Archive for March, 2010

SFR Certificate

4113423401_d4f3511744The National Assoication of Realtors (NAR) offers a Short Sale and Foreclosure Certification Course to Realtors who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed property sales continues to grow.

I recommend working with a Realtor who has received the SFR designation to assist you when buying or selling a home in today’s market. According to a recent NAR survey, nearly one-third of all existing homes sold recently were either Short Sales or Foreclosures.

Realtors who have earned the SFR certificate know how to help sellers who need to sell their home as a Short Sale or help buyers with Short Sale and Foreclosure opportunities.

Written by Jack Lewitz | Discussion: No Comments »

Foreclosures Continue to Dominate 2010 Real Estate Market.

County Total Sales Total # Foreclosure Re-Sales Total # of Short Sales Distressed Sales expressed as % of Total Sales
Cook County
2009 3559 742 762 42%
2010 1941 942 106 54%
Lake County
2009 707 119 151 38%
2010 385 160 22 47%
McHenry
2009 340 51 89 41%
2010 193 81 11 48%
Dupage County
2009 712 87 147 33%
2010   447 98  34  30% 
Will County 
2009  776  162  176  44% 
2010 363  152 28 50%

Summary of Data:

 Foreclosures continue to dominate the Real Estate Market in 2010. While there appears to be fewer sales in the first quarter of 2010 when compared to 2009, foreclosures still seem to be the preferred choice for new buyers.

  Many first time buyers are avoiding Short Sale because it takes too long to close. As a result more homes are going into foreclosure and being sold as an  Real Estate Owned (REO).

Short Sales and REO properties represent nearly 50% of all total sales during the first quarter of 2010.

Written by Jack Lewitz | Discussion: No Comments »

5 Stages of Grief in a Short Sale

 

 

Kubler-Ross-5-stages-of-grief-cycleAs a former Social Worker I am reminded of Elizabeth Kubler-Ross book “On Death and Dying’ and the five stages a terminally ill patient goes through when informed of their life threatening illness.

The five stages she identifies in her book are:

  • Denial ( this isn’t happening to me!)
  • Anger( why is this happening to me?)
  • Bargaining ( I promise I’ll be better person if…)
  • Depression ( I don’t care anymore)
  • Acceptance ( I’m ready for whatever comes)

As I reviewed these five stages and relate them to Sellers I have worked with or am currently working with I am drawn to how these same stages are exactly what sellers go through when selling their home in a short sale.

Stage 1 Denial:

Many sellers who are falling behind in their mortgage payment often do not get help or seek help because they are in total denial. They often think nothing is going to happen to them even after the bank has sent them the Notice of Default letter.

Stage 2 Anger:

This is a very difficult stage. Many homeowners remain angry through the Short Sale/Foreclosure process. Reports of homes being trashed and appliances missing are usually the signs of people who have a lot of anger and direct this anger onto the property.

Stage 3 Bargaining:

This is the stage where sellers exhibit a lot of ambivalence. They do not want to loose their home and will do almost anything to keep it. Some sellers will contact their lenders and try to negotiate a loan modification while you are doing a short sale. You have to be aware of your seller in this stage because they are very vulnarble and will sabotage any efforts you have initiated because they have not truly accepted the need to sell their home.

Stage 4: Depression:

Sellers in this stage just stop caring about the house and will withdraw from you as their agent. It is important to maintain contact with your sellers during this stage and give them support and assure them that what they are doing is in their best interest.

Stage 5 Acceptance:

This is when you see your seller come out of their shell and begin to prepare for a life after the Short Sale.

Written by Jack Lewitz | Discussion: No Comments »

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