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

* BANKS FORCED TO ALLOW SHORT SALES FOR DELINQUENT BORROWERS?

Proposed settlement would force banks to allow short sales for delinquent homeowners

The proposed deal among banks and government officials is aimed at stabilizing the real estate market and helping underwater borrowers who are months behind on mortgage payments avoid foreclosure

By Jim Puzzanghera and Alejandro Lazo, Los Angeles Times March 30, 2011
Reporting from Washington and Los Angeles

Major banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork, according to government officials involved in the negotiations.
The requirement to allow so-called short sales would be in addition to forcing mortgage servicers to reduce the amount some homeowners owe on their loans, said two officials, who spoke on the condition of anonymity because negotiations are ongoing.
The goal of short sales would be twofold: provide a quicker and more economical way for banks to dispose of distressed real estate and to help stabilize the real estate market by clearing out a backlog of defaulted mortgages that are poised for foreclosure.  Read more…

April 8, 2011 Posted by | Foreclosures, 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 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

* SPECTACULAR 2 STORY IN OAK LAWN, IL

SHORT SALE IN OAK LAWN
SHORT SALE AGENT PRESENTS:

9645 S. Merrimac, Oak Lawn, Il

Spectacular, only 8 years young, all brick 2 story.
Living room, family room with a fireplace connected to a dining room, huge kitchen with an island, half bath on the main floor.
Beautiful wood staircase leads to the second floor with 4 bedrooms and 2 full baths.
Gleaming hardwood floors on both levels.
Master bedroom features master bath with double sink, hot tub and separate shower. Full basement.
Short Sale! Excellent value!

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

November 14, 2010 Posted by | Foreclosures, Homes for Sale, Selling, Short Sales | , , , , , | Leave a comment

   

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