Oak ParkÂ Real EstateÂ Agent, Oak Park Homes For Sale, Oak Park Short Sale Realtor, Oak Park Pre Foreclosure Help.
Oak Park,Â Illinois Foreclosure update for November 2010:
There are 190 bank owned properties in Oak Park. There are 285 mortgage defaultsÂ (pre-foreclosure) inÂ Oak Park. There are 91 Oak Park propertiesÂ listed in the MLS as a Short Sale.
Short Sale Houses inÂ Oak Park. 27 Single Family Homes are listed in the MLS as a Short Sale inÂ Oak Park.
Short Sale Condos inÂ Oak Park. 59 Condos or Townhouses are listed in the MLS as a Short Sale inÂ Oak Park.
Short Sale Investment PropertiesÂ inÂ Oak Park. 4 Multi-Family Buildings are listed in the MLS as a Short Sale inÂ OakÂ Park.
Chicago Foreclosure update forÂ November 2010 14,873 bank owned properties in Chicago, IL. 22,654 foreclosures pending (mortgage defaults) in Chicago, IL.
Foreclosure Related Terms and Definitions:
Short Sale (Pre Foreclosure Workout Solution) Definition:A Short Sale is a real estate sales transaction contingent upon successful negotiations with the seller's lender(s), lien holder(s),Â and/or otherÂ third parties, to obtainÂ approval to sell the property for less than is owed on the mortgage. The purpose of a short sale is to settle the mortgage with the lender and avoid foreclosure.Â Generally, a short sale seller should have a legitimateÂ financial hardship (job loss or substantial reductionÂ in income,Â business failure, divorce/ separation, medical reasons, military service, etc..) and does not have enough equity in the property to pay back what is owed on the mortgages, back taxes, andÂ closing costs.Â
Why is it called a Short Sale? - The proceeds of the sale fall shortÂ of the property owner's real estate debt obligations (mortgage loans, real estate taxes, real estate commissions, etc..).
Why Banks agree to do Short Sales? Banks agree to do short sales whenÂ a short sale makes more financial sense to bank than foreclosure. Short Sales usually sell 10% below the current fair market value. An average loss per foreclosure is 65%. An average loss on a Short Sale is 40%, that is a savings of 25%Â on averageÂ Short Sale versus Foreclosure Sale (REO).
Who pays the seller's closing costs in Short Sales? TheÂ lender. Realtor's commissions, seller's attorney legal fees, title insurance, property taxes, are paid by the seller's lender from the proceeds of the short sale, at closing.
Foreclosure. Definition: Repossession of a real property. A legal process by which the lender forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. In Illinois, a borrowerÂ would have toÂ miss at least 3 mortgage payments before the lender can start the foreclosure. The foreclosure process takes at least 7 months to complete, in most cases longer.
REO. Definition: Real Estate Owned. Refers to Bank or Corporate owned property aquired through foreclosure. If a property does not sell at the sheriff sale (auction), itÂ converts back to the lender and becomes an REO (bank owned).
BPO. Definition: Broker Price Opinion. Lenders order BPO's or property appraisals in order to establish FMV (Fair Market Value).
Michael Sorensen Short Sale Foreclosure Group RE/MAX CITY REALTY
Work with The Best!
The Official Number 1 Agent in closed transactions volume for The Official Number 1 RE/MAX Office in Chicago (2009)
Oak Park Illinois Real Estate, Oak Park Homes For Sale, Oak Park Short Sales, Short Sell, Short Selling, Oak Park Buyers, Oak Park Sellers, Oak Park Property Values, Oak Park Foreclosures, Oak Park Bank owned proeprties, Oak Park Houses, Oak Park Condos, Oak Park agents brokers.Chicago Short Sale Homes For Sale, Chicago & Suburban Chicago Real Estate, Illinois Short Sale Listing Service - Chicago and Northern Illinois Short Sales: Cook County Short Sale, DuPage County Short Sale, Lake County Short Sale, McHenry County Short Sale, Will County Short Sale, Kane County Short Sale, Kendall County Short Sale, Boone County Short Sale. Short Sell For FREE! We are paid by the Short Sale Seller's Lender (no out of pocket expenses to seller) - Work With The Best! MICHAEL SORENSEN - The #1 Agent For The #1 RE/MAX in Chicago (2009) - TEL 773-987-8224 -- TEL 847-696-1664 - Remax City Realtors Norwood Park Chicago, Chicago Short Sale Specialist, Polish Spanish Speaking Top Realtors, Best Realtors, Top Realty, Top Real Estate Agent, Chicago Best Selling Remax Realty Office in Chicago Illinois, Real Estate Agents in Addison, Arlington Heights, Algonquin, Alsip, Antioch, Aurora, Bannockburn, Barrington, Bartlett, Belvidere, Bensenville, Berwyn, Bloomingdale, Bolingbrook, Buffalo Grove, Bridgeview, Burbank, Burr Ridge, Carol Stream, Carpentersville, Cary, Cicero, Crystal Lake, Deerfield, Deer Park, Des Plaines, Downers Grove, Dundee, Edison Park, Elgin, Elk Grove Village, Elmhurst, Elmwood Park, Evanston, Fox Lake, Forest Glen, Franklin Park, Geneva, Genoa, Glencoe, Glendale Heights, Glenview, Grayslake, Great Lakes, Gurnee, Hainsville, Hampshire, Hanover Park, Harwood Heights, Hawthorn Woods, Highland Park, Hinsdale, Hoffman Estates, Huntley, Ingleside, Inverness, Island Lake, Itasca, Ivanhoe, Irving Park, Jefferson Park, Joliet, Kenilworth, Kildeer, La Grange, Lake Bluff, Lake in the Hills, Lake Forest, Lake Villa, Lakeview, Lake Zurich, Lemont, Libertyville, Lisle, Lincoln Park, Lincolnshire, Lindenhurst, Lombard, Long Grove, Marengo, McHenry, Melrose Park, Morton Grove, Mount Prospect, Mundelein, Niles, Naperville, Norridge, Northbrook, Northfield, North Center, North Chicago, Northlake, Norwood Park, Northshore, O Hare, Oak Brook, Oak Lawn, Oak Park, Old Town, Orland Park, Palatine, Park Ridge, Plainfield, Prairie View, Portage Park, Prospect Heights, Richmond, River Grove, Riverwooods, Rockford, Rogers Park, Rolling Meadows, Roselle, Round Lake, Schaumburg, Schiller Park, Skokie, Sleepy Hollow, South Barrington, South Elgin, Spring Grove, Spring Grove, St. Charles, Stone Park, Streamwood, Sugar Grove, Summit, Sycamore, Sugar Grove, Tinley Park, Vernon Hills, Villa Park, Winnetka, Wadsworth, Wauconda, Waukegan, Wayne, Westchester, Wheaton, Wheeling, Willowbrook, Wilmette, Winthrop Harbor, Wonder Lake, Wood Dale, Woodridge, Woodstock, Zion, Illinois.