, family, past and future clients in other ways during the year.  Because my newsletters are created by me, it takes up a lot of time.  I haven't found a pre-made canned newsletter that I would want to send.  So we'll commit to 4 a year and if it runs smoothly with our new team we might increase that to 6 issues a year.  We'd love to be able to put one out every month but I have other ideas for mailers so we'll see how it goes.


We have a new territory


About a year ago we moved from Oak Lawn to the Homer Glen/Orland Park area.  We have an Orland Park address but we're truly in Homer Glen.  We've always worked in this area but it was on the perimeter of how far we'd go.  Now it is our back yard and we want to focus on this area for new listings.  


If you live outside the general area (our main towns will be Homer Glen homes, Lemont, Lockport, Mokena, Orland Hills, Orland Park and Palos Park), don't think we can't work with you.  Call us first and let us know where you're looking to buy and/or sell and if we can't help you we will find you a great local agent who will.


We have a new marketing plan


Customer service and thinking out-of-the-box has always been our modus operandi, and we have put together an unsurpassed marketing program for our listings.  We'll be writing about some of them in the future and introduce our techniques individually.


The new year is almost here!


This year flew by (don't we always say that).  We are excited to put our new plans and systems into action as a cohesive team in 2012.  If you are thinking of buying and/or selling please give us a call at 708-536-8200 or use our Contact Form.
 ]]> </description>
            <pubDate>Sat, 17 Dec 2011 12:24:57 -0600</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/is-home-ownership-losing-popularity.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/is-home-ownership-losing-popularity.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Is Home Ownership Losing Popularity?</title>
            <description> <![CDATA[ 
Everyone knows that prices continue dropping in many areas, including Illinois suburbs.  But those low prices could be good enough for buyers to consider making a purchase this year.  An easy way of figuring out if it's worthwhile purchasing a home vs. renting is to figure out what your mortgage payment would be compared to current rental prices.  You also need to take into consideration tax deductions for mortgage interest and real estate taxes for home owners, although they might not last forever.  Feel free to use my mortgage calculator, although this does not compute any tax deductions.


There is More to it Then Just Monthly Payments


Even if your mortgage payment is more than a local rental, there is a completely different lifestyle in owning your own home vs. living in someone else's property and having to follow their rules.  Many landlords don't allow painting or pets. 


With today's low prices and interest rates, you could purchase a single family home for the same or a little more than an apartment rental payment.  Instead of living the apartment lifestyle with other tenants close by, you could own your own piece of property, and possibly have a yard to relax in, garden and have a place for children and pets to play in.


When I was younger and rented my first apartment, my goal was to own my own home as soon as I could.  I purchased my own home at the age of 21 and I've never looked back.  


I made a profit on every home I ever sold except one, which was sold during the recession of the '80's.  I was getting divorced and we agreed to sell, even though we had only lived in the home for less than 3 years.  We didn't take a huge loss, but at that time it wasn't common to lose money on a real estate sale.


Look at Home Ownership as a Lifestyle, Not an Investment


Most home owners feel grounded and a part of their community.  They usually stay put longer than renters.  When I was growing up, we only moved once into a brand new home.  I was 10 at the time and not happy about the move, but I made new friends quickly and loved our new house.  My parents kept that house until my Dad retired and they were ready to move to Arizona.


For some reason, people have become transient and don't stay put as long as they used to.  Many younger people do not want to live in a "starter home" and some of those people purchased their dream home during the seller's market when it was easy to get a mortgage.


It is still difficult for sellers to understand that they cannot get the prices that homes were selling for during the seller's market.  Unless someone absolutely has to move I always suggest they stay put.  I can understand job transfers or financial difficulties, but if you want a larger or smaller home this might not be the time to sell.


But if you have enough equity or you're just starting out, it might be the greatest time to buy.  Call Judy Orr at 708-536-8200 or James Herter at 708-207-5324 if you are interested in buying and/or selling.  Or fill out our Automated Home Finder's Form to get listings sent directly to your e-mail.


We specialize in Orland Park or Homer Glen homes but sell in a large area of the southwest and near west Chicago suburbs.  If we don't work in your area we can find you a great agent that does.  Give us a call first!
 ]]> </description>
            <pubDate>Wed, 13 Apr 2011 18:57:35 -0500</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/reviewing-2010.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/reviewing-2010.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Reviewing 2010</title>
            <description> <![CDATA[ 
It's been an interesting year and I'm looking forward to year-end sales statistics this year more than any other.  We keep losing agents that can no longer earn a living selling real estate.  However, 2010 has been one of my best years.  It hasn't been easy and I've had to make some changes, but I've done well in a challenging market.


I Moved to a New Home


I moved to the Orland Park/Homer Glen area and sold my Oak Lawn home.  I'm glad I had my own home for sale as it helps me explain the market to my other sellers.  I sold my Oak Lawn home for less than what we paid for it in 2003.  Add the new windows, two new bathrooms, remodeled family room, new carpet, hardwood floors, interior &amp; exterior paint, etc., and we lost a lot of money.  


However, we had happy times in that home for seven years and we enjoyed the changes we made.  And we made up for it since we purchased a foreclosed Homer Glen home (with an Orland Park address) and we are making it our own.  So in our minds, our loss made up for the great deal we got.


Getting Used to Today's Decreasing Prices


It took me a while during the Seller's Market to get used to those ever increasing prices.  It was sometimes difficult setting a price because they kept increasing and we didn't want to short change our sellers.  As long as a home wasn't listed way too high over market value, the property usually sold, and quite quickly.


Now I'm amazed at how low prices are going.  It's a great market for buyers since interest rates are still quite low and prices keep going down.  When will we hit bottom?  Click the link for predictions I've read.


The problem I'm running into is having a listing that seems priced correctly "on paper" based on a Comparative Market Analysis, but there are no offers being made.  Buyers have so much to choose from, they can pick the cream of the crop.  It could be the difference of one property having granite countertops compared to another that doesn't, and if the buyer wants granite, then the property without gets bypassed.  Even if that property is a few thousand less, buyers want the house that has it done already.  This goes with any upgrade/update that is most important to that particular buyer.  


It's simple supply and demand.  Mortgage changes make it ever more difficult to qualify, leaving few buyers and too much available inventory.  There aren't enough buyers to go around.


Therefore, the homes that are selling are the best in their price range.  They're the cleanest, have the most updates and amenities and show the best in their price range.  Sellers are left with having to make updates or reducing price so their property is the best in their price range.  Simple to write down, not so easy for a seller to do or even understand.


The Tax Credit Ended in 2010


At this point in time, there is nothing similar to that tax credit.  No special financing that I am aware of.  Just ever tightening mortgage qualifications with interest rates inching up.


I am Working with More Buyers Than Ever Before


I've always considered myself as a "listing agent."  That's where I focus on listings and I don't work with many buyers.  I have been working with more buyers than marketing for listings because it's been so difficult getting listings sold.  It's not fun having to keep telling my sellers to reduce price, over and over.  


I have sold most of my listings and the ones still on the market are where the sellers aren't understanding the current market, although I keep working on them as nicely as I can.  When I do go on listing appointments, I am much more adamant about pricing the property correctly.  If a seller doesn't agree then I won't take an overpriced listing, at least not unless I get some kind of automatic price reduction paperwork signed.


If a seller doesn't price their property at market value they are simply adding more market time to their listing.  The longer the property sits on the market, the more stale that listing gets.  Many times, the sellers end up getting less than what they could have received if they had listed at the recommended price in the beginning.  I see it all the time.


Short Sales, Foreclosures and Auctions - Oh My!


A regular seller is more likely to be in competition with a distressed sale.  These kinds of sales are normally priced at a discount because the seller/bank wants a quick sale.  Sometimes, it is priced even lower to overcome damage.  As I mentioned above, we got a great deal on our new Homer Glen home, which required mostly cosmetic updates.  We were also up against 8 other buyers and we offered higher than list price to give us the best chance.  It was still a good deal.


In some areas, specific subdivisions have so many distressed sales that they are bringing the value down in the area.  If there is one regular sale and a handful or so of distressed sales priced much lower, it's difficult to get that regular property sold.  Depending on recent past sales, the regular sale might not appraise because of recent distressed sales that have recently sold and closed.  





I've written several blog posts about short sales and foreclosures.  I'm still hearing about shadow inventory and I also wrote a post about short sales and sellers.


I am seeing more and more listings going to auction.  This will be a new learning curve and from what I've studied, there are different auction services with different operating methods.  Some auctions need to be attended in person and some are online only.


It's Still a Good Market for Buyers - Not so Good for Sellers


 If you're qualified to purchase a property, you might not want to wait for that elusive bottom.  We never know we hit bottom until prices go up, so only a few lucky ones hit the timing.  We do expect interest rates to go up, possibly to 6%.  A higher interest rate can make a bigger difference than a lower price, so those rate hikes can make a difference in your affordability.


If you're a seller that needs to sell whether it is to upgrade or downgrade, you have a couple of choices.  Make your home as appealing as possible (within reason, and I give my opinion on what will give the most bank for the buck) and price it right.  Keep abreast of the changing market and be prepared to make price reductions. 


Your choice is to get your house sold (and not just up for sale) or hold onto it and rent it out.  Some sellers are making strategic walk-aways, letting their homes go into foreclosure with the plan to start over again whenever they can (when their credit recovers).  However, in states like IL, the lien holder can come after you later on, so you have to be very careful of doing a short sale, deed in lieu or foreclosure.  There could be future consequences and you might not have the chance to clean up your credit.


If you're ready to buy or sell in the southwest suburbs, give Judy Orr a call at 708-536-8200 or use the Contact Form.
 ]]> </description>
            <pubDate>Tue, 04 Jan 2011 13:51:44 -0600</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/will-we-hit-bottom-in-2011.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/will-we-hit-bottom-in-2011.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Will We Hit Bottom in 2011?</title>
            <description> <![CDATA[ 
I just read an article in Inman News about a report put out by Altos Research.  Altos Research is a real estate data company and their prediction is that we should hit bottom in real estate pricing in 2011.


They feel we'll see our normal surge in the upcoming Spring selling season, but it won't mean prices will necessarily escalate.  In most areas in the southwest suburbs, prices have been declining since 2005.  The spike in sales that usually occurs during our best months do not necessarily bring about price increases, just a clearing of inventory.


We will still have a glut of foreclosures and short sales


In my opinion, until the amount of distressed properties slows down there is going to be more inventory than available buyers.  Distressed properties hamper regular sales and bring down prices.


Interest rates are already going up, and when interest rates are higher prices might need to come down, since that will limit buyer qualifications.  When less buyers can get qualified in certain price ranges, then there are even less ready, willing and able buyers compared to the amount of homes available.


Pricing is the most important factor to selling a home in today's market


No amount of marketing can sell an overpriced home in this kind of market.  Even in the seller's boom, there were some homes that didn't sell.  Hard to believe, but buyers will only pay what a home is worth.  When there is financing involved, there will also be an appraisal.


There are certainly other factors involved such as property condition and location, but that's where price needs to be set.  What I see happening with many sellers is that on paper their property looks like it should be a certain value, but the homes used to create that value were much more updated and/or upgraded.  Your current competition is very important now, too.  If you don't price correctly, you'll simply help to sell the other similar properties that show better at the same price point.


When will we recover?


Altos Research feels that recovery could begin in another year (although it is stated somewhere from 2012-2014).  However, you shouldn't expect the word recovery to mean higher prices.  They feel prices will stagnate instead of continually dropping, and it will stabilize for quite some time before prices will appreciate.


When unemployment improves, the market will improve.  This will not happen quickly and it will be a slow ride to improvement in the real estate sector.


For sellers waiting for the market to improve (and their bottom line), the wait will probably be years from now.  If you must sell you have to face the reality of the market we're in today.


If you're interested in Homer Glen homes or any area of the southwest suburbs, give Judy Orr a call at 708-536-8200 or use the Contact Form.  Get in before interest rates go even higher!
 ]]> </description>
            <pubDate>Wed, 22 Dec 2010 12:50:01 -0600</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/rethinking-remodeling-with-an-emphasis-on-safety.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/rethinking-remodeling-with-an-emphasis-on-safety.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Rethinking Remodeling with an Emphasis on Safety</title>
            <description> <![CDATA[ 
Whether shopping for a new home needing renovation or giving an old home a new look, several considerations need to take place. The most important consideration is, of course, safety. Sure, home renovation can be an exciting process. We get to open up floor plans, replace fixtures and tear off faded wallpaper. However, renovating an older home can present some unique challenges. Though details like wiring and structural integrity might need to be addressed, especially in Northern climates, other serious concerns need to be addressed. Older homes were not subject to current codes and building restrictions, so many precautions should be taken before you start to tear out walls and burrow through layers of linoleum. 


Chemical awareness, specifically, is important. Many families fail to take the necessary defenses against such chemicals because they’re difficult to pinpoint. One of these difficult-to-locate chemicals is lead. Since 1991, the United States has identified it as a huge health risk because older paints contained it and because it is easily absorbed into growing bodies. Plus, young children carry a greater risk of ingesting the flaked paint. Thankfully, because the dangers are now so widely known, many families have replaced the toxic paint in their homes. However, lead was also used in many other products before it was known how dangerous it was, which is why it’s so difficult to track down. Lead used to be present in other products, like gasoline and pipes. Therefore, there are plenty of ways people, especially children, can get exposed to this chemical. In addition to deteriorating paint, lead exposure can occur through the air, in the form of lead dust, in drinking water, in food or even in contaminated soil. Another common chemical in older homes is asbestos. Although popular in construction as recently as the late 20th century, this natural mineral poses huge risks if exposure occurs. Once used as an insulation because of its fireproof qualities, heat resistance, chemical endurance and electrical insulation, this material has since proven toxic. It poses a serious cancer threat when broken, jagged or shredded, which allows it to be released into the air and breathed into the lungs. Like lead, this chemical has also received a lot of attention. However, its prevalence in past construction makes it an ongoing problem, especially as older homes are remodeled and the aged mineral is exposed. Mesothelioma, the name of the disease associated with asbestos contact, is actually a cancer. If exposed, there are four possible forms of this disease, with the most common developing in the lining of your lungs. Worse still, mesothelioma symptoms generally don’t show up until 20 to 50 years after initial exposure to asbestos. Although asbestos is now recognized as a cancer threat, its use is still legal in some products in controlled quantities.   Because certain chemicals can cause serious health concerns, home remodeling needs to be taken seriously. Renovation might actually disturb these chemicals that were previously enclosed. Asbestos may appear in several forms, including a solid one, a form resembling insulation or even as dust, so understanding where it might be found is especially important. Lead, too, can take several forms, including dust, making introduction into the body easier. Therefore, undertaking renovation projects successfully includes having both the ability and patience to recognize these chemicals so you can remove them. 


The above article was provided by guest blogger, Alex Johnson.
 ]]> </description>
            <pubDate>Tue, 16 Nov 2010 18:59:14 -0600</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/short-sales-and-buyers.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/short-sales-and-buyers.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Short Sales and Buyers</title>
            <description> <![CDATA[ 
I still meet buyers that don't really know what a short sale is.  A short sale listing is a property the seller is trying to sell for less than what is owed on the mortgage.  A short sale can actually take a very long time, the "short" is referring to the fact that there will be less money to the mortgage provider than what is owed, not the length of time from contract acceptance to closing.  Short sales are available in every town and every price range.


Data suggests that only about 50% of short sale offers ever make it to closing.  Agents, buyers and sellers don't understand why a mortgage provider would rather foreclose than sell short, especially when it seems like most closed short sales sell for higher prices than foreclosures.  Not to mention the cost of foreclosing, holding onto a vacant property and keeping it up and having to offer it at a real discount.


I just attended a short sale seminar and the speaker explained that the banks and mortgage providers just don't have the staff to handle the lengthy process of short sales.  Too bad they can't hire and train more employees to help with this backlog to get homes sold "short" rather than foreclose.  In many short sale listings, the sellers still reside in the home and are taking some type of care with it.  Many short sales are in very good to excellent condition.


Short Sale Buyers Need to Know




Your offer is first accepted by the seller, but the short sale and monetary amount must be approved by the mortgage provider


Getting mortgage provider approval can take up to a year or more


Only around 50% of short sales make it to closing


You will probably have to bring in earnest money once the seller accepts the offer 


You could lose your earnest money if you walk away


You might be expected to complete your home inspection once the seller signs the contract (per contract dates)


Short sales are sold in "as-in" condition


Your agent has no control over the communication between the listing agent, seller and mortgage provider


Your agent cannot contact the mortgage provider or seller


You could get approval, a counter-offer (sometimes higher) or a rejection


You must be ready to close - sometimes once approval is made you are expected to close very quickly


If you aren't ready to close, the mortgage provider could close your file and you've lost the property


The property could foreclose even after short sale approval has been made


Some short sales have fallen apart at the closing table




So Why Would You Want to Buy a Short Sale?




Many mortgage providers are attempting to streamline the process so it doesn't take so long


The properties are usually in better condition than foreclosures


You can get a good deal - most short sales sell for under market value


You might have less buyer competition on short sales since many are not interested in them




Understand the Process


As has been mentioned, you write up a normal offer on our approved purchase contracts.  The offer is presented to the seller and the seller can accept the offer, make a counter-offer or reject your offer.  A knowledgeable listing agent (and your buyer's agent) should have an idea of what the mortgage provider will accept.  Some listing agents prefer to have the seller accept any offer to get the short sale process moving and to see what the bottom line will be for the mortgage provider.  Most listing agents prefer not to put a lowball offer in and will counter-offer at what they think the mortgage provider will accept (sometimes it is somewhere within 10%-20% of appraised value, but each mortgage provider has their own standards).


Once an offer is accepted by buyer and seller, the buyer might be expected to treat it as any other offer by bringing in earnest money and handling inspections within the time frame provided on the contract.  Some listing agents will allow these things to occur after mortgage provider acceptance.  However, this makes it much easier for a buyer to walk away as they have no skin in the game.


Once the seller has accepted the contract and all inspection/attorney/earnest money contingencies have been taken care of, the wait begins.  The listing agent will send the contract to the mortgage provider.  It is usually by fax, and for some reason these faxes constantly get "lost."  I believe the faxes get lost because no one has been assigned to handle the file yet.  I feel the wait is trying to get the person assigned that is responsible for the particular sale/file.


Once the person is assigned the file, things usually start moving a bit more quickly.  But keep in mind, I've waited 60-90 days just to get that person to finally be able to communicate with.  Prior to that, you get a different person every time and they don't have a file in the system yet - for 3 months or longer!  Your contract is in limbo somewhere at the mortgage provider's short sale office.  Until it is assigned to one of their employees, no one knows where it is.


In the meantime, the buyer is calling their agent who is calling the listing agent who is calling the mortgage provider and getting the same answer over and over - we don't have that fax, send it again.  The listing agent might have to send that contract package (with much more than the contract - this can be a very lengthy package) many, many times.  Until someone is assigned that file and it gets entered into their computer system, there is simply no one that can help.  


I even sent a package in via Fed Ex once and was told they don't look at anything that is sent by mail!  They only wanted faxes.  I've also had short sale employees switched and have to establish a rapport with yet a new person who doesn't know anything about the file.


During the months this is happening, the seller, the attorney and the listing agent are all calling, faxing and e-mailing (once we get someone's e-mail), trying to get an answer.  There is a fine line to keep up contact vs. getting these employees upset.  Some listing agents call daily and I think that's taking a big chance at having your file get "lost" or something else.  It is recommended to only make a weekly call.  


These short sale employees are inundated with short sale files.  One very nice person told me they were so understaffed that even if he worked 24/7 he could only make a small dent in the files.  And that is why many short sale listings end up getting foreclosed on, even when they have a good offer in the works.


Be prepared to get a counter-offer from the mortgage provider, and it could be for more than the list price!  They send out agents/brokers to provide them with BPOs (Broker Price Opinions).  They want a certain value based on those BPOs and expect to get it.  You must decide whether you feel the property is worth it.  They can also outright reject your offer, after all that time.


You must also be prepared to close very quickly.  I've heard of short sale approvals expecting a closing in less than a week!  If you have applied for your mortgage like you should have, you should be able to close quickly.  However, in a case like this, you would have also already paid for an appraisal.  Your mortgage company might give you the choice to send the appraiser out prior to mortgage provider approval or take the chance of waiting for approval and having enough time to get the appraisal in and be ready to close quickly.  Most times, once approval is made you could have up to 30 days to close, but each mortgage provider is different and if you're not prepared you could lose the deal.


Keep in mind, the foreclosure department is separate from the short sale department, and they rarely communicate.  I've heard of transactions making it to the closing table only to be told it was officially foreclosed on that morning!  Sometimes, that can be reversed (by a good attorney) and the closing can happen at a different time.


The Agents Usually Get Blamed


There are some inexperienced agents, both listing and selling/buyer's agents, that should not handle a short sale on their own.  But many agents get blamed when they've done nothing wrong because no matter how much is explained to the buyer and seller (who is usually going through an emotional roller coaster), they simply don't understand the wait and the lost paperwork and the "broken record excuses".  


I've told buyers what to expect yet they start calling me twice a week after a two or three week wait and they start getting antsy.  This wait also negatively affects the sellers since they don't know if they're going to be able to do the short sale of if they will foreclose.  Many buyers walk away before approval, which wastes valuable marketing time for the seller, bringing the looming foreclosure ever closer.


Judy Orr is an experienced sw Chicago suburbs real estate short sale agent and has a 100% closing ratio on her short sale listings.  In fact, there is only one short sale that didn't make it to closing and Judy represented the buyer on a problem property listed by another brokerage.  That home is still up for sale and we've waited since January of 2010!


If you're interested in buying short sale listings give Judy Orr a call at 708-536-8200 or use the Contact Form.
 ]]> </description>
            <pubDate>Thu, 30 Sep 2010 15:10:49 -0500</pubDate>
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            <guid>http://www.cook-county-real-estate.net/blog/have-we-hit-bottom-yet.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/have-we-hit-bottom-yet.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>Have We Hit Bottom Yet?</title>
            <description> <![CDATA[ 
Have we hit the bottom of low home price values?  The optimists keep saying we should see an improvement at the end of 2011 and into 2012.  They might be somewhat correct, let's face it, they're talking a year down the road.


Today's low interest rates are tempting


Others are saying that the current low interest rates are another government ploy to keep buyers in the market.  And they might be correct, depending on how low prices drop in the future.  At today's current rates, you'd be better off with 4.5% interest rates vs. a 10% reduction at 6% based on an average home price of around $300,000.  You can try out my financing calculator to play around with rates on different price ranges. 


How low will prices go?


No one can say for sure, but some are predicting closer to 20% vs. 10%.  There are several reasons stated:




interest rates will rise, keeping many buyers out of the market unless sellers reduce


home prices are still too high, even with current price corrections - home prices are still outpacing income


there will be many more distressed sales such as foreclosures and short sales coming down the pipeline


unemployment is still too high




Will interest rates really go up in this economy?


I would love to think they will remain this low, but I do not see that happening.  I've heard statements that they will rise to around 6%.  I still think that is low; when I purchased my first home in the 1970's my interest rate was 10.5%, and we didn't blink an eye.  The price of that home was just under $20,000!  We sold it around 3 years later for the upper $40,000's.  Interest rates were still around the same.  In the early 80's (after a recession), interest rates fell to 8.5%, causing a seller's market!


Aren't foreclosures winding down a bit?


They might be down right now a slight percentage, but there are still future adjustable rate loans that are scheduled to reset.  Some mortgage holders will not refinance into a fixed rate because their rates might actually go lower and some can't refinance since their home isn't worth what they paid for it.  If interest rates go up next year then those buyers might not be able to afford the next reset.  That will keep short sales and foreclosures coming.


Should we wait to purchase?


I just purchased a home at the beginning of the year.  I am taking a loss on my resale Oak Lawn home.  I purchased a foreclosure and although we are remodeling it, I feel we got a great deal.  Even if the true value of my remodeled home falls 20%, we plan on living here for a minimum of 10 years, possibly more.


Although we feel we made a good investment, the reason we bought is because we outgrew our other home.  We needed more space.  Lucky for us, we found a home that is perfect for us and was a foreclosure that only needed cosmetic fix-ups/remodeling.  


We felt the need to move and went for it.  We are so happy in our Orland Park home.  It's tough losing money on our resale home (and that's not even taking into consideration all of the money and work we put into it) that we lived in for 7 years, but it worked out for us in the end. 


If you are currently renting and want to own a property, then with these low interest rates you should really consider purchasing now, before interest rates spike.  Keep in mind, different towns will depreciate at different rates.  There are many areas in Cook county that have already fallen by double digits.  An average drop of 20% does not mean that figure will occur in every single town.


It might be a gamble to wait


No one can predict the future, but if you're ready to buy a property, you might regret waiting.  Feel free to fill out my Automated Home Finder Form to see what's out there right now, while interest rates are so low.


  
 ]]> </description>
            <pubDate>Sun, 19 Sep 2010 13:56:38 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.cook-county-real-estate.net/blog/new-look-complete-for-chicago-suburbs-real-estate-website.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/new-look-complete-for-chicago-suburbs-real-estate-website.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>New look complete for Chicago Suburbs Real Estate Website</title>
            <description> <![CDATA[ 
I hope you like the new look for the #1 "local" website for the southwest and near west Chicago suburbs real estate (from where I'm looking, Realtor.com is above me in the organic searches on Google for "Chicago suburbs real estate").  I think this is a cleaner look and I'm always trying to keep the site easy-to-use and organized.


New and Improved MLS Search


Part of the update was a better, custom MLS search.  You have more search parameters and a lot more information for each listing.  I'll create a new post just to show all of the data that is available when searching for homes on this site.


There are specific searches already set up for the featured areas and accessible from each specific page.  For instance, on the Orland Park homes page you can click on the Orland Park MLS search and a search is already started for you.  You can then add your own needs to the Advanced Search area on the right-hand side of the page.  I'll write another post with more detail on this.


You can still search by Map if you prefer and you can search for multiple areas at a time.  The driving directions are still there but with a lot more information than the prior search.


I Welcome Your Feedback


Feel free to contact me with any feedback, suggestions or questions.  You can also call me at 708-536-8200.
 ]]> </description>
            <pubDate>Wed, 01 Sep 2010 17:54:15 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.cook-county-real-estate.net/blog/new-look-coming-for-cook-will-county-real-estate-site.html</guid>
            <link>http://www.cook-county-real-estate.net/blog/new-look-coming-for-cook-will-county-real-estate-site.html</link>
            <author>judyorr@gmail.com (Judy Orr)</author>
            <title>New Look Coming for Cook &amp; Will County Real Estate Site</title>
            <description> <![CDATA[ 
There have been several different websites and looks over the years on this site.  I even made some tweaks to the Cook &amp; Will County Real Estate website last year to make it easier to read and navigate.  Below is my prior look for the Cook County Real Estate website:





The upcoming change will be more drastic.  Although I chose a layout that is similar to the look above, the colors, heading and other items will be different.  Again, I will strive to keep the site relevant with great real estate content but easy to use.


Maybe you're a buyer that doesn't need to read how to buy a place as you might be on your 3rd home.  You just want to search the MLS.  And that will be another site improvement.  A better MLS search offering even more data than before.


This Chicago area blog will match the new website (although I've always liked the set-up below) and will be a more seamless part of it.  I currently have to manually add new blog posts to the home page, it will be done automatically once the site has been updated.  The photo below is my original Chicago Suburbs Real Estate area blog:





 


While waiting for the changes I will not be posting any further blog posts (I hope it doesn't take too long), since they all have to be moved over to the new platform.  I am anxious to see the new website and will sign off for now.  The above layout is like my "baby" - it was my first semi-custom website and it will be difficult to let it go.  But it's time...
 ]]> </description>
            <pubDate>Sun, 25 Jul 2010 14:25:30 -0500</pubDate>
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