Archive for February, 2009

Hero Gets New Home

American Heroes II In this tough market you have to find  a way to get the job done. Such is the case for a recent    transaction I just completed for a first time home buyer in the Navy.

With limited money and VA loan we started to look at bank owned foreclosures. After visiting several homes, my buyer found a home he liked and so we wrote up an offer. The initial offer was low and included a $2,500 seller credit for repairs and another $4,000 in closing costs to be paid by the seller. To our surprise the Seller accepted our offer.

During our  inspection of the property, we found the bathroom in the basement was not up to Village Code, and had to be removed before the City would give us occupancy.  We used the seller credits in make the necessary repairs.

After the repairs were completed we had the home re-inspected by the Village and were issued a Certificate of Occupancy.

Just as we were ready to schedule a closing, we were informed by the seller attorney that a closing could not take place without written approval from the lender. After several days we still had not heard from the lender and began to worry.

It wasn’t until further investigation that we found out the reason for the delay. Citi-Residential sold all of its assets, including our loan to AHMSI.  The lender was not responding to our inquires because all of the files were not transferred over to AHMSI. They did not think the transfer would happen in time for our closing date.

This became a problem for my buyer because he was in Navy housing and either had to close or sign another year lease.  Under the circumstances it is quite natural to feel frustrated, angry, and I found it useful to direct those feelings to some action.

I got all of the names and email addresses of everyone involved in this transaction, and emailed the “Demand to Close ” letter prepared by the buyers attorney.

In my email I asked people for help. I explained I was working with a career officer in the Navy and to my surprise I received an email back from one of my contacts  saying ” I will do anything to help a  Hero

I said “Wow , I think I found the guy who can help us”.  So I emailed him back and said  ” Your right he is a Hero and any help you can give will be appreciated.”

To make a long story short  ” Our Hero ” got a New Home.

Written by Jack Lewitz | Discussion: No Comments »

Foreclosures Come to Three North Shore Communities

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The North Shore communities of Evanston, Skokie and Lincolnwood are the first suburbs north of Chicago. Each one of these communities have homes in different stages of foreclosure.

Active Listings Evanston Skokie Lincolnwood
Single Family Total 289 312 113
Short Sales 33 48 10
Bank Owned 15 23 02
% of Total 17 23 09
Condo Total 520 276 34
Short Sales 31 37 02
Bank Owned 11 16 01
% of Total 08 19 11

Written by Jack Lewitz | Discussion: No Comments »

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