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

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May 7, 2012 Posted by | Buying, Hickoty Hills, Il, Miscellaneous, Orland Park, Il, Palos Hills, Il, Selling, Short Sales | , , , , , , , , , , , | Leave a comment

DO BANKS PREFER SHORT SALES?

Short Sales Become Bank Foreclosure Shortcut

NEW YORK (TheStreet) — Banks dealing with lengthy, complicated and frequently messy foreclosures are starting to see “short sales” as a quicker and cheaper way of getting bad loans off their books.se & Co| JPM

The nation’s biggest mortgage servicers- Bank of America(BAC_), JPMorgan Chase(JPM_) and Wells Fargo(WFC_) – are beginning to step up their efforts to ease the short sale process for borrowers who are unsuccessful in getting loan modifications and face the threat of foreclosure.

Servicers are attempting to reach out to borrowers and are paying out more incentives to those suffering financial hardship to help proceed with a short sale. They are also cutting down the time taken to approve short sales, although realtors still complain that the process takes too long.

JPMorgan has processed 120,000 short sales through its proprietary program since June 2009 and now averages 5,000 short sales a month. The bank says its average response time to approve a short sales transaction is 30 days.

“We think the short sale is a good solution for many struggling homeowners and we let them know that it’s an option,” said Christine Holevas, spokesperson for JPMorgan in an email. “Our outreach efforts have increased in the past year or so. Foreclosure can be an expensive and lengthy process for all parties. It’s a good deal for the homeowner and a good deal for us (a cheaper way to get a bad loan off the books.)”

A short sale is seen as a more palatable alternative to foreclosure for borrowers. In its simplest form, borrowers with underwater mortgages sell their homes to a buyer at a price that is approved by the lender. The lender normally forgives the difference between the loan and the sale proceeds- in essence the bank is being shorted for the loan amount.

Previously, lenders were said to prefer foreclosures to short sales because they — or the investors in the loans — figured that more money could be made from the former.

But the average time for the foreclosure process- from the time of notice to the completed foreclosure- is now 318 days in the U.S., according to RealtyTrac.

August 5, 2011 Posted by | Foreclosures, 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

DO BANKS PREFER FORECLOSURES?

Do banks prefer foreclosures? No, a short sale is more beneficial to the bank and to the homeowner.


Do you know someone who is struggling financially and falling behind on their mortgage?
They probably qualify for a short sale.
In a short sale the bank usually pays all closing costs which include realtor commission, attorney fee & property taxes.
Pass along my email to someone who might need help:

Behind on payments? Want to sell your home?
If you are interested in a SHORT SALE, contact me for more information.
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

April 7, 2011 Posted by | Buying, Foreclosures, Homes for Sale, Selling, Short Sales | , , , , , , , | Leave a comment

* DISTRESSED SALES STATE BY STATE

Distressed Sales: State by State

by The KCM Crew on March 23, 2011

We have often written on the impact foreclosures and short sales have on the value of the house next door. The Center for Responsible Lending has done great reporting on the subject. It seems distressed properties will be a challenge we will need to deal with for some time. The National Association of Realtors (NAR) released their Existing Sales Report. The report said:

Distressed homes – sold at discount – accounted for a 39 percent market share in February, up from 37 percent in January and 35 percent in February 2010.

This week, NAR released an Economic Outlook. In the report, they covered the percentage of overall sales that distressed properties represented in each state. Here is a map that accompanied the report: read more

* * *

Behind on payments? Want to sell your home?
If you are interested in a SHORT SALE, contact me for more information.
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:

March 23, 2011 Posted by | Foreclosures, Market Statistics, Short Sales | , , , , , , | 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

* 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

* FORECLOSUREGATE: EVERYBODY WORKS THEIR PLAN

Foreclosuregate: everybody works their plan byJennie Blackburn, www.StopFloridaForeclosureNow.com, December 02, 2010

Can’t understand why an institution does something that makes no sense?
Find out how they get paid and you’ll get your answer. Because…

Everybody Works Their Pay Plan.

When a borrower becomes delinquent, the loan servicing company gets to charge the investor a higher fee. So the servicer has ZERO incentive to cooperate in a short sale and every incentive to drag things out for as long as possible. This is why short sales take so long. I’m a Realtor in the Tampa Bay area of Florida, where 44% of properties sold in 2010 are either short sales (house is sold ‘short’ of covering the mortgage) or foreclosures. Over the past three years, I sat at many kitchen tables with bewildered homeowners who are the victims of manufactured default.
Everybody Works Their Pay Plan.
Read more

December 29, 2010 Posted by | Foreclosures, Short Sales | , , , , | Leave a comment

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