Home Buying in Chicago>Question Details

sbobo, Home Buyer in Chicago, IL

First time home buyer looking for experienced short sale realtor

Asked by sbobo, Chicago, IL Sun Sep 2, 2012

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Answers

15
First Time Homebuyer?

Are you Pre Approved?
If no, get it done asap.

Do you have Cash?
Be prepared to provide your proof of funds.

Great time to be a buyer, whether it is a short sale, foreclosure or normal sale.

Find an agent and commit to him/her. As long as you are qualified, you are likely to find some good opportunities.

Feel free to contact me should you need any assistance.
0 votes Thank Flag Link Tue Sep 4, 2012
Good afternoon sbobo,

I've been helping First Time Buyers for 22 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Tue Sep 4, 2012
my team does about 100 a year.. what do you want besides experience?
0 votes Thank Flag Link Mon Sep 3, 2012
Hello, I believe Philip has a great answer below. In a short sale deal buyers are totally dependent on sellers listing agent and sellers attorney to get the job done. Some are better than others at mitigating the debt. There is a team in town called EXIT who get almost all their short sales done, proving that It really is how good sellers side is at getting it done. When I’m on the buyer’s side of a short sale deal my average is 60%. Meaning almost every 2 short sale deals I go into 1 fails.

I recommend interviewing a few Realtors and choosing the one who you think can do the best job for you and your family.

Good Luck!
Thanks,
Steve Wright Jr.
Rising Realty, LLC.
1820 West Webster Ave.
Suite 307
Chicago, IL 60614
312.566.1076 Cell
312.238.9775 Office
877.579.6768 Fax
0 votes Thank Flag Link Mon Sep 3, 2012
I can help you. My office is in Oak Lawn and I work the surrounding areas including Chicago. I have experience in short sales selling and purchasing and been in business for over 10 years.

Connie Bernal, Broker
Coldwell Banker Residential
773-517-8373
6323 W. 95th St.
Oak Lawn, IL 60415
0 votes Thank Flag Link Mon Sep 3, 2012
If you sell real estate in this market, you have experience with short sales. Some know them more than others. Interview two or three agents, and go with the one you mesh best with.
0 votes Thank Flag Link Mon Sep 3, 2012
sbobo,

I have a Short Sale and Foreclosure Resource designation and have done several short sales. What are your questions and concerns? Are you looking to buy or sell?

Best of luck,
Ivan Sagel
312-515-7823
0 votes Thank Flag Link Sun Sep 2, 2012
As you can see you are very popular. There is no such thing as a short sale expert. It is an oxymoron. While there are a variety of Designations that agents can get which let them call themselves 'experts', most of it is uselkess particularly when the agent has the buyer. The lien holder calls all the shots and both agents pretty much do what they are told.
My web site has some information that might be helpful for you if you are looking for some help.
0 votes Thank Flag Link Sun Sep 2, 2012
You may want to try the Certified Distressed Property Expert (CDPE) website for an agent in your area.

Good luck with your search!
0 votes Thank Flag Link Sun Sep 2, 2012
Hi Im very experienced in short sales as well as Reo properties . Please email at Diana@findingourbalance.com and we can begin the search for your new home . I look forward to working with you soon .
0 votes Thank Flag Link Sun Sep 2, 2012
Lots of us here, where are you looking to buy?
What is your time frame, and do you have some flexibility in that?
Do you have financing in place?

Dave
0 votes Thank Flag Link Sun Sep 2, 2012
I am looking in the Norridge and Dunning area around the northwest side of the city, I do have a pre-approval letter and my time frame is fairly flexible
Flag Sun Sep 2, 2012
Try Cherie Smith at KW.
She can make these deals happen.
- I won't touch them....I don;t have the patience.....
0 votes Thank Flag Link Sun Sep 2, 2012
Feel free to contact me at anytime, I'm familiar with the areas and short sales.

Jose Hernandez
Coldwell Banker
312-788-7079
0 votes Thank Flag Link Sun Sep 2, 2012
I am experienced in Short Sales, have CDPE designation (certified distressed property expert) I have helped many sellers and buyers in short sale negotiations,
Please call me to set up an appointment
My cell is 773-991-7794
Jose Campoverde
Remax Signature
2411 N Clybourn Ave.
Chicago, IL 60614
0 votes Thank Flag Link Sun Sep 2, 2012
I am looking in the Norridge/Dunning area around Chicago.
0 votes Thank Flag Link Sun Sep 2, 2012
I am happy to help! Feel free to call me at 773-616-8088 or e-mail at glenon@conlonrealestate.com. I have handled many short sales over the last couple years and have been helping buyers and sellers all over chicago for more than 14 years!!
Flag Sun Sep 2, 2012
Feel free to contact me at your convenience.
Laura Rivera - Broker Associate/Realtor
SFR, Short Sale Foreclosure Resource Certified
http://www.laurariverarealtor.com
Si, yo hablo español!
First Class Service Because it Matters to Me
Betancourt Realty
2041 W. Division Street
Chicago, IL 60622
laura100rivera@yahoo.com
Cell: 773-750-4311
Flag Sun Sep 2, 2012
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