Archive for the 'For Buyers' Category
Moratorium on Foreclosures
October 6th, 2010 categories: For Buyers
It is not surprising that we find another controversy when it comes to Home Foreclosures. The number of people being faced with foreclosure continues to be a problem and the banks do not have enough people to handle the problem.
If you have ever bought a home then you know the amount of paperwork involved. I have been to many real estate closings and never once have I seen an attorney read all of the mortgage documents word for word to his clients. If they did we would have 8 hour closings.
Now we have an incident where GMAC was accussed of not reading the documents and having someone ”ROBO ” sign the foreclosure documents. This is a problem and Attorney Generals in many states are asking for a moratorium on all foreclosures. Many bankks are cooperating and are reviewing their foreclosure procedures.
I am not sure what will be the end result of all of this but I am sure things will just pile up.
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FHA (HAFA) SHORT SALE
September 29th, 2010 categories: For Buyers
If you are a seller who has fallen behind on their FHA mortgage then you will qualify for a FHA (HAFA) Short Sale or Deed in Lieu of Foreclosure. This is much better than a Foreclosure or a Bancruptcy on your record.
If you are a buyer looking to purchase a Short Sale ask if the seller has a FHA loan.
Why?
Because FHA is one of the few lenders who understand Short Sales and the process can take less time to close.
- Seller must first attempt a Home Modification and either be denied, or reject offer being given.
- FHA will approve sellers for Short Sale Consideration.
- FHA will have the home appraised by an FHA appraiser
- FHA will issue a Short Sale Agreement (SSA) at an approved List Price
- FHA will give the seller 4 months to find a buyer and another 2 months to close
- FHA will convert sellers to a DEED IN LIEU if not able to sell home.
If you would like more information on this topic then please leave a comment and I will be glad to get in touch with you.
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WHAT IS HAFA?
September 16th, 2010 categories: For Buyers, Real Estate Definitions, Short Sales
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The State of Real Estate in Rogers Park
September 7th, 2010 categories: For Buyers, For Sellers, Local Markets
Today I had a meeting with Rogers Park Community Development Corporation and shared “The State Of Real Estate in Rogers Park”.
Rogers Park is located on the Northside of Chicago. Its boundaries are the Lakefront on the East, Ridge Avenue on the West, Devon Avenue South to just a little North of Howard on the North. Loyola University is located in Rogers Park.
Real Estate in Rogers Park consist of Single Family Homes, Condominiums, Townhomes and some Multi-Family 2 -4 unit buildings.
Prior to 2007 Rogers Park had a lot of buildings that were converted from rental to condominiums. As a result most of the real estate market was being supported by first time home buyers buying new construction condominiums.
The following data covers the Residential Real Estate Market in Rogers Park over the past 24 months.
I have included data for both Single Family Homes and Attached Homes which include condo and townhouse sales data.
As the data suggests there were fewer sales in the past 12 months for both Single Family and Attached homes in Rogers Park. This maybe the result of the First Time Home Buyer Tax Credit or just due to fewer qualified buyers or a combination of both.
When buyers were looking to buy they tended to look at pre-foreclosure short sales or foreclosures 21%-43% of the time.
Single Family Home prices actually appreciated 3% over the past 12 months while Attached homes depreciated in value 12% during the same period. Clearly the shear number of distressed Attached Home Sales was the main reason for this reduction.
The Real Estate Market in Rogers Park
The following data comes from the MLS. The author of this report makes no representation to the accuracy of the data provided by the MLS.
| Property Type | Months | Total Sales | Short Sales | Foreclosures | % of Total Sales | Market Time | Avg Sale Price |
| SF | 12 | 34 | 1 | 6 | 21% | 177 | $390,000 |
| SF | 24 | 55 | 3 | 8 | 20% | 199 | $377,000 |
| Property Type | Months | Total Sales | Short Sales | Foreclosures | % of Total Sales | Market Time | Avg Sale Price |
| Attached | 12 | 392 | 34 | 133 | 43 | 191 | $151,000 |
| Attached | 24 | 714 | 63 | 159 | 31 | 202 | $169,000 |
Join Rogers Park Community Leaders this Saturday September 11, 2010
Community leaders reach out to struggling condo and homeowners in Rogers Park.
( Chicago , IL ) — Condo and homeowners are invited to attend an informational workshop hosted by 49th Ward Alderman Joe Moore on September 11, 2010 from 10:00 am-2:00 pm at the Rogers Park Library 6907 N. Clark Street, 2nd floor.
The event will feature a presentation on How to Avoid Foreclosure given by local HUD-certified housing counseling agency Rogers Park Community Development Corporation. Immediately following the presentation, participants will have the opportunity to meet one on one with HUD- certified housing counselors. Volunteers from Legal Assistance Foundation, CEDA and Citizen’s Utility Board will also be available.
Contact:
Caleb Sjoblom
Director
Rogers Park Community Development Corporation
773-262-2290 x 13
###
Heather Whiteford
Associate Director
Rogers Park Community Development Corporation
1411 W. Lunt
Chicago , IL 60626
Ph: 773-262-2290 Ext. 12
Fax: 773-262-2537
Eat, Play, Love Our Neighborhoods! http://www.explorechicago.org/city/en.html
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That one thing you might be missing to set you above the rest
September 4th, 2010 categories: For Buyers
With over 90% of home buyers searching online for a new home your home must make a great first impression. The first impression is a lasting impression! In a buyers market sellers compete with sellers. If buyers are not impressed what they see online they will move on to the next listing. Ready, Set, Stage! works with you and your Realtor to put your home on the “must see” list for today’s home buyers. We offer a marketing plan and photos to assist with the sale of your home.
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WHERE HAVE ALL THE SELLERS GONE
July 23rd, 2010 categories: For Buyers, For Sellers
Inspired by words and music of Pete Seeger.
Where have all the sellers gone?
Long time passing
Where have all the sellers gone
Long time ago.
Where have all the buyers gone?
Investors have picked the good ones everywhere
When will they ever learn?
When will they ever learn?
Where have all the builders gone?
Long time passing
Where have all the builders gone
Long time ago
Where have all the bankers gone?
Long time passing.
Where have all the bankers gone?
Gone to graveyards everyone
When will they ever learn?
When will they ever learn?
Where has all the money gone?
Long time passing
Where has all the money gone?
Long time ago.
Will we ever learn?
Will we ever learn
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Anyone Interested in Seconds… A look at 2nd Quarter Sales Data..
June 24th, 2010 categories: For Buyers, For Sellers, Investing in Real Estate, Market Data
Second Quarter 2010 Single Family Home Sales Data:
| County | Total Sales | Total # Foreclosure | Total # of Short Sales | Distressed Sales expressed as % of Total Sales | Active listings | # Sales in 1 Month | Absorption Rate |
| Cook County | 6,215 | 1,803 | 568 | 38% | 19,288 | 2,521 | 7.65% |
| Lake County | 1,402 | 351 | 134 | 35% | 5,833 | 619 | 9.42% |
| McHenry County | 604 | 149 | 89 | 39% | 2,912 | 253 | 11.50% |
| Dupage County | 1,538 | 240 | 123 | 24% | 5,568 | 671 | 8.29% |
| Will County | 1,312 | 319 | 141 | 35% | 4,595 | 513 | 8.96% |
In the second quarter of 2010, Foreclosure Sales and Short Sales together represent 24% -39% of all sales in each of the five counties researched.
There are three (3) times as many foreclosures than Short Sales in the second quarter of (April-June) 2010.
The Real Estate Market is still a buyers market. In each of the five counties surveyed it is taking anywhere from 7 months -12 months to close on a home.
The next few quarters for the real estate market will be challenging for several reasons.
The First Time Home Owners Tax Credit Expired April 30, 2010 and fewer qualified buyers are looking to purchase a home even though Mortgage Interest Rates are at a all time low.
There is speculation of a Double Dip in the Real Estate Market as a result of more Foreclosures come on the market. Right now the “Shadow Inventory” of foreclosures is paying attention to the abosorption rates discussed above.
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WTTW Looks at Community Revitalization Project …
May 7th, 2010 categories: For Buyers, Vacant Buildings
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Short Sale Approved NEED BUYER
April 16th, 2010 categories: For Buyers
Admin Options
6918 N. Seeley Avenue 3 B (MLS # 07287794)
Short Sale Approved $56,000.00
Need Buyer
Is this the typical thing with short sales? You get an offer and submit your short sale package to the lender and you do not hear from them for months then out of the blue they come back to you and give you a counter offer and the original buyer has walked away.
So what do we do? We start all over and search for a buyer at the last minute. As I am doing here. Will the lender only give me 48 hours to find a buyer? A most difficult task, or should they give me a SSA based on the counter offer price and let me market it for 120 days as is required by HAFA.
I am not going to bet on it so anyone who has a buyer can contact me at:
Jack Lewitz, SFR Broker
IL Real Estate Specialists
http://www.ilrealestatespecialists.com
708-309-5334
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SFR Certificate
March 25th, 2010 categories: Ask the "Specialist", For Buyers, For Sellers
The 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.
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