Foreclosures & Short Sales

Why you don’t want to buy a short sale

Thumbnail image for Why you don’t want to buy a short sale May 29, 2010

A year ago I started working with a woman, Carolyn, who wanted to buy a house. She was a first time homebuyer and excited to take advantage of the first time homebuyer tax credit. Carolyn fell in love with a house for sale that was a short sale. We learned that there were already other offers Click to continue...

My blog content used without permission by Altisource Portfolio Solutions

Thumbnail image for My blog content used without permission by Altisource Portfolio Solutions May 10, 2010

Last Wednesday I sent an email to Go Homing telling them to stop publishing my blog content and remove all of it from their Go Illinois REO site. Go Homing is an online bidding site for REO (real estate owned) also known as bank owned or foreclosed homes. Go Homing is part of Altisource Portfolio Solutions. I made Click to continue...

Why you shouldn’t expect banks to make logical decisions on short sales and foreclosures

Thumbnail image for Why you shouldn’t expect banks to make logical decisions on short sales and foreclosures November 4, 2009

Over 4 months ago I helped a buyer write an offer on a short sale. I repeatedly checked-in with the listing agent who informed me that the sellers’ attorney contacted the bank that would have to approve the short sale every week only to get no response. Yesterday, the listing agent informed me that the Click to continue...

FHA 203(K) loans great for buying homes that need work

August 14, 2009

Thinking of buying a home that needs work such as a foreclosure or short sale, but not sure how to finance the purchase and renovation costs? Consider an FHA (Federal Housing Administration) 203(K) loan. Today’s ChicagoTribune.com has a good article on the loans, “Old loan program finding new life“, by Mary Ellen Podmolik. One of Click to continue...

Foreclosures and short sales are no longer an option for first time buyers

August 7, 2009

If you’re a first time buyer wanting to take advantage of the $8K tax credit and get a deal on a foreclosure or short sale, but you haven’t already made an offer, you’ve run out of time. To qualify for the $8K tax credit, you must close on your home purchase by November 30th at Click to continue...

$16M foreclosure lawsuit in Barrington Hills

June 17, 2009

Even Chicago’s wealthiest aren’t immune to foreclosures! Today ChicagoRealEstateDaily.com reported that Amcore Bank has filed a foreclosure lawsuit for almost $16M on a 400 acre estate and horse farm in Barrington Hills. The couple who own the estate bought it for $19.3 million in December 2006 making it the most expensive Chicago Metro Area home Click to continue...

3 Hidden Costs of Buying Foreclosures

April 29, 2009

I had an interesting question yesterday from a new buyer about the costs of buying a foreclosure. She asked who was responsible for compensating the Realtors when it’s a bank selling the property. Compensation works the same way regardless of who the seller is. If the foreclosure is listed with a broker, the bank pays Click to continue...

Snails and Short Sales

December 19, 2008

At the start of this year I wrote my first blog post on foreclosures and short sales, “Short Sales are Anything But“. The post explains how the process of buying a foreclosure or short sale can take much longer than normal since some banks can take weeks or even months to respond to offers. Some Click to continue...

Why Home Inspections are Even More Critical for Foreclosed Homes

November 6, 2008

Normally when you buy a home in Illinois the sellers must provide disclosures about their knowledge of any defects or safety issues. However, such is not the case for foreclosed properties. Since the seller (the bank) didn’t reside in the home, they aren’t obligated to complete disclosure reports such as the Illinois Association of Realtors Click to continue...

Beware of Lenders Offering Better Deals if They Finance Your Purchase of Their Foreclosures

October 23, 2008

Recently a couple of my clients made an offer on a foreclosed home in Arlington Heights. The lender who owns the home required that buyers be prequalified by them. The buyers called one of their loan representatives and shared their income, credit and assets information. My buyers were extremely well qualified and the loan representative Click to continue...

Renters, Find Out If Your Building is in Foreclosure

September 25, 2008

A new service on BairdWarner.com lets renters find out if the building they are renting in is in foreclosure. Renters in a building that is foreclosed could be evicted. To use the service: 1. Go to BairdWarner.com 2. Click on Property Search 3. In the Rentals Section, click the link to check if your building Click to continue...

Foreclosures and the Lessons of Baywatch

January 25, 2008

Wednesday I attended a presentation by real estate attorney, Richard Laubenstein (shown left), with Di Monte & Lizak, LLC. Richard’s presentation, “Short Sales and Sun Tans”, showed the similarities between handling short sales (see my post “Short Sales are Anything But“) and lessons Richard learned watching “Baywatch“. Who knew that David Hasselhoff could help me Click to continue...

Short Sales are Anything But

January 5, 2008

Today I showed houses in Des Plaines to a couple. Most of the homes I showed were short sales. A short sale is a situation where the sale proceeds are less (short) of what is owed on the mortgage. Probably the biggest difference between a short sale and a regular home sale is that the Click to continue...