Short Sale Chicago

Avoid Foreclosure. I Can Help.

* 2011 MARKET OUTLOOK by BARBARA CORCORAN

I like it. Pretty optimistic.

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February 25, 2011 Posted by | Buying, Foreclosures, Homes for Sale, Market Statistics, Selling, Short Sales | Leave a comment

* Matt Taibbi Talks Wall Street Fraud on Democracy Now – FishbowlLA

Matt Taibbi Talks Wall Street Fraud on Democracy Now – FishbowlLA.

Also read an excellent article by Matt Taibbi in the Rolling Stone, Why Isn’t Wall Street in Jail:

By Matt Taibbi
February 16, 2011 9:00 AM ET

When I ask a former federal prosecutor about the propriety of a sitting SEC director of enforcement talking out loud about helping corporate defendants “get answers” regarding the status of their criminal cases, he initially doesn’t believe it. Then I send him a transcript of the comment. “I am very, very surprised by Khuzami’s statement, which does seem to me to be contrary to past practice — and not a good thing,” the former prosecutor says.
Read more...

February 24, 2011 Posted by | Uncategorized | Leave a comment

* SPACIOUS SINGLE FAMILY IN BERWYN, IL

Short Sale in Berwyn, Il
Short Sale agent presents:
6525 W. 34th St., Berwyn, Il

Spacious, solid, 3 bedroom stucco bungalow in Berwyn.
The house is well insulated and partly remodeled. It features large kitchen and a beautiful big dining room connected to huge living room. Gleaming hardwood floors in all rooms. Fireplace. Basement. Located in a very nice area of North Berwyn.
Short Sale! Excellent value!

For info please call:
Barbara Pedersen
708-539-9900
b.pedersen@comcast.net

February 19, 2011 Posted by | Buying, Selling, Short Sales | , , , , | Leave a comment

* DIFFERENCE BETWEEN A SHORT SALE AND A FORECLOSURE

What is the difference between a short sale and a foreclosure?

 

It seems my price range and must haves is producing a lot of short sales and foreclosures to see. What is the difference?
Active Rain, by Martha Brown, Long and Foster Real Estate,
410-440-7839 (cell) 800-735-5122 (ofc) martha@homesaroundannapolis.com


A Short Sale is a home where the owners owe more on the property than todays market will give them. They may need to sell and so they put it on the market at todays market value and then when they receive an offer they send it to their bank in hopes of the bank accepting at a price that is ‘short’ of the current mortgage amount. The process can be a long one and certainly  requires a listing agent who is familiar with working short sales, a buyer who has patience as a bank decides if this is a workable solution for them and sellers who will protect the property while the process takes place.

A foreclosure is a home where the owners no longer own the property and the bank has foreclosed on and are now the owners. Depending on the owners and the bank the condition can be anywhere from OK to deplorable.
Read more…

February 10, 2011 Posted by | Buying, Foreclosures, Selling, Short Sales | , , , , , | Leave a comment

* THE ROLE OF A SHORT SALE SPECIALIST

The role of a short-sale specialist

Communication — and lots of it — is key

By Alisha Alway Braatz, Wednesday, February 9, 2011.Inman News™

Despite the fervent prayers of bankers all across this nation, short sales and foreclosures are not disappearing anytime soon. They are simply two additional types of home sales that must be mastered by Realtors.

And earning a specific distressed-home accreditation does not assure swift business or success with clientele. This segment of our trade requires Realtors to approach each situation with the utmost of respect, care and diligence — no half-hearted attempts here!

Distressed sales are stressful, and tempers can kindle quickly when expectations are not met. So what does a successful agent/seller relationship look like? I casually interviewed a couple in foreclosure and the agent representing their home.
Read more…

IF YOU DO NOT QUALIFY FOR, WERE DENIED
OR DO NOT WISH TO RECEIVE A LOAN MODIFICATION

IF YOU CAN AVOID FORECLOSURE (which stays on your credit report for 7 years)
BY SELLING YOUR PROPERTY
OR IF SELLING YOUR HOUSE IS A BETTER FINANCIAL DECISION
SHORT SALE might be THE SOLUTION

Contact me for more information on SHORT SALES
Sell with dignity, preserve your creditworthiness and start rebuilding your life.

I have helped many homeowners avoid foreclosure.

For more information and a FREE REPORT ON SHORT SALES please call

Barbara Pedersen
Realtor®, Short Sale Specialist
(708) 539-9900

or email:
b.pedersen@comcast.net

February 9, 2011 Posted by | Short Sales | , , , , | Leave a comment

* MILLENIALS OPTIMISTIC ABOUT HOUSING MARKET

The Huffington Post, Yepoka Yeebo, 02/09/2011  									 														  									 																		First Posted: 02/ 9/11 02:32 PM Updated: 02/ 9/11 02:40 PM

Despite signs of continued housing market distress, most homeowners and perspective buyers are optimistic about the housing market, according to a survey by real estate website Trulia.

In the biannual American Dream Survey, 78 percent of homeowners said their property was the best investment they had ever made. But 20 percent said they felt trapped in a home that was worth more than their mortgage, and 14 percent told surveyors that they would walk away from their homes if they could.

The people least likely to be affected by the housing crisis, 18 to 34-year-olds referred to as ‘millennials,’ were most optimistic about a recovery. According to Trulia, 26 percent had become more positive about owning a home over the past six months compared to 18 percent of 35 to 44 year-olds and 45 to 54 year-olds, and 22 percent of baby boomers.

“The American nightmare is over, I truly believe the worst is behind us” said Trulia CEO Pete Flint during a conference call. “But in 2011, foreclosures will continue to be a roadblock in the road to recovery,” said Flint, adding that he expected the market to “bounce along the bottom” for another 12 to 18 months.

Millennials were also more likely to aspire to own homes, with 88 percent of the 18 to 34-year-olds surveyed saying they planned to buy property. Flint argued that this demographic would be key to reviving the real estate market.

The South and West regions were filled with the most prospective homebuyers, with 79 percent of renters in the South and 70 percent of renters in the West planning to buy homes, a possible boost for the regions hardest-hit in the housing crisis.

But, mortgage lending was the tightest it has been in recent times. “Credit is a key driver in whether people can afford to buy homes,” said real estate appraiser Jonathan Miller during the same conference call. And with more than 90 percent of mortgages floating through government sponsored enterprises like Fannie Mae and Freddie Mac, an eagerly awaited announcement about mortgage market reforms will be key to defining the shape of a recovery, he added.
The responses are from an online survey of over 1,300 homeowners and around 700 renters taken between the January 20 and January 24 on behalf of Trulia.com.
Read more

February 9, 2011 Posted by | Buying | Leave a comment

* WHEN SHOULD I START THE SHORT SALE PROCESS?

February 9, 2011 Posted by | Short Sales | , , , | Leave a comment

* THE MORTGAGE FORGIVENESS DEBT RELIEF ACT

If I do the short sale, do I have to pay taxes on the amount that was forgiven
(so called deficiency)?

The answer is basically NO, if you are selling your primary residence.

Please read more on the IRS website:

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition. Read more

This is not legal advice, please contact your attorney.

CONTACT ME FOR MORE INFORMATION ON SHORT SALES
Sell with dignity, preserve your creditworthiness and start rebuilding your life.
I have helped many homeowners avoid foreclosure.

For more information and a FREE REPORT ON SHORT SALES please call


Barbara Pedersen

Realtor®, Short Sale Specialist
(708) 539-9900

or email:
b.pedersen@comcast.net

February 9, 2011 Posted by | Foreclosures, Selling, Short Sales | , , , , , , | Leave a comment

   

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