Short Sale Chicago

Avoid Foreclosure. I Can Help.

* MORE SHORT SALES IN 2012

Short Sales Will Increase Dramatically in 2012

by The KCM Crew on May 7, 2012 · 2 comments

We believe that short sales will be a major part of the real estate market in 2012. That is why we have dedicated this entire week to posts exclusively on this subject. We hope that by the end of the week you have a better handle on the need for short sales and a better understanding of the process. – the KCM Crew
It seems that the banks have finally realized that a short sale is a better option than foreclosure for them, the homeowner and the neighborhood. It is for this reason we believe that 2012 will come to be known as the year of the short sale. CNN Money reported on this exact point:

“We believe 2012 could be a record year for short sales,” said Daren Blomquist, vice president at RealtyTrac.

Banks are showing signs of being more open and willing to approve the deals — even if it means accepting less money. The average sales price for a short sale was $174,120 in January, down 4% from December and 10% year-over-year.

Market Watch also addressed the short sale situation recently:

Fitch expects the increase in short sales to continue because of the potential benefits afforded to both lenders and borrowers. Some borrowers may prefer short sales because, though they cannot stay in the property, they often walk away with cash incentives from lenders and healthier credit reports unmarred by foreclosure. For lenders, short sales provide a more efficient and cheaper alternative to the increasingly lengthy and costly foreclosure process. Read more…

If you are interested in selling your home, including selling for less than loan amount (short sale), please contact me:

Barbara Pedersen, Realtor®, Broker
CDPE/Certified Distressed Property Expert, Short Sales
Traditional Sales and Purchases
covering the City of Chicago and Chicago’s South and Southwest Suburbs.
e-mail at:b.pedersen@comcast.net
or call at: 708-539-9900
Classic Realty Group
Orland Park, Il

FOR HELP CALL Barbara
708-539-9900
or e-mail:
b.pedersen@comcast.net

May 7, 2012 Posted by | Buying, Hickoty Hills, Il, Miscellaneous, Orland Park, Il, Palos Hills, Il, Selling, 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

* REAL ESTATE MARKET IN 2011

This is a great article on KCM Blog on the future of real estate market

Demand for Housing Will Increase in 2011

by The KCM Crew on December 13, 2010 · 0 comments

The last Pending Home Sales Index from the National Association of Realtors (NAR) showed a substantial 10.4% month-over-month increase. According to NAR the index measures:

housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes. Modeling for the PHSI looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years.

This increase confirms a growing feeling that demand for housing has begun to increase.

Both NAR and Fannie Mae expect an increase in sales over the upcoming five quarters. Here are their projections:

Bottom Line

Sales will increase over the next several quarters. The increase will initiate a housing recovery. However, price increases will not take place until current inventory levels diminish. That could take 12-18 months.

About The Author

We at The KCM Crew are pursuing our mission of building a home for real estate information. We are truly dedicated to helping real estate professionals by supplying all the tools and resources they need to be seen as industry leaders in their marketplace. See how we can help you to become an industry leader in your marketplace, and be sure to check out our page on Facebook and follow us on  Twitter.

December 13, 2010 Posted by | Buying, Foreclosures, Homes for Sale, Market Statistics, Selling | , , , | Leave a comment

* ORLAND PARK, IL HOME SALES REPORT JANUARY-SEPTEMBER 2010

Orland Park, Il Market Report
January – September 2010

Property Type: Single Family Home

Criteria:
Actives
Under Contract
Sold

Active Single Family –  276
Average Market Time – 222 days
Average Price – $522,639
Highest Price – $4,500,000
Lowest Price – $125,900

Under Contract Single Family – 37
Average Market Time – 259 days
Average Price – $422,218
Highest Price – $1,496,000
Lowest Price – $100,00

Sold Single Family – 2010
Average Market Time – 159 days
Average Price – $355,242
Highest Price– $1,900,000
Lowest Price – $100,000

if you need more information
or if you are interested in selling your house (also as a short sale)
please, feel free to contact me via phone or e-mail:
708-539-9900
e–mail
b.pedersen@comcast.net

Barbara Pedersen
Realtor
Classic Realty Group

October 10, 2010 Posted by | Buying, Homes for Sale, Market Statistics, Orland Park, Il, Selling | , , , | Leave a comment

   

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