Archive for the 'Short Sales' Category


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News About IL Real Estate Specialists

As the Broker Owner of IL Real Estate Specialists I am pleased to announce the recent affiliation of the National Mortgage Forgiveness Plan Organization to help homeowners in distress in Evanston and Skokie. IL Real Estate Specialist has dedicated itself to help as many homeowners who are experiencing all sorts of distress and hardships and have nowhere to turn for advise. National Mortgage Forgiveness Plan and IL Real Estate Specialists as a Real Estate Professional Affiliate are here to help homeowners and listen to their unique problems and come up with solutions.

In the month of June  a concerted effort will be made to reach out to homeowners and offer them assistance and Real Solutions to their problems. To learn more about National Mortgage Forgiveness Plan or a way to get in contact with Il Real Estate Specialists today just click on the link provided:

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Those Who Need to Sell VS Those Who Want To Sell

There are two categories of people who are selling homes in today’s market:

Those Who Need To Sell :  Those who need to sell are selling because of necessity. They are typically distressed sales. They are families who have had a hardship and are forced to sell. Typical hardships are due to health, work, marital, family related issues forcing someone to make the economic decision to sell in order to get out of debt.

Those Who Want To Sell: Those who want to sell are doing so because they choose to make a life style change. Typical life style changes include getting married, divorced, and retirement. Some choices are the result of needing more space, less space, moving to different location, city to suburbs, or out of state. The central factor here though is these people can choose to sell and move because they have enough equity in their homes to make this choice.

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Short Sale Gone Wrong…You Can’t Win them All… But

I am writing about a short sale that went wrong. Now I know you can’t win them all…but this should never have ended up they way it dit. I appologize up front to all reading this blog post but I have to vent my frustration somewhere so why not a better place than this forum here.

We all know how difficult short sales are but this was difficult from the beginning. I had a HOA who was un- cooperative and refused to talk to me and said I should talk to the association attorney. I had a first and 2nd lien who were not very flexible and required my seller to sign promisorry notes in order to get the short sale approved. I had a seller who in the very end of our negotiating the approval decide to talk to a family attorney who told them that it would be better to let their home go to foreclosure.. so guess what .. the short sale did not happen and the sheriff sale has happened and everyone looses..

I want all to know that a Foreclosure is not Better than a Short Sale. With a foreclosure everyone looses. My seller will now have a foreclosure on their record and a potential Bankruptcy if the bank pursues their judgement against them. The First Lien while it has the property back after the sherriff sale still has to wait to put the property back on the market and sell it at a potentially lower price. The 2nd Lien gets nothing and has to spend legal costs to get a judgement against the seller… and agin the seller will more than likely file for Bankruptcy inorder to avoid paying them anything. The HOA looses several ways.. For one thing they do not have an owner occupant living in the unit. The amount of money owed will have to wait until the unit is re-sold as an REO.

There is not much I can do now but… help someone else who can be helped…


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Blog Talk Radio 5 Stages of Grief in a Short Sale


Follow the link below to my first Blog Radio Broadcast on 5 Stages of Grief in a Short Sale.


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A Main Event is coming to Illinois on Monday April 23, 2012. This Event is being co-sponsored by Department of Housing and Urban Development (HUD) and the Department of the Treasury. The event is divided into two (2) parts.  Morning Sessions are devoted to working with Realtors and giving them SHORT SALE Training but the afternoon event will be devoted to working directly with Homeowners who are struggling to make their mortgage payments and want a opportunity to meet face to face with their lenders. I encourage all homeowners to make this event because it is free and you do not want to miss out on a opportunity to solve your problem. You can meet with a HUD counselor to discuss the Home Affordable Refinance Alternatives (HARP) , Home Affordable Mortgage Alternative (HAMP), Short Sale, Deed in Lieu of Foreclosure.


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Things Work Out.. Inspiration Poem for ALL to Share…

I found this poem and want to share it to all because I find we all need to have our spirits lifted when we find ourselves needing it the most..

Things Work Out

Written By: Praveen  |  Category: Life  |  Trackback  |  No Comments  |  1,643 views

Because it rains when we wish it wouldn’t,
Because men do what they often shouldn’t,
Because crops fail, and plans go wrong-
Some of us grumble all day long.
But somehow, in spite of the care and doubt,
It seems at last that things work out.

Because we lose where we hoped to gain,
Because we suffer a little pain,
Because we must work when we’d like to play-
Some of us whimper along life’s way.
But somehow, as day always follows the night,
Most of our troubles work out all right.

Because we cannot forever smile,
Because we must trudge in the dust awhile,
Because we think that the way is long-
Some of us whimper that life’s all wrong.
But somehow we live and our sky grows bright,
And everything seems to work out all right.

So bend to your trouble and meet your care,
For the clouds must break, and the sky grow fair.
Let the rain come down, as it must and will,
But keep on working and hoping still.
For in spite of the grumblers who stand about,
Somehow, it seems, all things work out.

by Edgar Guest

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Good Advise vs Bad Advise







Let’s face it there is Good Advise and Bad Advise

I recently met with a Short Sale client of mine and was upset to hear my client recently received what I call Bad advise from two different people.

Both people told my client they should let their home go to foreclosure. I think telling a client to let their home go to foreclosure is terrible advise. I would never tell my clients to do when I think a foreclosure can be prevented.

A foreclosure would be the last thing I would like to see happen to one of my clients and therefore would never suggest to them to give up and let the bank foreclose on their home when I know a Short Sale would be successful.

Even if I did not have an offer I to negotiate with a bank I would still try to do a Deed in Lieu of Foreclosure with one of my clients.

A foreclosure would be the last resort so I say to people Giving Advise “Watch what you Say” and just because its FREE doesn’t mean you do have responsibilities.



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