Western Burbs of Chicago Home Blog

We all have a listing that seems to linger.  Despite over 30 showings this 2 unit just could not get an offer.  Yes, it needed work and the fact that it was vandalized while I had it listed did not help.  I continued to drop the price but after the initial interest no showngs for weeks until the next price drop.

But as they say there is a buyer for every home, we finally had  an offer.  Cash since with the all the repairs and the low price finding a mortgage would have been an even harder hurdle to jump.

I was not looking forward to the final obstacle, this was a short sale but not only a short sale, it was an investment property!

I prepared the over 60 page short sale package.  I included current comparables, market trends and an overview letter indicating the seller's current situation, no job, a primary home he was trying to keep, a home that needed extensive repairs and all the  backup documentation that the lender required.

Was I ever surprised when after only a few days, I received acknowledgement that they had received the short sale package.  I called to confirm and was surprised when I actually spoke to someone within a reasonable amount of time.  They told me that everything was in order and that I should be getting an approval letter ins a few days...a few days?  Well needless to say I was SHOCKED!  Perhaps I had heard incorrectly...I asked again and again the answer was the same.  Hanging up I was totally confused.  Perhaps, the had misunderstood me since they were not in the States.  I had heard that OCWEN, the lender had outsourced their short sale center out of the country.

I called the 2nd day and after talking to the 1st agent I asked to speak to a supervisor who told me that I had heard correctly.  The short sale was APPROVED!  The approval letter would be sent in a couple of days.  Amazed, I was really dazed by the news.  Everything I had read on the internet on the various short sale groups I belonged to had prepared me for a long and protracted negotiation.  What had happened?

Is it possible that a servicer had vinally seen the light?  That common sense had finally made ito the banking industry?  I don't have the answers to this but all I can say is - believie it...There is hope...someone finally has figured out to streamline the process and make it work for everyone.

Following is my log on this transaction:

8/4/2011 

Faxed short sale package to Ocwen

8/8/2011 

Received fax and email acknowledgement from Ocwen

8/10/2011 

Spoke to customer service agent who said short sale is APPROVED!

Should be receiving information indicating approval in next few days.  Will inform all parties once approval letter is received with instructions.

8/11/2011

Called to confirm status.  Spoke with with 2 different agents.  Both say its approved.  Short Sale approval letter will be sent in next few days!!!

8/12/2011

 Short Sale Approval Letter Received.  Instructed attorney to set closing date as soon as possible

8/15/2011

Closing set for Friday the 19th at 2:00 p.m.

So, keep on doing short sales.  Keep fighting the good fight.  Perhaps, this will catch on with all those tough servicers, PNC Mortgage, Aurora Loan Servicers, SLS, Bank of America, Wells Fargo, etc. etc.  Yes, fellow Realtors, miracles can happen, even when doing SHORT SALES!

If you are considering a short sale in the western suburbs of Chicago, give me a call.  I can't promise a miracle but I can promise that I will do everything possible to make it a success.

For those seller's in the Fox Valley and Chicagoland area that still think that DIY when it comes to selling your home is the way to go think about this .

What does the founder of one of the largest FSBO websites know that you don't know?  Just read the Wall Street Journal's article and then think again about your chances of selling what is most likely your largest asset on your own without a professional real estate broker.

With the declining rates of For Sale By Owner's or FSBO's - the founder of the website: ForSaleByOwner.com is smart enough to know that in today's market you need the help of a professional.

Click here to read the article and then reconsider how much your time and effort is worth before deciding that Do it Yourself selling of your most important asset is worth what you think you will save on commission.

Then whether your selling your home as a regular market listing (you have enough equity to cover your selling expenses and make a profit) or you have suffered a hardship and need to sell your home via a "short sale" give me a call and allow me to assist you in selling your home.

DIY is fine for doing small home improvement projects if you have the required skills but not for selling your home in today's unusual real estate market!

In today's economy deciding where to spend your hard earned money has become more important than ever. So when friends told me that a new restaurant had opened in my hometown I was ready to check it out.

My 2nd visit to the Double Yolk Pancake House & Restaurant in Aurora, IL was even better than my original visit. Opened only a couple of months the Double Yolk located on at 1555 Butterfield Road off Farnsworth Avenue is a pleasant surprise in today's franchise heavy restaurant market.

From its friendly staff, clean modern ambience and its prices you will be pleasantly surprised when you visit. Whether you come after a shopping spree at the Premium Outlet Mall or running around the Fox Valley area you will not regret stopping by.

Here are a few of the happy clients that I ran into on this visit:

Adira loved the creamer while Manny (aka Dad) and Krista (aka Mom) waited for their order - return customers that loved the food!

Karen, a frequent traveller for business was enjoying her 2nd cup of coffee and a great omlette while taking in the ambiance.

Long time friends, Carolyn and Jacqie enjoyed catching up while finshing up their last cup of coffee - Nothing like a girl's morning meeting.

Susan and John from Terre Haute, Indiana were visting in the area and decided to stop by and although they had not gotten their order were looking forward to eating and getting to the outlet mall.

We even had a group of law enforcement personnel that opted not to be pictured but were enjoying a well deserved break...how's that for an endorsement!

Make a visit to the Double Yolk and join the many satisfied customers that have already made this place the "in place for breakfast" in the Western suburbs. If you need to contact them call 630-820-YOLK (9655). Grand opening is slated for July 26th - beat the rush and enjoy a great breakfast dining experience!

Tell them Evelyn sent you...

Naperville IL is well known across the country as a great place to live whether raising a family, working or visiting. With a population of approximately 145,000 people and located approximately 28 miles west of Chicago along the I-88 corridor it has a wide variety of employment opportunities, a lively downtown and great private and public schools.

So, what can you buy with a million dollars or more? Currently there are 72 active listings in the million plus category - Starting with a new construction site within walking distance of downtown to the amazing 7 bedroom, 3 level, over 16,000 Smart home listed for $4,375,000.

With so many million plus homes on the market how many homes sell actually sell in this price range? This past June, 5 homes sold in the million plus range with an average of 94 days in the market including one listing that was a bank owned property.

With only one listing that closed in June of 2010 one can make the assumption that things are looking up in the million plus category. There were 11 closed listings in all of 2010 compared to 11 closed listings already in 2011 and we still have 6 months to go.

The market for million dollar plus listings appear to be moving up in 2011 and that is good news for those homeowners that are selling.

Are you in the market for a million dollar plus home? Give us a call and let us assist you in your search.

It's hard to believe that we are half way through 2011! It's the 4th of July weekend and the latest numbers for single family homes are in. There may be a few stragglers reported later on today but here are the current numbers for Oswego IL single family homes.

Active Listings - 230

New Listings - 3

Price Changes - 14

Reactivated - 1

Contingent (under contract) - 86

Pending - 7

CLOSED IN JUNE - 32

Highest priced closed a $557K foreclosure in Stonegate Estates - the lowest priced a $124,900 short sale on Park.

Compared to June 2010 when we only had 27 closings we are ahead of the game. But when it comes to Year to Date figures 2010 we were at 146 closed homes vs. 2011 at 134. Of course, we also had the 1st time home buying incentive last spring which gave buyers an added incentive which we don't have this year. So we are only 12 closings behind which with the large number of pending and contingent contracts gives us hope that we will come out ahead in 2011.

 IL – The Stop foreclosure Institute recently received a question from Susan about short sales. Here was Susan’s Question.

“My home is scheduled to be going on the courthouse steps in about 2 months. I had thought about short selling, but a friend told me I wouldn’t have enough time to do it.

Because of that I didn’t pursue a short sale earlier. Recently I decided to look into it further. It looks like a good option compared to foreclosure. My question is this.

Do I have enough time to short sale my house, or is the foreclosure already too far along? Please let me know. Sincerely, Susan.”

Get my Free, Step By Step Loan Modification Guide by clicking here.

Here was our answer. Susan, we can still help you with a short sale. Most lenders will postpone a foreclosure when a short sale offer is in place. Yes, a short sale usually takes 2-6 months to process.

However, many lenders will postpone the sale while a short sale is in the works. In addition, some short sales go faster than the normal 2-6 months.

If your lender owns you loan in house, then the decision maker will be easy to reach. They can approve or deny the short sale in a matter of a week or two.

So, please let us help you. We have a good success rate even when the foreclosure process has already been started. As you well know, a short sale beats a foreclosure because you can buy another home much sooner.

Thinking about a loan modification?  Our loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet.  Send me an e-mail at evelyn4homes@aol.com  to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale?  I can help you short sale your property so you can move on with your life. Send me an e-mail at evelyn4homes@aol.com

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 630-896-9999

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Evelyn Santiago.

Evelyn is a Real Estate Broker at Dynamic Real Estate Network, Inc. . Short Sales Realtor:

Phone: 630-896-9999.evelyn4homes@aol.com
.

View

My homes for sale at http://www.dynamicbroker.com

Evelyn Santiago specializes in loan modification assistance and short sales in Aurora Illinois. Oswego Loan Modification Help, Oswego Short Sales. Oswego Short Sale Realtor. Montgomery Loan Modification Help, Montgomery Short Sales, Montgomery Short Sale Realtor. Yorkville Loan Modification Help, Yorkville Short Sales, Yorkville Short Sale Realtor. IL Short Sales. Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Evelyn Santiago, Dynamic Real Estate Network, Inc. , and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Evelyn Santiago's personal views and do not reflect the views of Dynamic Real Estate Network, Inc.

This information on Another Common Short Sale Myth: The Foreclosure Process Goes So Fast That I Don’t Have Time To Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

My year started off with a bang...and I thought, Wow! Finally things are looking up and my hard work is paying off.

But that initial burst of business has trickled down and it gets harder to keep up my positive attitude.  When I was in the "corporate" world Monday's were always hard.  A new start to another long week of, paperwork, deadlines, pessimistic co-workers and demanding supervisors.  In a cubicle with rows upon rows of people in a similar situation in a company that was slowly being destroyed by market forces and where Thursdays were the days when the latest round of "downsizing" came it was hard to keep a positive attitude.

So, I remember those days to keep me centered in this current market situation.  Sure, it feels like it will never stop.  The downward spiral of decreasing prices.  The same bad market indicators day in day out.   Experts that couldn't predict this downturn trying to predict the upturn.  Everyone is full of doom and gloom and the sky is falling, the sky is falling running through people's mind.

Meanwhile, other's are having the best year of their careers while others have left and are working at WalMart.  Well, I, for one have no desire to work at my local Starbucks or Sam's Club.  I may be the age of the "average" Realtor but I refuse to give in to the naysayers and the rest of the gloom and doom population.

Just like eventually we all must die and continue our spiritual journey, eventually everyone needs to find a home.  Whether it is to buy or to rent, people need shelter. 

A place to call their own.  A place to make memories, dream dreams, have families, sleep, eat and pray. 

So, it's another Monday, and what do you plan on doing?  Reading the newspaper, watching the news, listening to another agent talk about how "bad" it was at the open house, the lack of response to mailings or a myriad of other non-productive talk.

What are you going to do with the rest of the day, week or month?  Perhaps, this will give you a bit of a push to change your attitutude. Think of what you can accomplish?

http://youtu.be/oGZYT50Bow4