Short Sales 
There are currently 7 blog entries related to this category.
Reviewing 2010
Tuesday, January 4th, 2011 at 1:51pm. 638 Views, 0 Comments.
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 & exterior paint, etc., and we lost a lot of money.
Short Sales and Sellers
Tuesday, November 2nd, 2010 at 12:41pm. 684 Views, 0 Comments.
Short Sales and Sellers - An Explanation
Why would a seller want to do a short sale? If they have attempted to get a loan modification (which rarely goes through), and want to hopefully be able to buy another home as soon as possible (could be as soon as two years after the short sale is closed) depending on down payment, attempting a short sale would probably be the way to go. However, here is my disclaimer: a seller needs to speak to their attorney and possibly a CPA to see what the best thing is for them to do.
OK, disclaimer aside, a seller does have other options. If a seller cannot afford their current mortgage and cannot sell their property to cover the current mortgage balance along with closing costs and would not be able to rent
…Short Sales and Buyers
Thursday, September 30th, 2010 at 3:10pm. 719 Views, 1 Comments.
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
…Short Sale Story - Buyer's Side Part 2
Wednesday, July 23rd, 2008 at 4:05pm. 1047 Views, 0 Comments.
So many buyers call me asking me for a list of foreclosure property or ask about short sales thinking they're going to get a real deal. I try to explain to them how it works and the fact that no one is guaranteed a "deal" when purchasing one of these properties. In fact, I've seen many foreclosed and short sale properties where the bank won't budge on price and the prices are simply too high for the condition of the property. On the foreclosed property I handled in Country Club Hills, the mortgage holder was ready to reduce price right when we got an offer. That fact made the lower offer more acceptable to the bank since they were thinking of reducing.
Banks don't always understand the current market - or maybe they don't care
I recently
…Short Sale Story From the Buyer's Side
Thursday, June 12th, 2008 at 9:07pm. 341 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
…Chicago Short Sale Story
Tuesday, May 20th, 2008 at 10:14pm. 1089 Views, 0 Comments.
I am seeing more and more short sale listings as 2008 continues on it's slow course in real estate sales. These listings are competing with the many other real estate listings that are being sold by home owners that want or need to move. In some cases short sale prices and foreclosures are now being used as comparables by appraisers. I've been on both ends of short sales. I had a short sale listing and have presented buyer offers to several short sale listings.
I will talk about my short sale listing that was a condominium for sale in Chicago. This unit was owned by an out-of-state seller that had only seen the condo once. It was a family investment and a divorce caused the need to sell. This condo was a conversion in an original Chicago
…More Short Sales Coming Up on the Market
Friday, March 28th, 2008 at 2:25pm. 618 Views, 0 Comments.
I work with a lot of buyers and even I am amazed at how many listings are coming up that are short sale listings.
What is a short sale?
So many buyers have heard the term but don't know what it means. A basic definition is that a short sale is where a bank/mortgage provider agrees to consider allowing the property to sell for less than what is currently owed on the mortgage. These are also referred to as pre-foreclosure sales as the seller is trying to avoid foreclosure by attempting to sell their property. I have heard of some areas such as Florida where short sales are accepted even when owners are current with their mortgage payments. Normally, the home owner has to prove why they can no longer afford the property and fill out a form
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