Frankfort - Real Estate Questions & Answers

Suzanne Hami…, Real Estate Pro in Orland Park, IL

Suzanne Hamilton answered:

the prices that are listed is that what the bank is asking for the new owner to pay?

Listing price is kind of fishing to see what you hook. In a bank foreclosure or short sale case, it is somewhat negotiable, but it always depends on the market. There are a lot of fac ... more

0 votes • Share • Flag • Wed Oct 10, 2012 • Home Buying in Frankfort

3 answers

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Ron Thomas, Real Estate Pro in Fresno, CA

Ron Thomas answered:

Can a home owner, close on a new home, and walk away from their present mortgage due to underwater situatuion?

Upside ~ Down We get a lot of questions about Homeowners being Upside-Down on their house. I will try to cover the field on this topic: 1.) Just being Upside-Down is not sufficient reason for the Bank to do anything for you: 2.) The Bank did not create the Recession and the bank has it’s own problems. 3.) For some RELIEF, you need a dire Financial Hardship to exist; such as you lost your job, or you had a Medical Catastrophe. 4.) If you want to do a Shortsale, you will have to prove to the Bank that they must help you, now or later. Most Banks will not even talk to you if you are CURRENT; so you will have to go past the Point-of-no-Return before they will do anything. 5.) The first step would be to find a Realtor, well versed in Shortsales, who will help you. 6.) This is not as simple as it sounds; many Agents have “sworn off shortsales” because of what is involved in them. 7.) It will make a very big difference if you have ONE LOAN as opposed to having a SECOND. The chances of succeeding in your Shortsale are greatly reduced by having a SECOND loan. 8.) You will have to sit down and compose a letter to your Lender; telling them exactly why you have a hardship and what you plan to do. It is my experience that you have to do this, personally; your Realtor cannot do it, and your Attorney cannot do it for you. You should be OPEN and HONEST, don’t try to B.S: This is about the only thing in the whole process that is PERSONAL. (If you really want to be PERSONAL, do it on a lined pad in your own LEGIBLE handwriting or printing.) 9.) If successful, you now can say (in the Listing) that your Shortsale is pre-approved by your bank. 10.) Now, you can List the house with your Realtor and the MLS. Your Realtor will do a CMA, (Comparative Market Analysis) to determine the Listing Price. The Bank may order a BPO, (Broker Price Opinion) to determine the Listing Price. In many cases, you will be on your own; the Bank will not communicate with you. 11.) If you get an Offer, you will probably “rubber stamp” it and your Realtor will forward it to the Bank. 12.) There is no set time for the Bank to respond; we have heard of three weeks, and we have heard of a year or more. This is not fair, not reasonable, and in fact, it is rude and ridiculous. But it is a fact; so do not get impatient or upset with your Realtor, it is not their fault and they have no control over it. They will gently try to push it along, calling every week or two; but they understand that the person who has that file on their desk, probably has 100 to 300 other files, (they could accidently take a file and move it to the bottom of the pile; things like that have been know to happen.) 13.) You must understand that the Bank is there to make money; they are not a social service organization. It is possible that they believe that they might be able to make more money by letting the property go through Foreclosure. Or, they might believe that next year (or six months from now) the Market will be stronger and they can either COUNTER your offer, or, let it go through Foreclosure. 14.) Now, it is seven months later, and you get a Letter of Acceptance from the Bank: It will probably delineate the terms that they deem acceptable: For example; it may say that the Escrow is to be 45 days, that XYZ is going to be the Title Company, that they are not going to pay for any Inspections, that they will pay a maximum of [$750] for Schedule A(1) repairs due to Pest Inspection, and that if you are not ready to close on time, you will be charged [$50] per day for each and every day. 15.) If you are still in the game, your Buyers will do their Inspections, and set up their Loan. The Bank will order the Appraisal. 16.) Follow your Realtor’s guide and in 45 days, you will be moving. 17.) That would cover a SHORTSALE: But what about a Foreclosure; that would be a separate topic. 18.) You’re not out of the woods yet. If the Bank accepted [$100,000] less than the amount of the loan, they might come after you with a Deficiency Judgment. The list of Non-Recourse States is changing fast. Please consult an Attorney at this point; I am not equipped to answer Legal Questions. But, 19.) I will say that it looks like Deficiency Judgments are like an ice berg sitting out there, waiting for your ship to come along. If you Google “non-recourse states” you can get an idea. 20.) There are still other considerations: Are you behind on your Property Taxes, (if you have IMPOUNDS, you may be? HOA fees? Insurance? 21.) You need to do your Diligence. ... more

0 votes • Share • Flag • Sun Mar 3, 2013 • Home Buying in 60423

7 answers

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Rich, Real Estate Pro in Tinley Park, IL

Rich answered:

Does anyone know of someone who can help me with my rental search?

We do have an agent who handles all of our rental clients. His name is mike and his number is 708-263-5869

0 votes • Share • Flag • Mon Sep 3, 2012 • Rentals in Frankfort

1 answer

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Suzanne Hamilton answered:

We are relocating and are looking for a home to rent/rent to buy in the 157c school district. Any sellers interested or anyone know of anything? Thx

There are a couple, but they are in the higher priced bracket. Rent to owns are more difficult, but possible. They require a specific time frame and plan to see when ownership will be ... more

0 votes • Share • Flag • Sat Jul 14, 2012 • Rentals in Frankfort

1 answer

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Mj101495 asked:

Does anyone know of any rent to own homes in Frankfort, Illinois?

0 votes • Share • Flag • Tue May 1, 2012 • Rentals in Frankfort

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ophthsxrn answered:

Im looking for a rental or rent to own home In Frankfort Square.

I'm a real estate investor. Drive the area and find the home you like that's for sale in Frankfort Square. Contact me w/ address, owner contact info, and details about home: # bdrms, ba ... more

0 votes • Share • Flag • Sun Sep 30, 2012 • Home Buying in Frankfort

4 answers

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Anthony Cava…, Real Estate Pro in Channahon, IL

Anthony Cavalea IV answered:

846 Highland Drive in Frankfort IL is NOT off market, is on sale for $249,900 and has never been "off market."Change status??

The listing on Trulia probably expired. Contact your agent to get it renewed.

0 votes • Share • Flag • Tue Oct 25, 2011 • Home Buying in Frankfort

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Kelly Ryan answered:

I would appreciate the exact adress

Hell Asma, Yes, please update your questions so that I can assist you in finding your answer. Look forward to helping you.

0 votes • Share • Flag • Thu Dec 2, 2010 • In My Neighborhood in 60423

3 answers

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Anna Brocco, Real Estate Pro in Nassau County, NY

Anna Brocco answered:

My listing is showing in error up as "off the market," when, in fact, it is listed. WHY?

If your property is listed with an agent, make sure he/she is aware of the error--ask him/her to assist in fixing the problem.

0 votes • Share • Flag • Fri Jul 9, 2010 • Home Buying in Frankfort

2 answers

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Sandra E. Lu…, Real Estate Pro in Frankfort, IL

Sandra E. Luchsinger answered:

From my experince bringing in clients to a home showing, their first look is at the kitchen. Their first comment is about the appliances. If they are not impressed, the showing stops th ... more

0 votes • Share • Flag • Tue Aug 17, 2010 • Home Selling in Frankfort

8 answers

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Lorrene April, Real Estate Pro in Orland Park, IL

Lorrene April answered:

Is there a difference between FHA Inspections and Regular Inspections? Would you still hire a regular inspector?

An FHA inspection is basically performed by a licensed real estate appraiser who not only appraises the property for loan collateral value, but also takes a few extra steps to make cert ... more

0 votes • Share • Flag • Thu May 23, 2013 • Home Buying in 60423

8 answers

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Sandy Mecca, Real Estate Pro in Frankfort, IL

Sandy Mecca answered:

health issues related to power lines and towers in yards

There have been several studies and epa web site claims the studies are inconclusive, but the health web sites claim a 50% better chance of getting cancer. I think it depends if your ... more

0 votes • Share • Flag • Tue Jun 23, 2009 • Quality of Life in Frankfort

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Alonzo Abron, Real Estate Pro in Chicago, IL

Alonzo Abron answered:

I am looking for an agent that is seasoned in bank owned properties in the Frankfort, IL area.

Hi Ericka, what you would want to see in order to get a very clear picture to your question is numbers. Numbers tells you the complete story about the effects foreclosures have on sub ... more

0 votes • Share • Flag • Mon May 13, 2013 • Home Buying in Frankfort

4 answers

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