Short Sale Chicago

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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.
or call at: 708-539-9900
Classic Realty Group
Orland Park, Il

or e-mail:

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


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


Foreclosure scandal continues.

If you did not follow up on the story, click on the link below. This is a good article on what is going on, gives you a big picture.

One nation, under fraud

October 17, 2010 Posted by | Foreclosures, Selling, Short Sales | , | Leave a comment


Orland Park, Il Market Report
January – September 2010

Property Type: Single Family Home

Under Contract

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:

Barbara Pedersen
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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