I doubt that Berwyn IL is any different the other areas of the country. We are in declining markets in most areas of the country over 50% of the sales are foreclosures or distressed sellers. So the majority of your competition is taking a big hit and to sell you may have to lower your sales price expectations. On the other hand if you are a seller then are a buyer you can make up the loss many times over on the buying side.
Below is my personal family recent experience in selling and buying .
We put our home on the market last June it was in super excellent condition freshly painted in & out landscape top notch model home ready. We priced it a little below the market price based on an apprasial and 2 agent comps. Listed the home in the MLS made it easy for agents to show had 12 showings in 9 days. Signed a contract on the 10th day for over $600,000 and closed 25 days later. Price came in about $12,000 less than what we wanted we spent $3,000 into getting it ready and that was OK because I knew we could make it up when we bought.
On the Buying side we searched every "short sale" & "foreclosure" in our area in price ranges twice as much as we could afford. The idea was to negoiate the price down to what we were motgage approved to buy. After 2 weeks we had a bank approval on a short sale where the bank took $325,000 less than what was owed on the house. The apprasial came in even $100,000 higher. We got a big deal on a move-in ready lake front new construction home with all the bells&whistles.
Best of Luck...
Bill Carey, Broker/Realtor
Certified Short Sale Specialists
Bubbles, Any significant structural or functional issue with the home should be disclosed. If the event you described was a one time issue, and any water damage corrected it's not a big deal, as opposed to the basement floods every time it rains and there is insufficient drainage. To remedy this is a bigger more costly repair. I advise clients to repair what they can using licensed professionals unless their do-it-yourself skills are advanced. If they can't afford to remedy an issue get several estimates from licensed professionals and expect to negotiate these points with potential buyers. It's a big red flag to buyers if there are poorly executed home repairs or unfinished projects around the house. Do your homework and prepare your home the best you can before putting it on the market.... more
It will be the same charges as any other sale. Realtor commission (if applicable), attorney fees, transfer taxes, survey, title insurance, prorated property taxes, paying off your loan (if any)...... more
lowering mortgage paymentsif bank denies modification wont extending the years on your mortgage to 40 yrs then 30 help? or how low can a bank lower the interest rate on your mortgage?i wonder do banks really want
Sorry for your troubles, and unfortunately, that is the million dollar question. But lowering the interest rate is in itself a loan modification. It seems many banks are not interested in loan modifications these days.
You can talk to government agencies and see if you can get some help, if you want to keep the home and think you can make it up soon. IHDA.org and HUD.gov have contacts and some information about programs to help.
If you can't soon make up the mortgage payments, you may need to ask your lender if you qualify for a hardship to do a short sale or a deed in lieu of foreclosure.
You also have to consider where you are going to eventually live. Credit can play a big part in this, so don't let your credit score get too low and other bills go into collection, if you can. Easier said than done, but you need to think of the next step.... more
I'm a local Oak Park/Berwyn agent and I understand the market very well. The first step to buying a house is to get pre-approved for your mortgage -- I've got a few very reliable loan officers to recommend to you. You'll need at minimum 3.5% for your down payment and 3.5% for closing costs (sometimes we can get the seller to pay the closing costs for you, but not always). Feel free to get in touch with me and we can set up a time to talk about the buying process and your specific needs in a home.
RE/MAX In The Village... more
This is something that I don't think is set into stone on any documents and it really varies with what homeowners decide to do when this time comes (foreclosure). I have seen homes almost emptied (appliances, fixtures, you name it!). It really is a fine line with what people's opinions will be on the subject, simply because if you think about the future homeowners and the bank's ability to resell in it's current condition it will vary due to the condition you leave the home in.
If it were me in the situation, would I take the appliances? Probably. I would def. try to leave at least the outside in as decent shape as possible for the neighbor's sake. So that they don't have an abandoned looking property that lends itself to possible theft and just affects the overall appeal of the neighborhood.
Once again, this is just a matter of deciding how much your appliances, etc. are worth to you and as far as legalities go, I am not aware of any issues with taking your appliances with you when you vacate.
Best of Luck.... more
Bubbles you need to call your bank back, ask for the home retention department, tell them your situation. The key is if you have any ability to pay, they should be able to help you. Often a forebearance will get you out of foreclsoure, ask about that, a loan mod only lowers your payment by lowering your interest rate. If they cant help ask for a manager and ask again. If all else fails or if you have no money to make any payments, you should ask abouty a short sale which is better than a foreclosure.... more
No, lenders want the buyers to have some "skin in the game." There are some 0 down loans, VA & USDA but they have limitations and qualifications which may or may not apply. Otherwise you may be able to get as little as 3.5% on FHA or 5% on conventional financing.... more
In the Town of Berwyn each transaction is subject to transfer stamps. They are customarily paid by the sell at closing. If you are purchasing a property than more than likely the seller will be responsible for the cost. If you are selling the property than you are more than likely responsible for the cost.
I hope this is helpful.
If a bank is selling a house they foreclosed (known as an REO or foreclosed house) they might come off their listed price by a little. In my area I can look at bank owned homes and I see they sell for about 4% below list to above listed price most of the time. Banks don't counter back and forth like a home owner will, but they will often give you a figure and you accept it or move on.... more
all a forbearance is going to do is allow you to skip or make partial payments for a couple of months and tack the balance to the end of the mortgage. It is meant only as a short term reprieve to stabilize. At some point you will have to analyze (just like the bank did) whether you can truly afford the payment. If you cant, taking a forbearance may allow you to look at selling options and buy you some time until you are able to sell the home.... more