Is On Line Bidding a New Trend ?
October 26th, 2009 categories: For Buyers
By:
Betty Cunningham
Re-Max Realtor and Staging Lady
A new trend in Real Estate is “On Line Bidding” . What is “On Line bidding” ? They are Real Estate Websites that allow Agents, Buyers, Seller, Asset Managers, a way to promote Bank Owned property for sale. These sites allow a buyer to view a listing of the property on line and submit an offer and track that offer until it is accepted on line.
After an offer is accepted on”On Line Bidding” sites the paper work is very much like a traditional real estate transaction and will require you to be involved with a Realtor.
It should also be stressed that ” On line Bidding” does not replace the advise of a Realtor. Remember buying a home is an emotional process and “On line Bidding” just like Real Estate Auctions can have buyers make higher offers than is necessary or more than what the property is worth.
The use of these on line services should be used with caution and are not without cost to a buyer. Realty Bid usually charges a $2,400 00 transaction fee to the buyer and OfferSubmissions.com charges a $300.00 non refundable fee per transaction in addition to a penalty of $100 a day if the closing is delayed.
Right now one of my buyers has an accepted offer on a property which was listed with Coldwell Banker but the offer had to be submitted www.OfferSubmissions.com. We are scheduled to close on November 13, 2009 and I will let you know how that works as a follow up to this blog article.
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You Say You Want to Make an Offer ….Wait in Line…
October 14th, 2009 categories: For Buyers
A Friend of Mine sent me this because she knew I am a Realtor who is active in the Foreclosure Market:
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Foreclosure Activity Is Up After Ban Is Lifted
August 18th, 2009 categories: For Buyers, National News/Local News
Illinois Foreclosure Activity is up 35% after ban is lifted.
According to Realty Trac, 14,524 foreclosures were filed in July. One in 361 housing units received a foreclosure filing in July.
Illinois is now 8th highest nationally with the number of foreclosures.
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Is Your Local MLS behind the 8 Ball When Dealing with Short Sales?
July 16th, 2009 categories: For Buyers, Short Sales
Is your local MLS behind the eight(8) ball when it comes to Short Sales?
Mine is and here is why!!
According to my local MLS, all signed contract between buyer and seller must be shown as “Under Contract”.
Here is the problem. Short Sales are not your typical sales between buyer and seller.
Short Sales are contingent upon the “Approval” from a third party “The Bank”. This “Approval” can often take between 3 -4 months.
So what does this mean for the Seller. It means taking the property off the market for 3-4 months, getting fewer showings and this can affect the outcome of a Short Sale.
In my opinion I think my MLS board is behind the 8 ball when it comes to understanding how Short Sales work. In Short Sales your orginal buyer often is not your final buyer but if you take it off the market in order to comply with the board rules you are missing crucial marketing time for the property.
I wish the MLS would change the rules or modify the rules when dealing with Short Sales because as a Listing broker my fudiciary relationhip is with the Seller, not the bank. And as a Listing Broker I want the bank to approve a short sale for my seller.
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Foreclosures Are What People are Buying!!!
July 2nd, 2009 categories: For Buyers, Investing in Real Estate, Market Data
The second quarter statistics are showing that new Buyers are buying Foreclosures at a steady pace.
Almost 4 out of 10 sales in the second quarter of 2009 have been foreclosures.
The number of foreclosure continues to attract new home buyers.
| County | # of Single Family Sales | # of Short Sales | # of Bank Foreclosures | Percent of Total |
| Cook | 5606 | 426 | 2150 | 47 % |
| Lake | 1212 | 114 | 343 | 38% |
| McHenry | 578 | 79 | 140 | 38% |
| Dupage | 1363 | 233 | 137 | 37% |
| Kane | 796 | 93 | 204 | 37% |
| Will | 1216 | 127 | 398 | 43% |
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Why Do they Call it A Short Sale When it Takes Soooo Long?
July 1st, 2009 categories: For Buyers
I am often asked by buyers and agents “How Long will it take to get an answer from the Bank” on a short sale?
This is a difficult question because each bank is different.
Currently, I am going for a new record for the longest Short Sale. On July 7, 2009 it will be 1 year and I still do not have an approval from the bank.
During the past year a lot of things happened like:
August 2008: Olympic Games of the XXIX in Beijing, China, from August 8 to August 24, 2008.
Michael Phelps broke the records for most gold medals in one Olympics and for most career gold medals for an Olympian.
September 2008: Hurricane Hannah does $160 million damage in US.
Oct. 2008: The $700 billion bailout of nation’s battered financial industry is approved by Congress and signed by Bush.
Nov. 4: Obama wins presidency, says “Change has come to America”
December 2008: Appollo 8 celebrated 40 years since its historic flight around the moon.
January 2009: Barack Obama is the 44th President of the United States
February 2009: Slum Dog Millionaires wins the Oscars as “Best Picture” 
March 2009 Without more bailout money, GM says it will be broke by March 31
April 2009: Novel H1N1 (referred to as “swine flu” early on) is a new influenza virus causing illness in people. This new virus was first detected in people in the United States in April 2009. 
May 2009: Justice Souter decides to retire from the Supreme Court and Judge Sonia Sotomayor is picked by Obama as the Justice to replace Souter on the Court.
June 2009: Michael Jackson Dies and shocks the world.
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10 Things to Ask a First Time Home Buyer
June 17th, 2009 categories: For Buyers
I was invited to be a guest speaker at a First Time Home Buyer Seminar and was given a list of topics to discuss.
As I prepared for this seminar, I thought about how I wanted to present material to a group of first time home buyers and what would be the most important thing to say to this group. So here is what I came up with. I wanted to first talk to this group and find out
Truths or Myths
- Owning your home is the American Dream
- Buying a home is one of the most important investments in ones lifetime.
- People who own a home feel better about themselves.
- Owning a home can bring long term security and wealth
- Owning a Home is better than Renting
Basic Questions to Ask Yourself:
- Why do I want to own a home?
- Why is it important to Me and My Family that I own a Home?
- What Does my Dream Home look like?
- What would happen if I do not find my Dream house?
As a Realtor I think buying a home is one of the most important decisions in ones life time. People look back on their life a remember great moments like getting married, having a child and buying their first home.
For those of you ready for the challenge, get ready for an exciting time. I challenge you to think, learn, embrace the experience with all of your senses.
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Buyers Are Looking For Foreclosures
May 13th, 2009 categories: For Buyers
More and more people are on the internet each day looking for information.
So what kind of information are they seeking about real estate? According to Google, 6,000,000 people have searched for foreclosures in the past month.
There were 201,000 people looking for foreclosure in Illinois. Out of this group 18,000 were looking to buy foreclosures and another 8,000 were trying to find information how to buy foreclosures.
While searching for foreclosures 12,000 people only want to search on sites where the information is FREE.
More people were searching for Short sales (200,000) than Bank foreclosures (135,000).
IL RealEstate Specialists is listening to what people want from an internet site. Buyers can search for Active listings for FREE.
These Active listings are arranged as either Pre-foreclosure “Short Sales” or “Bank Owned” Foreclosures.
All listings are all listed for Sale by Real Estate Brokers. We are not searching the public records like other sites giving you information on people who have no intention of selling their home.
IL RealEstate Specialists is also one of the very few sites that also provides Sales data on Foreclosures. Our records go back to 2007 through 2009. This information is useful to buyers who want to know what homes are selling for before they make an offer on a home.
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Before You Write a Check to Buy a Foreclosure..
April 7th, 2009 categories: For Buyers
Are you thinking about buying a foreclosure property?
Buying a foreclosure is not as simple as it sounds and requires some expertise. If you are a first time home buyer, I recommend you find yourself a Realtor who can assist you with the process.
There are many different ways to buy a foreclosure home. You can buy a home as a “Short Sale”, go bid on a home at a Sheriff Sale Auction, or buy a home after the auction which is typically listed as a Bank Owned Foreclosure.
In all instances you are buying a home in “As-Is” condition. Many foreclosure homes have been neglected, damaged, vandalized, and should be inspected by a licensed home inspector. Plan a budget for repairs needed prior to writing an offer.
Have your Realtor complete a “Competitive Market Analysis” of home sales in the area. Remember many foreclosures are listed below Market Value and can be a bargain.
Most “Short Sales” are listed below Market Value but need the approval from the lender before a sale is accepted.
Make sure you are pre-qualified to buy a home with a lender before writing an offer. A bank will only negotiate with qualified buyers. This means showing stated income, pay-stubs, 2 year tax returns, proof of down payment. If a cash offer verification of funds in the bank are required.
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